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Keyword: globalrecession

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  • Recessions are deepening across the globe

    02/14/2013 6:28:11 AM PST · by ExxonPatrolUs · 3 replies
    Minyanville ^ | feb 14 2013 | VINCENT TRIVETT
    Recessions are deepening across the globe. Futures sagged today after GDP numbers for several countries fell. Japan's economy continued to shrink in the fourth quarter by 0.1%, a narrower dive from a 1.0% fall in the third quarter. Economists expected Japan to show a small amount of growth. Germany's contraction helped deepen the recession in the eurozone. German GDP dropped 0.6%, mostly on weak export demand. The eurozone economy as a whole shrank 0.6%, the fastest rate since 2009. For the full year, the eurozone showed sub-zero growth. The French economy fared worse than expected as well, contracting by 0.3%...
  • Global economic recovery weakening , says IMF

    10/08/2012 4:13:09 PM PDT · by markomalley · 6 replies
    BBC ^ | 10/8/2012
    The global economic recovery is weakening as government policies have failed to restore confidence, the International Monetary Fund has said. It added that the risk of further deterioration in the economic outlook was "considerable" and had increased. The IMF downgraded its estimate for global growth in 2013 to 3.6% from the 3.9% it forecast in July. One of the biggest downgrades was to the UK economy, which the IMF expects to shrink by 0.4% this year. This compares its forecast of 0.2% growth in July. Next year, the UK economy should grow by 1.1%, the IMF said, down from its...
  • Global Growth Has Collapsed

    09/25/2012 6:21:45 AM PDT · by blam · 7 replies
    TBI ^ | 9-25-2012 | Joe Weisenthal
    Global Growth Has Collapsed Joe WeisenthalSep. 25, 2012, 5:44 AMThe below chart comes from Morgan Stanley's latest Strategy Forum deck, and though it's simple, we suspect a lot of people haven't seen it yet, or really haven't made the connection between the chart and other big economic stories of the day. This is the chart that's causing warnings from FedEx. This is the chart that's contributed to the collapse of the Shanghai Composite. This is the why the Baltic Dry Index is down 60% this year. It's why US manufacturing indices are giving off the weakest signs of the economy....
  • Obama: Raise debt ceiling or risk global recession

    04/15/2011 11:07:33 AM PDT · by NormsRevenge · 119 replies
    Yahoo ^ | 4/15/11 | Ben Feller - AP
    CHICAGO (AP) -- Failure by Congress to raise the U.S. debt limit "could plunge the world economy back into recession," President Barack Obama declared Friday, and he acknowledged that he must compromise on spending with Republicans who control the House to avoid such a crisis. "I think he's absolutely right that it's not going to happen without some spending cuts," the president told The Associated Press in an interview in his hometown, agreeing with House Speaker John Boehner's assessment. Obama urged swift action, saying he doesn't want the United States to get close to a deadline that would destabilize financial...
  • China's banks will feel full impact of crisis in 2009

    12/26/2008 5:06:12 AM PST · by TigerLikesRooster · 4 replies · 403+ views
    China Daily ^ | 12/26/08 | Wang Lan
    China's banks will feel full impact of crisis in 2009 By Wang Lan (chinadaily.com.cn) Updated: 2008-12-26 19:52 The full impact of the global economic recession is expected to be felt by China's banking sector in the first half of 2009, Chinese bankers said today. Ma Weihua, president and CEO of China Merchants Bank, said at a financial conference held today in Beijing, that the global economic downturn would hurt earnings of China's commercial banks in the first half of 2009. Ma attributed the eroded profit of Chinese banks to a combination of factors, including narrowing interest rate spread, increasing provisions...
  • Toyota to suffer 1.1 billion dollar loss for 2nd half: reports

    12/13/2008 6:18:00 AM PST · by TigerLikesRooster · 41 replies · 1,046+ views
    AFP ^ | 12/13/08
    Toyota to suffer 1.1 billion dollar loss for 2nd half: reports Sat Dec 13, 1:32 am ET TOKYO (AFP) – Japanese auto giant Toyota is likely to suffer a 1.1 billion dollar loss for the second half of the current fiscal year due to a stronger yen and a global industry slump, news reports said Saturday. Toyota Motor Corp. is likely to incur an operating loss of some 100 billion yen (1.1 billion dollars) for the six months to March next year, the Asahi Shimbun and Kyodo News said. It would be Totota's first interim operating loss since the company...
  • Business fears over sluggish EU economy

    10/29/2004 5:15:55 PM PDT · by traumer · 5 replies · 270+ views
    BBC ^ | 28 October, 2004
    As European leaders gather in Rome on Friday to sign the new EU constitution, many companies will be focusing on matters much closer to home - namely now to stay in business. In several countries, unemployment is high, while the euro seems to have done little to increase trade and wealth in the eurozone. BBC Economics Correspondent Jonty Bloom has been gauging the mood of some European businesses. Lille is a popular tourist destination for Britons who want a taste of France at the weekend. But how many tourists look at the impressively grand Victorian Chambre de Commerce, which stands...
  • German Economy Disappoints, Threatening Pace of European Growth

    03/23/2004 8:47:21 PM PST · by Pikamax · 4 replies · 161+ views
    Bloomberg ^ | 03/23/04 | Bloomberg
    <p>German Economy Disappoints, Threatening Pace of European Growth March 23 (Bloomberg) -- Germany's economy is disappointing economists, investors and executives for a fourth year, crimping growth across the 12 nations sharing the euro.</p> <p>In January, business confidence surged to a three-year high as demand from abroad pulled Europe's largest economy out of recession. Two months later, stagnant consumer spending prompted economists including Morgan Stanley's Elga Bartsch, Gustav Horn of the Berlin-based DIW institute and Silvia Pepino of J.P. Morgan to lower their growth forecasts.</p>
  • Recession fears grip eurozone as output falters

    03/15/2004 7:31:18 AM PST · by Pikamax · 7 replies · 117+ views
    Telegraph ^ | 03/15/04 | Ambrose Evans-Pritchard
    Recession fears grip eurozone as output falters By Ambrose Evans-Pritchard in Brussels (Filed: 15/03/2004) The eurozone is on economic alert this week after a clutch of dismal figures from France and Germany heightened fears of a slide back into recession. French industrial production slumped 0.5pc in January, confounding predictions of robust growth as the US-led recovery gathers pace worldwide. German output slipped 0.1pc, prompting a gloomy warning from Bundesbank chief Ernst Welteke. "The risks of an economic deterioration are definitely greater than the chances of improvement in Europe and Germany," he said. After facing the full brunt of dollar devaluation,...
  • China jobless situation grim, minister says

    03/10/2004 12:46:34 PM PST · by Willie Green · 12 replies · 125+ views
    The Valletta Times, Malta ^ | Wednesday, March 10, 2004 | Reuters
    For education and discussion only. Not for commercial use. Just days after China's premier promised parliament he would find work for over 14 million people, the country's labour minister said unemployment remained a grim problem that would not be solved for years to come. Premier Wen Jiabao opened the annual session of parliament last week with a pledge to create nine million new urban jobs in 2004 and re-employ five million jobless as China struggles to keep a lid on the number of unemployed for fear of social unrest. But Labour and Social Security Minister Zheng Silin yesterday admitted that...
  • European Economies: DIW Cuts German Growth Forecast

    03/10/2004 6:44:08 AM PST · by Pikamax · 1 replies · 102+ views
    Bloomberg ^ | 03/10/04 | Bloomberg
    <p>European Economies: DIW Cuts German Growth Forecast (Update1) March 10 (Bloomberg) -- Germany's DIW economic institute cut its first-quarter growth forecast, saying there are still no clear signs that a recovery is taking hold in Europe's largest economy.</p> <p>The economy will muster growth of just 0.1 percent, the Berlin-based DIW said in its weekly report, lowering its prediction from a previous 0.4 percent. That would represent a slowdown from 0.2 percent in the final quarter of last year.</p>
  • European Economies: German January Production Falls

    03/09/2004 3:39:39 PM PST · by Pikamax · 1 replies · 95+ views
    Bloomberg ^ | 03/09/04 | Bloomberg
    <p>European Economies: German January Production Falls (Update1) March 9 (Bloomberg) -- German industrial production declined in January, led by a drop in construction, the fourth report in the past two weeks to indicate Europe's largest economy is struggling to pick up pace.</p>
  • Gloom grows over European growth

    02/25/2004 7:43:16 AM PST · by Pikamax · 7 replies · 99+ views
    BBC ^ | 02/25/04 | BBC
    Gloom grows over European growth Morale at German firms has fallen Europe's nascent economic recovery has been dealt a blow by reports that show confidence waning in Germany and Italy. The key Ifo poll of German executives unexpectedly fell in February, while a survey of Italian consumers recorded its lowest ever reading. Economists cited the strength of the euro and accounting scandals as some of the reasons behind the mood change. There was better news from France where retail spending rose by 2% in January, four times the normal monthly average. Currency woes However, French shoppers were lured to the...
  • German December Retail Sales Unexpectedly Decline; "The figures are absolutely dreadful"

    01/30/2004 6:41:11 AM PST · by Pikamax · 6 replies · 127+ views
    Bloomberg ^ | 01/30/04 | Bloomberg
    <p>German December Retail Sales Unexpectedly Decline (Update2) Jan. 30 (Bloomberg) -- German retail sales unexpectedly fell for a second month in December, as concerns over health-care, pensions and employment overshadowed the prospect of income-tax reductions in Europe's biggest economy.</p> <p>Sales slipped 2.3 percent from November, when they fell a revised 3.4 percent, the Federal Statistics Office said in Wiesbaden. Economists had expected an increase of 0.5 percent, the median of 16 forecasts showed in a Bloomberg News survey. Sales declined 2.5 percent from the year-earlier period.</p>
  • Global jobless totals at record

    01/23/2004 2:14:13 AM PST · by sarcasm · 5 replies · 127+ views
    AP ^ | January 23, 2004 | JONATHAN FOWLER
    GENEVA — The number of jobless people worldwide has reached a record of almost 186 million, while hundreds of millions more are employed but make so little money they can barely survive, the United Nations labor agency said Thursday.The SARS outbreak in Asia and Canada, the war in Iraq and the continuing slump in global tourism due to terrorism fears combined last year to add an extra 500,000 to the worldwide unemployment totals, the International Labor Organization said.The slight economic recovery in many regions late in 2003 had little effect on the number of jobless, the agency said in its...
  • S Koreans despair at debt crisis

    01/09/2004 9:07:05 AM PST · by Tauzero · 5 replies · 77+ views
    BBC ^ | January 9 2004 | Charles Scanlon
    S Koreans despair at debt crisis By Charles Scanlon BBC correspondent in Seoul South Korea's largest credit card company has been bailed out at the last minute, but the near-collapse has put the country's giant debt problem into sharp focus. The firm in question - LG Card - needed a $4bn bailout to cover its bad debts, and its acute difficulties are sadly indicative of a nation that over the past few years has been on the biggest credit-fuelled spending binge in its history. With four million South Koreans now defaulting on their credit card bills to the tune of...
  • Slow Recovery Fable in Growth-Recession Times?

    11/02/2003 10:40:55 PM PST · by Starwind · 11 replies · 438+ views
    Intergovernmental Group of Twenty-Four ^ | September 15, 2003 | Alex Izurieta
    Alex Izurieta SLOW RECOVERY FABLE IN GROWTH-RECESSION TIMES ? AN APPRAISAL OF U.S. MAIN IMBALANCES AND IMPLICATIONS FOR THE WORLD ECONOMY  Paper prepared for XXVII TECHNICAL GROUP MEETING INTERGOVERNMENTAL GROUP OF TWENTY-FOUR Geneva, September 15-16, 2003  [ SECOND DRAFT ] © 2003Alex Izurieta Comments and suggestions are welcome. e-mail: a.izurieta@cerf.cam.ac.uk  Abstract  This study challenges the conventional story of an U.S. economy experiencing the longest expansion and shortest recession in the post-war period, now advancing through a slow, sturdy recovery. It characterizes the present state of the world economy as a growthrecession and draws plausible scenarios for the U.S. economy and their implications for the rest...
  • Unemployment rises in France, casting clouds over economic outlook

    10/31/2003 8:04:17 AM PST · by Pikamax · 11 replies · 230+ views
    AFP ^ | 10/31/03 | AFP
    Time is GMT + 8 hours Posted: 31 October 2003 2024 hrs Unemployment rises in France, casting clouds over economic outlook PARIS : France's jobless rate edged higher in September, data released by the Labour Ministry showed, confirming an upward trend that bodes ill for the French economy and government hopes to cut the number of people out of work. The ministry reported France's unemployment rate rose from 9.6 percent of the workforce in August to 9.7 percent in September, when 25,300 people joined the jobless roles. Advertisement The number of people looking for work in France now comes to...
  • The Decline of Germany

    10/27/2003 5:20:13 PM PST · by Tumbleweed_Connection · 11 replies · 214+ views
    BW Online ^ | 2/17/03 | Jack Ewing
    Drive down Berlin's Unter den Linden these days, and it's easy to imagine you're in the capital of a vibrant new Europe. The rebuilt, buffed-up avenue now rivals the Champs-Elysées as the Continent's most majestic thoroughfare. Daringly designed buildings are everywhere, the Berlin Wall a fading memory. The Brandenburg Gate is freshly cleaned and polished. Nearby, Chancellor Gerhard Schröder governs from a new, grandiose, nine-story residence and office complex that makes the White House look like a summer cottage. The refurbished Reichstag is a paean to the power and prosperity of unified Germany, the linchpin of the European Union. That's...
  • Is China Starting To Slow?

    10/24/2003 3:51:03 AM PDT · by Starwind · 11 replies · 261+ views
    PrudentBear.com ^ | October 21, 2003 | Marshall Auerback
    International Perspective, by Marshall Auerback Is China Starting To Slow? October 21, 2003  "I would stake my reputation on employment growth happening before Christmas. I'd bet dollars to doughnuts that we're going to see a pickup in jobs in the next few months." - US Treasury Secretary John Snow, Times of London, Oct. 20, 2003While the industrialised world has been mired in stagnation, China and emerging Asia continue to be conspicuous beacons of growth.  Emerging Asia ex China suffered a steep recession in the year and a half post the 1997/98 Asian financial crisis, but China's comparative resilience during...
  • With Zero Growth, Germany To Borrow Billions

    10/23/2003 10:57:49 AM PDT · by knighthawk · 9 replies · 173+ views
    Deutche Welle ^ | October 23 2003
    Just as the German government seeks to expedite passage of one of the most ambitious reform packages in the post-World War II era, it admitted just how badly Europe's largest economy is suffering on Thursday. Following the recent downward growth forecast revisions of the country's leading economics institutes, the Economics Ministry on Thursday said the German economy would stagnate this year. Minutes later, the Finance Ministry jumped on the bad news bandwagon, announcing that deficit spending for the year would reach a previously unsurpassed €43.4 billion ($53.1 billion.) Though Economics Minister Wolfgang Clement shaved estimated growth from 0.75 to zero...
  • Another Blow To Europe's Recovery

    10/16/2003 10:29:18 AM PDT · by knighthawk · 3 replies · 127+ views
    Yahoo News ^ | October 16 2003 | David Fairlamb
    Everybody knows Europe's sluggish economy is recovering from three years of recession and stagnation far more slowly than America's. So why is the euro climbing against the dollar and threatening to douse the faint spark of recovery? After fluctuating between $1.11 and $1.15 for most of the summer, the single currency surged back above its 1999 launch value of $1.17. By Oct. 8, it was hovering around $1.18. That's 20% more than a year ago. Most economists and traders believe it's not done rising: They expect the euro to continue gaining on the dollar, albeit sporadically, for the foreseeable future....
  • Germany's Schlauch Says Euro Above $1.20 `Danger' to Recovery

    10/10/2003 9:52:48 AM PDT · by Pikamax · 3 replies · 234+ views
    Bloomberg ^ | 10/10/03 | BG
    <p>Germany's Schlauch Says Euro Above $1.20 `Danger' to Recovery Oct. 10 (Bloomberg) -- German Deputy Economics Minister Rezzo Schlauch said the euro's exchange rate against the dollar would threaten the economy's efforts to pull out of recession if the dozen-nation currency exceeds $1.20.</p>
  • German retail sales unexpectedly slipped for the third month in four in August.

    10/01/2003 7:57:25 PM PDT · by Pikamax · 145+ views
    Bloomberg ^ | 10/01/03 | BG
    <p>German Retail Sales Decline for Third Month in Four (Update2) Oct. 1 (Bloomberg) -- German retail sales unexpectedly slipped for the third month in four in August as unemployment close to the highest in 4 1/2 years and record temperatures kept consumers away from stores in Europe's largest economy.</p>
  • Germany sinks deeper in the red

    09/26/2003 9:54:58 PM PDT · by Pikamax · 12 replies · 188+ views
    Expatica ^ | 09/26/03 | Expatica
    Germany sinks deeper in the red 26 September 2003 WIESBADEN - Germany's public sector continued to go deeper into the red in the first half of 2003, boosting the total national debt to nearly EUR 1.29 trillion, officials said Friday. The Federal Statistics Office in Wiesbaden said the figure as of June 30 was 5.1 percent higher than that 12 months earlier. The increase in the debt came as expenditures continued to rise while income nearly stagnated in the first six months, the office reported. It said that while spending increased by 2.3 percent to EUR 501.5 billion, revenues were...
  • European Economies: Solbes Says Europe Won't Muster 2% Growth

    09/22/2003 6:00:01 AM PDT · by Pikamax · 176+ views
    Bloomberg ^ | 09/22/03 | BG
    <p>European Economies: Solbes Says Europe Won't Muster 2% Growth Sept. 22 (Bloomberg) -- European Union Monetary Affairs Commissioner Pedro Solbes said the dozen countries that use the euro won't muster the 2 percent economic growth he predicted for next year after a weaker-than-forecast pace of expansion in 2003.</p>
  • Germany and France open their coffers; Keynesian spending blitz

    09/18/2003 10:08:11 PM PDT · by Pikamax · 1 replies · 169+ views
    Telegraph ^ | 09/19/03 | Ambrose Evans-Pritchard
    Germany and France open their coffers Ambrose Evans-Pritchard in Brussels (Filed: 19/09/2003) France and Germany yesterday unveiled a Keynesian spending blitz to pull their economies out of slump and halt the "de-industrialisation" of Europe, deftly side-stepping the spending constraints of the Growth & Stability Pact. Jacques Chirac: side-stepping stability pact In a return to the dirigiste policies of the 1970s, France's Jacques Chirac and Germany's Gerhard Schröder outlined a 10-point list of headline projects, including high-speed railway lines, the Galileo satellite navigation programme, digital television, and broadband internet links. Paris and Berlin already face possible sanctions for running budget deficits...
  • France, Germany Face Pressure on Deficits

    09/12/2003 5:51:02 AM PDT · by kattracks · 4 replies · 148+ views
    AP | 9/12/03 | PAUL AMES
    STRESA, Italy, Sep 12, 2003 (AP Online via COMTEX) -- France and Germany faced mounting pressure Friday to cut their budget deficits as their smaller euro-zone partners feared the big two's expanding debt risks destabilizing the currency bloc. "We cannot have divisions whereby some obey the rules and others don't, because in the end we'll all have to pay a price for that," said Austrian Finance Minister Karl-Heinz Grasser. The worsening dispute over deficits and more gloomy data on the European economy were expected to dominate two days of talks among European Union finance ministers opening in this picturesque lakeside...
  • European economy shrank

    09/09/2003 10:28:56 AM PDT · by Pikamax · 4 replies · 251+ views
    CNN ^ | 09/09/03 | reuters
    <p>BRUSSELS (Reuters) - The economy of the 12-nation euro zone shrank in the second quarter of this year for the first time since the final quarter of 2001, but it's expected to gradually recover in coming months, reports showed Tuesday.</p>
  • The euro is heading for its biggest weekly fall against the dollar in two years

    08/22/2003 11:01:57 AM PDT · by Pikamax · 11 replies · 225+ views
    BBC ^ | 08/22/03 | BBC
    Euro slumps against the dollar The euro is heading for its biggest weekly fall against the dollar in two years, as investors fret about the state of the European economy. The euro's fall was made worse by a string of upbeat economic data coming from the US, which helped the dollar. In early morning trade on Friday, the euro stood at $1.092, down nearly 2% from the start of trade on Thursday. The euro has lost 9% of its value against the dollar since June, partially reversing a sustained 33% increase since early last year. Of the world's three major...
  • S.Korea economy in recession, H2 rebound seen

    08/22/2003 5:50:06 AM PDT · by Starwind · 2 replies · 201+ views
    Biz.Yahoo/Reuters ^ | August 22, 2003 | Kim Kyoung-wha
    UPDATE - S.Korea economy in recession, H2 rebound seen Friday August 22, 3:12 am ET By Kim Kyoung-wha (Adds regional comparisons, updates markets in paras 8 and 9)SEOUL, Aug 22 (Reuters) - South Korea's economy, the envy of most Asian neighbours last year, contracted in the second quarter on flagging consumption, sliding into its first recession since the 1998 Asian crisis, the central bank said on Friday. A central bank forecast for the third quarter implied a strong rebound was now under way, although officials remained cautious and analysts pointed to ballooning consumer debt defaults and labour unrest sapping private...
  • Titanic' Shipyard to Cut 265 Jobs

    10/07/2002 3:34:27 PM PDT · by Willie Green · 15 replies · 233+ views
    The Associated Press ^ | OCTOBER 07, 2002
    For education and discussion only. Not for commercial use. BELFAST, Northern Ireland (AP) — Harland and Wolff, the shipyard that built the Titanic, confirmed Monday that it will cut more than two-thirds of its work force by mid-January. The shipyard employed more than 30,000 people 50 years ago, but the 265 new job cuts will reduce employment to 121. The company blamed the reductions on the poor economy, which has affected other shipyards in Britain and Europe. Founded in 1861, Harland and Wolff produced 1,700 ships, including nearly 300 naval and merchant vessels during World War II. Its two giant...