Japan's economy takes sharp downturn as GDP falls 4%

Japan's economy takes sharp downturn as GDP falls 4%

Japan's GDP contracted at an alarming rate in the first quarter, dropping 4% compared with the previous quarter and 15.2% compared with the same period last year. The decline, the fourth consecutive quarter of such, was the biggest since 1955, when Japan started keeping GDP records

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North Korea sees record expansion in trade

North Korea sees record expansion in trade

The value of North Korean foreign trade, excluding deals with South Korea, set a record last year, Yonhap News reported. Exports increased 23% to $1.13 billion, while imports expanded 32.7% to $2.69 billion

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Canada's banks stay strong, profitable through recession

Canada's banks stay strong, profitable through recession

When market conditions in Canada were at their worst during the first quarter, the country's major banks were making a profit. None of the banks has needed a government bailout. Mortgage interest is not tax deductible, eliminating an incentive to borrow, and when loan to value is more than 80%, the mortgage must be insured by an agency of the Canadian government

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Spanish prime minister moves to keep jobs, cut taxes

Spanish prime minister moves to keep jobs, cut taxes

Facing Spain's most dramatic setback in 40 years, Prime Minister Jose Luis Rodriguez Zapatero took aggressive action to breathe life into the economy. He plans to cut taxes for small businesses that keep their employees and pay $2,700 bonuses to people who buy cars made in Spain. He also plans to eliminate airport fees for airlines that carry at least the same number of passengers as last year.The government had already announced stimulus measures valued at about €71 billion, including an €11 billion public works program.

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China's foreign direct investment drops 7 months straight

China's foreign direct investment drops 7 months straight

In April, foreign direct investment in China fell 22.5%, the seventh consecutive monthly decline. "This is a reflection of multinational companies around the world tightening their belts," said David Cohen, an economist with Singapore's Action Economics. "The weakness is being offset by the fiscal-stimulus measures of the Chinese government.

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Japan's 10 automakers expect 2009 losses to cross $10B

Japan's 10 automakers expect 2009 losses to cross $10B

Hit hard by plummeting auto sales worldwide and the strength of the yen, Japan's 10 automakers predicted that their combined losses for fiscal 2008 -- $3.35 billion -- will more than triple to $10.48 billion this fiscal year. "We've begun to see the bottom, but there's no sign of recovery," Mitsubishi Motors President Osamu Masuko said.

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Industrial production slides 20.2% in eurozone

Industrial production slides 20.2% in eurozone

Industrial output across the eurozone dropped 20.2% in March compared with the same month last year, according to Eurostat, the EU's statistics office. The surprisingly sharp decline marked the biggest year-on-year fall since 1991, when records began to be kept.

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Indian industrial production sees worst drop since 1993

Indian industrial production sees worst drop since 1993

Output from India's factories, mines and utilities fell 2.3% in March compared with the same month last year, as exports suffered amid the severest global downturn since World War II. The drop in production was triple the figure analysts predicted and the worst for India's economy since January 1993.
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Oracle won't divest Sun's hardware business

Oracle won't divest Sun's hardware business

Oracle Corp Chief Executive Larry Ellison said he won't sell off Sun Microsystems Inc's hardware business, dispelling speculation that he only wanted the company for its software units.

Oracle's steadily rising profit margins have impressed Wall Street in recent years, and analysts say it is a risky move for it to buy Sun, which has lost $2 billion in the first three quarters of its current fiscal year.

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BoE announces surprising initiative to buy more bonds

BoE announces surprising initiative to buy more bonds

The Bank of England surprised the City by ordering a £50 billion expansion of its scheme for buying corporate and government bonds. The move is part of the bank's aggressive campaign to bolster the economy and stabilize the financial sector. The move came as the BoE's Monetary Policy Committee kept interest rates at 0.5% for the second straight month.

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