Nokia, one of the world's leading mobile phone makers, on Thursday revealed its plans of cutting approximately 3,500 jobs in Romania, Germany and the United States, and that too by the end of 2012.

"Nokia plans to close its manufacturing facilities in Cluj, Romania, by the end of 2011 ... and plans to close its (locations and commerce development) operations in Bonn, Germany and Malvern, US, by the end of next year", the Finnish company said in a statement.

A month earlier, Germany had 7% jobless rate but thanks to the country's export-oriented economy which is still demanding workers despite slow growth, the jobless rate dropped to 6.6%in September.

In context to same, Germany's state labor agency said on Thursday that the fall in jobless rates in the country has astonished many analysts also because they never expected such big fall in the number. It also added that the month has cited a fall of 149,000 people from the jobless list to 2.796 million.

Following worries over the European debt crisis, shares of oil fell strikingly low to 1.7%. As the world economy is already crying over financial crisis, many countries have reduced their consumption of oil with the hope of reducing the expenditure.

It seems that if the internal issues of the European Union were not enough, now America has started a war of words with the EU over the ongoing crisis of euro zone. It was being reported that as President Barack Obama lashed out at the EU to have failed in to warding off the debt crisis, the German Finance Minister, Wolfgang Schauble, didn't spare any harsh words in the same regard.

While addressing the United Nations on Monday, German Foreign Minister Guido Westerwelle notified that Berlin has voted in favor of a Palestinian state on the conditions of a conferred resolution between Israelis and Palestinians. Further, the leader has claimed that Germany is considerate about the safety of Israel.

While referring to the Middle East Peace Quartet's suggestions, Guido Westerwelle said: “Both sides are now tasked with presenting comprehensive suggestions on borders and security in the next three months, while refraining from any acts of provocation”.

Indian Prime Minister Manmohan Singh was on a five day trip to New York to mark his presence in a high level section of the UN General Assembly. On Monday night, Mr. Singh arrived in Frankfurt and expected to land in India on Tuesday night.

During the meeting, the leader stressed that some efficient policies are needed in order to reflect UN as stronger and more effective body. In addition, he has also insisted to expand the decision making Security Council in order to depict realities of the era.

The report of GfK, a market research firm has notified that even though Germany has been troubled by the recession doubts, the consumer climate would stay firm in the autumn season.

GfK Consumer Climate report notified that though the outcomes of the consumer climate stayed a little contradictory in September, expectations of earnings have enhanced which was already at high intensity. Since the value has been measured at 5.2 points in September, there have been predictions that it will remain the same in the October as well.

No doubt Germany is among the most dominating of all the nations in the European Union, as that's what the European Central Bank Governing Council Member Ewald Nowotny wants to affirm.

Giving a special space to Germany in the European Central Bank is being pondered over to an extent that there could be some changes in the decision making procedures.

Though it's being largely believed that to move ahead in the European Union, Germany has become a vital clog in the entire nexus, in the country, however, the sentiments are a lot different.