Global Watch

The government of Fernando de la Rua, Argentina's president since 1999, came to a sudden and violent end night last week. Mr De la Rua's entire cabinet, starting with Domingo Cavallo, economy minister, resigned early yesterday as thousands of angry Argentines took to the streets in protest over economic policies.

J P Morgan Chase has said that it was owed about an additional $1 bn as a result of the collapse of Enron and that its exposure to the bankrupt energy trader was higher than the $900 mn it had already declared.

Man-made and natural catastrophes in 2001 led to an estimated loss of over $32 bn to the global insurance industry, with more than half tied to the September 11 attacks, said Swiss Re. The figure for this year is three times the number for 2000, which Swiss Re, the world's number two reinsurer, said had been comparatively low at an estimated $10.6 bn.

Electrolux, the world's largest maker of home appliances, announced it would cut 2,800 jobs as part of a restructuring plan designed to counter weak demand in the group's main markets.

Alcan, the world's second-largest aluminium producer, announced that it is to close plants in Canada and the US and sell its operations in Malaysia and Thailand. In addition, the group has put a sale sign over its glass packaging asets and Pharmatech operations.

Britain has outpaced other big powers this year by an even greater margin than had been thought, according to the latest official figures for economic growth. Britain came third in the league table of the Group of Seven leading powers for the first quarter of the year; top in the second quarter; and first equal with France in the third.