Global unemployment heads towards 50 million

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5607656.ece

From The TimesJanuary 29, 2009

Global unemployment heads towards 50 millionCarl Mortished, International Business Editor
Unemployment is mounting around the world as big international companies, including Boeing, Starbucks, ConocoPhillips, GKN, in Britain, and SAP, of Germany, rush to cut costs.

The jobs scythe, which could put 50 million people out of work worldwide, according to the International Labour Organisation (ILO), is reaching beyond the financial sector and into every corner of the global economy.

A glimmer of hope came last night with reports that Corus was close to a deal to sell a 75 per cent stake in a steel mill on Teeside for about $450 million, securing as many as 2,000 jobs.

The agreement is with a partnership of Marcegaglia of Italy and Dongkuk of South Korea. Asda and BSkyB also said yesterday they would be creating 8,000 jobs between them.

The seeds of life form from a wicked tale, and the willing shall go on, if the use of common sense can prevail.