Global manufacturing output rose by 4.2 per cent in the fourth quarter of 2011 compared to the same period in 2010, the lowest quarterly growth rate for 2011, according to a United Nations report released on March 1 2012, which attributes the slowdown to the financial crisis in Europe.
According to the report by the UN Industrial Development Organization (UNIDO), quoted by the UN News Centre, the world’s manufacturing output had an impressive start in the first quarter of 2011, indicating a recovery from the financial crisis of 2008-2009.
However, the rebound stalled in the second quarter, especially because of the deteriorating financial situation in the euro zone countries.
The fourth quarter of last year had signs of a slowdown in manufacturing growth in developing countries, where for the first time after the financial crisis, the growth rate was less than 10 per cent.
The strong performance in manufacturing in the transport and automotive industry in developing and industrialised countries was the main driver of overall growth last year, according to the report.
Overall growth in industrialised countries was estimated at merely two per cent for the fourth quarter. Trends in industrialised countries were mixed. While the growth prospects of European countries were weakened, industrialised countries outside Europe consolidated their positive performance.
Manufacturing output in the United States grew by 4.3 per cent in the fourth quarter, reflecting further consolidation of the industrial sector, compared to the same period during the previous year.
While Japan’s manufacturing growth declined in the fourth quarter, the manufacturing production of the Republic of Korea grew by 5.6 per cent.
The impact of the financial instability could be seen both inside and outside the euro zone. Manufacturing production fell in the United Kingdom and Switzerland. Greece saw a 14 per cent manufacturing decline in the fourth quarter.
In Spain, manufacturing output also fell by 4.6 per cent, while Portugal saw a 3.6 per cent decline, with Italy recording a 2.6 per cent fall.
Germany’s manufacturing sector showed 3.7 per cent growth, while Austria’s output grew by 3.3 per cent, Belgium's by 4.6 per cent and France’s by 2.1 per cent. Growth figures were less than one per cent in Finland, Ireland and the Netherlands.
High manufacturing growth was recorded in the Czech Republic with 5.2 per cent and Poland with 9.6 per cent, while Russia registered a 6.5 per cent production output.
The manufacturing output in developing countries grew at a rate of 9.2 per cent, with China’s especially robust at 13.1 per cent, compared to Argentina’s 3.4 per cent, India’s 4.1 per cent and Mexico’s 4.9 per cent. Output fell by 1.9 per cent in Brazil.
With Greece planning to pay back the remaining debt it owes to the financial institutions over an extended period, those that bought the Greek bonds will ultimately lose about three-fourths of their investments.
Private investors have until 8pm GMT on March 8 2012 to agree to the debt swop on the 206 billion euro of Greek bonds they hold. But by March 7, agreements had only been reached covering 46 per cent of the debt.
The narrow focus of many euro zone countries on fiscal austerity is deepening the jobs crisis and could even lead to another recession in Europe, said the Director of the ILO Institute for International Labour Studies and lead author of the report, Raymond Torres.
Yassen Lyubenov is the new head of marketing at Bulgarian beer brewer Kamenitza. Lyubenov has 12 years of experience in marketing in the fast-moving consumer goods sector and has started his career as assistant brand manager at Kraft Foods Bulgaria. He later became brand manager at Wrigley Bulgaria, with responsibilities for Bulgaria and Macedonia. Prior to joining Kamenitza, he was senior marketing manager at Wrigley Russia, where he was in charge of brand expansion into Ukraine, Belarus, Central Asia and the Caucasus.
Lyubenov has a bachelor's degree in international business administration from the University of Lincoln, UK.
Kamelia Lozanova has been appointed the executive director of the Employment Agency, a position she has held ad interim since September 2011, following the resignation of her predecessor Rossitsa Stelianova. Prior to that, Lozanova was the agency's deputy executive director in charge of international projects and European programmes. She has been with the agency for more than 20 years.
Lozanova has a degree in Slavonic philology from the St Kliment Ohridski University of Sofia.
Gloria Dimitrova has been appointed executive director and member of the managing board at Uniqa Life Insurance Bulgaria. Dimitrova began her career in 1998 at the insurance supervision directorate, but moved to the private sector and worked for professional services and insurance brokerage firm Marsh&McLennan and US insurer AIG, both in Bulgaria and the Middle East. She joined Uniqa as regional director for Sofia in 2010.
Dimitrova has a degree in economics from the University for National and World Economy in Sofia and a master's degree in insurance from the Business Academy in Svishtov.
Bedros Kalfayan, general manager of skin care and cosmetics company Beiersdorf Bulgaria, will oversee the parent's company units in Romania and Moldova starting April 1. Following company restructuring, Beiersdorf's subsidiaries in the three countries were merged and are now one unit, part of Beiersdorf Central and Eastern Europe. Kalfayan joined Beiersdorf in 2007 as sales manager and was promoted to general manager in 2008. Prior to that, he worked for Axxon Bulgaria, Ferrero and Rubella.
Kalfayan has a master's degree in industrial management from the Technical University in Sofia.
Sasha Bezuhanova has been appointed Hewlett-Packard public sector director for emerging markets, where she will oversee HP public sector activities in 63 countries, including Bulgaria. Bezuhanova will also be in charge of HP's relations with the European Union. Bezuhanova has been HP's public sector director for Central and Eastern Europe since 2008; before that she was general manager of HP Bulgaria since 1998.
Bezuhanova has a master's degree in electronics from the Technical University in Sofia and has completed a managment programme at INSEAD.
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