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Germany has become the first of the G7 powers to declare an official recession. After Germany and Italy officially declared recession status, it was the turn of the entire 15-nation euro zone to make a similar declaration on Friday, November 14, 2008.

Gross domestic product in the Eurozone fell by 0.2 percent for a second consecutive quarter in the third quarter, according to figures from Eurostat, satisfying the technical definition for a recession. The contraction means that two of the world's three major economies, Japan and the Europe's euro zone, are now in recession.

Germany and Italy logged third quarter declines on their gross domestic products by 0.5 percent for July to September and 0.4 percent for the second quarter. France narrowly missed joining the recession club because it had a 0.1 percent GDP growth rate in the third quarter after it had a minus 0.3 percent growth in the previous quarter.

Like the UK, the group of 15 countries has been hit hard as the crisis that started in the US banking sector feeds through into the wider economy. The worst affected has been Germany, Europe's biggest economy, where GDP fell by 0.5pc in the third quarter after a 0.4pc in the second. Italy suffered falls of the same proportion in both quarters.  read more »

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Western nations began to cede some control as countries including Brazil, India and China – which with Russia form the so-called BRIC nations – managed to guarantee a greater presence on the international stage.

All three will now join the board of the Financial Stability Forum – the global economic policy powerhouse that to date has been the bastion of the G8.

Each is likely to play a stronger role in the reform of major institutions such as the International Monetary Fund than might previously have been witnessed under the old economic order.

The final summit communiqué also gave particular reference to emerging and developing economies, urging them to undertake commitments consistent with their capacities and roles in the global economy – a clear admission of their increased importance.  read more »

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SERZEDO, Portugal – Recently the biggest bike facility in Europe started its production. That facility is located in Portugal; is operated by a company called RTE and is to produce one million bikes in 2009.

RTE’s assembly lines have an average output of 3000 bikes per day, depending on the season and the model. When a new collection is being launched or there is an urgent need for big quantities, RTE can produce 3400 units per day. Otherwise the assembly line only needs to work one 8-hour shift per day. Normally, the total daily production is shipped on the same day to a Decathlon centre of distribution.

In addition to Paris' Velib bike rental program, Barcelona, Seville and Stockholm all have bike rentals available.

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To Timbuktu by flying car: it sounds the most unlikely journey on earth; a sci-fi voyage from the pages of Jules Verne. But this is no fantasy. The car really flies. And the journey will become reality early in the new year when two explorers set off from London in a propeller-powered dune buggy heading for the Sahara.

The seed of this improbable adventure was sown four years ago when Gilo Cardozo, a paramotor manufacturer, had a eureka moment. For those not familiar with paramotors, picture a parachutist with a giant industrial fan strapped to his back, which provides forward motion and boosts lift for the parachute - or wing - during takeoff. Cardozo’s brainwave was to attach a car to the fan. “I started making a paramotor on wheels that you sit on and take off and it suddenly occurred to me, ‘Why not just have a car that does everything?’” recalls Cardozo, whose Wiltshire-based company Parajet built the paramotor that the adventurer Bear Grylls used to fly near Everest last year.

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Three red snakelike devices bobbing in the waves three miles (4.8 kilometers) off the coast of Agucadoura, Portugal, represent the first swell of what developers hope will be a rising tide of wave power projects. These big metallic sea snakes bobbing in the ever-restless waves of the North Atlantic are generating electricity for over a thousand homes on shore. The world’s most ambitious, working wave farm for generating electricity, it is part of Portugal’s national effort to become energy self-sufficient as Denmark has done since the 1970s oil crisis. Portugal is not a wealthy nation and has no coal or petroleum. So wind and water and sunshine are their favored sources of energy. Portugal is also one nation encouraging local cities to become zero emission communities.

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The United States was not the only country to name a new leader last week. In Bhutan, an insular nation of about 600,000 people located high in the Himalayas, a new king was crowned. 28-year-old Jigme Khesar Namgyel Wangchuck, an Oxford-educated bachelor, was crowned as Bhutan's fifth king - now the world's youngest reigning monarch. Bhutan also has the distinction of being the world's youngest democracy - having held parliamentary elections last March for the first time ever. The young ruler vows to maintain a stance of protection against the worst aspects of globalization, maintaining the "Gross National Happiness", a measurement of national progress that places a high value on spiritual development. Gross National Happiness is a term invented by, and proudly embraced by Bhutanese since 1972.

Above: Bhutan's fourth King Jigme Singye Wangchuck (right) crowns his son Jigme Khesar Namgyel Wangchuck as the fifth King of Bhutan, in the Throne room of the Tashichhodzong Palace during the coronation ceremony in Thimphu, Bhutan on November 6, 2008. With medieval tradition and Buddhist spirituality, a 28-year-old with an Oxford education assumed the Raven Crown of Bhutan on Thursday, to guide the world's newest democracy as it emerges into the modern world.

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This year’s Armistice Day anniversary, com- memorating the millions of lives lost in the so-called War to End All Wars, comes 90 years after the guns fell silent in 1918. Anyone who was a part of it would have to be at least 108 by now. Astonishingly, there are still three men who fit the bill, three survivors who were in uniform 90 years ago as the First World War drew to a close. Yesterday, this trio marked Remembrance Sunday to the best of their abilities.

The men - all well into their 100s - will attend a service at the Cenotaph in central London. Harry Patch, 110, a veteran of the horrors of Passchendaele, is the only survivor of the trenches. He ignored the rain and attended a parade at Wells, near his Somerset home. Allingham, Britain's oldest man at the age of 112, was an aircraft mechanic who saw action at sea, in the Battle of Jutland, and ashore on the Western Front. Bill Stone, a young pup of 108, ended up fighting two World Wars for the Royal Navy. Today, at the eleventh hour of the eleventh day of the eleventh month, all three men will be on parade in London at the Cenotaph to mark the exact moment when the guns fell silent. Of the five million men and women who served in Britain's armed forces in the war, only four are still alive. The other surviving veteran, Claude Choules, 107, lives in Australia and will mark the 90th anniversary at local events there.  read more »

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In 1860, Abraham Lincoln was elected as a 3rd party US presidential candidate.
When Abraham Lincoln ran for office, the two major parties were the Whigs and the Democrats. As a Republican, Lincoln was elected as a third party candidate - even after being left off the ballot in the 11 states that seceded from the Union.

In 1992, for the last time a 3rd party candidate, Ross Perot, was heard in presidential debates.

In 2008, 3rd party’s voices of Bob Barr & Ralph Nader were excluded from debates though
- 55% of likely voters, both Democrat and Republican, said that they would want to see Bob Barr featured in the debates alongside Obama and McCain.
- 59% of independent voters stated that they want to see the debate commission allow Nader into the debates.
- A very important fact is that younger voters were more likely to favor the inclusion of the two independent candidates into the debates, demonstrating a sort of changing of the guard as younger voters are not as content with the status quo two candidate system.  read more »

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Every year, peculiar apparitions appear on the cliffs between popular Sydney beaches Bondi and Tamarama, yet not even the gulls take fright at the annual Sculpture by the Sea exhibition - Australia's largest annual outdoor free exhibition of sculpture. This year, more than 100 sculptures from seven countries, including Japan, the US, Iceland and New Caledonia, are on display on the cliff tops or around the rocky foreshore, expecting to attract 500,000 sightseers.

For David Handley, who founded the event 12 years ago, its popularity never ceases to surprise. "I would have needed therapy if you'd told me 12 years ago how big it was going to be," he says. "You wouldn't believe how much work goes on behind the scenes, but once Sydney responded the way it did, you just can't stop."

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A tree fungus could provide green fuel that can be pumped directly into vehicle tanks, US scientists say. The organism, found in the Patagonian rainforest, naturally produces a mixture of chemicals that is remarkably similar to diesel. "These are the first organisms that have been found that make many of the ingredients of diesel," said Professor Gary Strobel from Montana State University. "This is a major discovery."

The discovery may offer an alternative to fossil fuels, said Strobel, MSU professor of plant sciences and plant pathology, who travels the world looking for exotic plants that may contain beneficial microbes. The find is even bigger, he said, than his 1993 discovery of fungus that contained the anticancer drug taxol. The fungus, called Gliocladium roseum and discovered growing inside the ulmo tree (Eucryphia cordifolia) in northern Patagonia, produces a range of hydrocarbon molecules that are virtually identical to the fuel-grade compounds in existing fossil fuels.

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"If there is anyone out there who still doubts that America is a place where all things are possible; who still wonders if the dream of our founders is alive in our time; who still questions the power of our democracy, tonight is your answer," President-elect Barack Obama said after his victory. The first black president-elect cast his election as a defining moment in the country's 232-year history and a rebuke to cynicism, fear and doubt. "Even as we celebrate tonight, we know the challenges that tomorrow will bring are the greatest of our lifetime — two wars, a planet in peril, the worst financial crisis in a century," he said. "There is new energy to harness and new jobs to be created; new schools to build and threats to meet and, for us to lead, alliances to repair."

Obama’s victory speech was delivered before a multiracial crowd that city officials estimated at 240,000 people. He said he had received an "extraordinarily gracious" call from his Republican rival John McCain, who he said had "fought long and hard" for this campaign and for his country. "We are better off for the service rendered by this brave and selfless leader," he said of the former Vietnam prisoner of war, "and I look forward to working with them to renew this nation's promise in the month's ahead."  read more »

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The century-old Christian Science Monitor announced Tuesday that it will become the first nationally distributed newspaper to stop publishing a daily print edition, and focus on publishing online, succumbing to the financial pressure squeezing its industry harder than ever. The Boston-based paper is not forsaking print altogether - it will offer a weekly print version in addition to daily e-mail editions - but editors acknowledged shifting the focus to CSMonitor.com will save millions in addition to widening its audience.

The Boston-based general-interest paper, winner of seven Pulitzer Prizes, has long since established an extraordinary reputation for high-quality journalism. It was founded a century ago in 1908 by a religious visionary, Mary Baker Eddy, who "discovered" Christian Science and founded the paper in response to critical coverage of her in the New York World. She declared in the first edition that the role of the paper would be to "injure no man, but bless all mankind."

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The 14th edition of the Chocolate Fair has opened in Paris featuring 400 exhibitors and 140 chocolatiers from around the world, featuring displays and mountains of chocolate, top pastry chefs and sculptures. Visitors will be able to sample treats, creamy truffles and steaming cups of hot chocolate.

"It may be doom and gloom for everybody else, but for us all is well," said Gilles Marchal of luxury French chocolate-maker La Maison du Chocolat, speaking as the annual Paris chocolate show opened Wednesday. "Chocolate is a comfort-food," he added. "There has been no drop in sales."

The French have had a long-standing love affair with chocolate since its introduction to the country by Anne of Austria in 1615. It was presented as a wedding gift upon her marriage to Louis XIII. Anne of Austria only married him on condition that she could bring her own chocolate supplies from Spain. By the mid-1600s, the chocolate drink had gained widespread popularity in France.  read more »

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What is photography for? Can it change our minds? An exhibition just opened at Paris’s Palais de Tokyo, of the 18 photographers short listed for the first Prix Pictet, poses these questions loud and clear.

The Pictet prize, established this year by Pictet & Cie, one of Switzerland’s largest private banks, and co-sponsored by the Financial Times, is the only international photography prize that concerns itself directly with sustainable development and environmental issues. In that sense it isn’t quite a conventional art prize but an award – of 100,000 Swiss francs (SFr) – to be given annually to the artist who best uses the power of the camera to communicate a vital dispatch on one of the most serious issues facing us all.

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