InfoAnda - US economy slumps as world crisis tightens grip

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Sri Lanka buries 41 unclaimed Tiger bodies | 14 January 2009
Gaddafi, Italy blast NATO over deadly air strike | 22 June 2011
China economy growing again while US limps | 26 July 2009

U.S. denies visas to Iran officials for U.N. meeting: report | | 18 November 2012

">Forum Views () ">Forum Replies ()

Read more with google mobile : US economy slumps as world crisis tightens grip

Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: US economy slumps as world crisis tightens grip AFP - 2 hours 46 minutes ago WASHINGTON (AFP) - - The global economic crisis tightened its grip on the United States which posted its worst contraction in 26 years as grim jobs and earnings data emerged from Japan and Europe. ADVERTISEMENT Amid the deepening crisis, Britain, Germany, the European Union and China made urgent calls for cooperation and for reform of the global financial system whose malfunctions triggered the downturn. US government figures showed the world's largest economy shrank by an annual rate of 3.8 percent in the fourth quarter of 2008, sharply accelerating the 0.5 percent contraction seen in the third quarter. The headline fourth-quarter figure was not as bad as the 5.5 percent drop expected on average by private economists but was the worst since 1982. Still, few took comfort in the data, which was skewed by a high rate of inventory buildup, suggesting businesses were surprised by the depth of the downturn and may have to cut production further in 2009. "The headline GDP figure was better than expected but this is very much an illusion supported by an unexpected increase in business inventories," said Sal Guatieri, senior economist at BMO Capital Markets. Guatieri said that the data suggest an even sharper decline in the first quarter of 2009. US President Barack Obama warned the data underscored the urgency for Congress to pass his stimulus plan. "This isn't just an economic concept, this is a continuing disaster for America's working families," Obama said. Brazil's President Luiz Inacio Lula da Silva meanwhile warned that responding to the economic trouble with protectionist measures would be a grave mistake. "Protectionism won't solve the problem of the crisis. It's not fair that, now that the rich countries are in crisis, they forget their talk about free trade," he said during a news conference at the World Social Forum taking place in Belem. At the World Economic Forum in Davos , Switzerland, German Chancellor Angela Merkel and British Prime Minister Gordon Brown argued for tougher control of the international economy, opening up a potential split with the United States on ending the financial crisis. Merkel said a UN economic council based on the Security Council may have to be created to police the global economy, while Brown said his "shared revolution" would strengthen current international institutions. Both proposals went counter to US ideas rejecting any global enforcer. At a summit of Group of 20 developed and developing nations last November, Washington fought for national regulators to take precedence. Brown called for greater unity in fighting the crisis. "This is the time... for the world to come together as one," he said, calling for the G20 to join in a "shared revolution" to build a new global financial system. The new US Treasury chief, Timothy Geithner, meanwhile discussed possible economic reforms in calls to his European and Asian counterparts, his office said. Geithner is due to join Group of Seven finance ministers next month in Rome as they grapple with the global downturn. In Japan, massive losses and cutbacks struck top companies on Friday, with electronics giant NEC shedding 20,000 jobs -- the latest in a world avalanche that has seen tens of thousands of job cuts announced this week alone. Japan announced a triple slump in key economic data, with industrial output, consumer spending and employment all sharply down, and said there was no end in sight to the bad news. "The problem is very serious," Economics Minister Kaoru Yosano said. "As to when the economy will bottom out, it is impossible to predict at this time as the problem is not only domestic but global." In Europe, frustration over the social impact of the crisis spilled over into protests in Britain , a day after mass strikes and demonstrations in France. Hundreds of workers at oil refineries across Britain went on strike to protest the use of foreign labor in engineering and building projects. Elsewhere in Europe, official EU data released Friday showed unemployment in the countries using the euro rose in December to 8.0 percent, the highest level in more than two years. With east and west alike battered by the slowdown, China's Premier Wen Jiabao and EU leaders sought to boost cooperation to tackle the crisis. Decades of rampant growth in China have shown signs of slowing as its export-dependent economy suffers from declining activity elsewhere. "Globally we face an economic crisis without precedent in the post-war era and no one can claim to be completely immune," said European Commission President Jose Manuel Barroso after talks with Wen in Brussels. "It is important that we address those issues in a global spirit." Email Story IM Story Printable View Blog This Recommend this article Average (2 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy US economy slumps as world crisis tightens gripAFP - 2 hours 46 minutes ago Stocks stumble as investors fear worsening economyAP - Saturday, January 31 Economy, bank woes drag market to worst January everReuters - Saturday, January 31 US STOCKS-Economy, bank woes drag market to worst Jan everReuters - Saturday, January 31 Related Articles: Business Pakistani cenbank sells 16.5 bln rupees of T-billsReuters - 43 minutes ago Thailand plans to borrow $2 bln to boost economyReuters - 1 hour 13 minutes ago US economy slumps as world crisis tightens gripAFP - 2 hours 46 minutes ago Malaysia Airports to build budget terminal - reportsReuters - Saturday, January 31 Sears lays off 300 corporate workersReuters - Saturday, January 31 Enlarge Photo US economy slumps as world crisis tightens grip Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US House approves massive economic stimulus bill Soldier suicides hit record in 2008: US Army Financial crisis bringing global economy to standstill: IMF Wen and Putin lash out at US over economic crisis Boeing to cut 10,000 jobs after loss View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

Other News on Saturday, 31 January 2009
Iraq encouraged by US reassurances, minister says
Iraq in lockdown on eve of provincial vote
U.S. envoy warns of setbacks ahead in Mideast talks | International |
Obama retools campaign machine
Iraq on high alert after election candidates shot dead
Amanda Bynes Sued Over Multi-Car Pile Up Accident
Spotlight on vote-buying on eve of Iraqi ballot | International |
Apple gadget ecosystem plants new roots
Merkel and Brown call for global economy rules
Facts about Saturday's Iraqi election
Exxon notches 45.22 billion dlrs record profit
Turkish PM defends Gaza outburst
Zimbabwe opposition will join government
Hamas wants new leadership for Palestinians
Congo children branded as witches, abducted: U.N. | International |
Georgia's Saakashvili names fifth PM in five years | International |
Priests' comments on Jews, Muslims embarrass Pope | International |
North Korea warns South on rising tensions
UN special envoy Ibrahim Gambari to visit Myanmar
Sri Lanka rejects ceasefire with Tamil rebels
Two auto workers die in clash with Venezuela police
Indonesia to repatriate Myanmar 'economic migrants'
Oil wavers on economic data from Commerce
Thousands Still Without Power In Parts Of Kentucky
Broke Pennsylvania Town Asks Police, Employees To Continue Working
PA State Survey Finds 1 Million People Without Health Insurance, Many Of Them Employed
Update: White House Launches Task Force Headed By Biden To Strengthen Middle Class
Economy Shrinks The Most In 3 Decades; White House Calls For 'Aggressive' Stimulus
Alaska Gov. Sarah Palin To Dine With President Obama During Annual Banquet
Report: Republican Senator Being Considered By Obama As Commerce Secretary
India's Tata Motors losses $54 million in quarter
India's Tata Motors reports Q3 net loss of 53 mln dlrs
Rapper DMX sentenced to 90 days in jail | Entertainment |
Taylor Swift launches first headline tour | Entertainment |
Miss America hopes to see Super Bowl champ crowned
Bacon exhibition to open at Madrid's Prado
Franco-Mexican mini matador aims high
Rome University offers master's in teaching the Holocaust
Golden age of archaeology in China
Yes we can: Schools, streets renamed for Barack Obama
Thought things were bad? US survivalists await worse
New photo exhibit pictures black America in racially riven US
ABC's 'General Hospital' getting a makeover
Bollywood's 'Victory' in Colombo
Broke Pennsylvania Town Asks Police, Employees To Continue Despite Lack Of Paychecks
Smokers In California City Face $100 Fine For Smoking In Apartment, Condo
Monster.com Hacked For Third Time
President Obama, Formal Rival Gov. Palin To Dine Together At Annual Banquet
Iraqis vote as violence begins to fade | International |
Islamist looks set to be new Somali president | International |
Hamas needs to be part of peace process: Blair | International |
Security Council reform talks to start in February | International |
Ex-Fannie Mae programmer says not guilty of virus | Technology |
Broadband link to U.S. jobs exaggerated: experts | Technology |
Paul McCartney to headline Calif.'s Coachella | Entertainment |
Rapper DMX sentenced to 90 days in jail | Entertainment |
Italian writer raises case against Button | Entertainment |
Broadway bids to woo audiences amid recession | Entertainment |
De Niro's restaurants to pay $2.5 million in tip case | Entertainment |
Killing of Iraqi candidates highlights dangers
British protests against foreign energy workers spread
Iraq on high alert for election day violence
Brazil will not bow to Italy to extradite Battisti: Lula
U.S. envoy warns of setbacks ahead in Mideast talks
Major political forces in Iraqi elections
Cyprus searches suspected Hamas-arms ship
Obama addresses global trade imbalances with Hu
Obama places call to China's president
US-TECH Summary
Ex-Fannie Mae programmer says not guilty of virus
Data theft from firms topped a trillion dollars in 2008: study
US economy down 3.8 pct, not as bad as feared
Broadband link to U.S. jobs exaggerated: experts
NYC Mayor Bloomberg Announces Major Budget Cuts
Michael Steele Becomes First African-American Republican Chairman
US-ENTERTAINMENT Summary
Italian writer raises case against "Button"
Q&A: `Virtuosos' talk about film awards season
De Niro's restaurants to pay $2.5 million in tip case
Paul McCartney to headline Calif.'s Coachella
Tempers flare in New York horse war
UN confirms special envoy's visit to Myanmar
Bollywood promoter sentenced in bank fraud scam
Strick named director of Nasher Sculpture Center
Liberal Groups Take To Airwaves To Strike Back At Rush Limbaugh
Wall Street Dips On Concerns Of 'Bad Bank' Delay
Yushchenko warns against 'social catastrophe'
S.Korea downplays N.Korea's vow to drop peace pact
Iraqis vote behind barbed wire, testing security | International |
Iraqis vote behind barbed wire as violence fades
Islamist leader wins Somali presidency | International |
U.N. envoy arrives in Myanmar, reform hopes slim | International |
Sputtering Wall Street awaits Obama stimulus
U.S. senator says missile shield could boost U.S.-Russia ties
Obama urged not to backburner climate change
US military deaths in Iraq war at 4,236
US military deaths in Afghanistan region at 573
U.S. judge says will likely rule for Micron | Technology |
Oxfam says new U.S. strategy needed in Afghanistan
Blackwater's Iraq deal not to be renewed
U.S. eyeing plan for fifth brigade in Afghanistan
Tour Bus Accident Near Hoover Dam Kills 7 Chinese
U.S. State Department Not Renewing Blackwater Contract For Iraq
FDA To Ban Painkiller Linked To Suicides
Florida House Speaker Temporarily Quits Amid Illegal Dealings Probe
Jan 30 Highlights Of Low Points In U.S. Economy
Free online game lets players be Hudson River hero pilots
After Idol, Doolittle Coming Back to spotlight | Entertainment |
Classical fans build vacations around music | Entertainment |
Classical fans build vacations around music
Japan PM set to announce huge aid package: reports
Prosecutor: Polanski defense motion is 'frivolous'
US economy slumps as world crisis tightens grip
SMU's museum opens exhibit of Etruscan artifacts
New Airbus joint-venture with China announced
Spears gets restraining order on Lutfi, Ghalib
After "Idol", Doolittle "Coming Back" to spotlight
India: 5 newborns killed in hospital fire
China's Hu urges Obama to resist protectionism
Endangered Sumatran tigers kill Indonesian farmers
UN urges safety of civilians as Sri Lanka presses for victory
Six dead after tour bus crashes in Arizona: police
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01