Profits evaporated at leading banks on Monday and authorities worldwide pressed on with efforts to temper a recession that policymakers said had become reality for much of the globe. The European Commission said the 15-nation euro zone was in a technical recession and economic growth would come to a virtual standstill next year. It called
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The EU Commission has substantially revised down its GDP forecasts compared to the spring forecasts. In the autumn forecasts the Commission expects euro-area GDP growth of 1.2% this year (down from 1.8%), 0.1% next year (down from 1.6%) and forecasts growth of 0.9% next year. The Commission expects a “rapid fall in inflation”, forecasting inflation
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The euro zone is already in a technical recession and economic growth will come to a virtual standstill next year, the European Commission said on Monday, calling for coordinated action to support growth. "European Union economies are strongly affected by the financial crisis, which is aggravating housing-market correction in several economies at a time when
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OPEC members might have ignored output limits in the past, but they mean business now after oil prices shed more than half their value in three months and financial turmoil has crushed demand. Most of the 11 members of the Organization of the Petroleum Exporting Countries with set targets have said they were reducing output
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The Federal Reserve must not forget about inflation as it battles recession, or leave interest rates too low for too long next year, policy-maker Jeffrey Lacker said on Monday. "It is crucial that we not allow expectations of future inflation to ratchet higher during this recession," the Federal Reserve Bank of Richmond president said in
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Profits evaporated at top European banks on Monday and authorities worldwide pressed on with efforts to bolster weakening economies as data from Europe and China suggested a sharp global downturn was gathering pace. French bank Societe Generale reported an 83.7 percent drop in third-quarter net profit but said it was strong enough to withstand the
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Global stocks kicked off a new month with solid gains on Monday against a background of easier monetary policy designed to pull economies away from severe recession. The dollar and yen weakened, continuing a see-sawing trend that had followed the global appetite for stocks. Investors have been cautiously shopping for bargains after shares and commodity
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South Korea pledged more cash on Monday to rev up its economy, and central banks in Europe and Australia looked set to cut rates again in a frantic battle to keep the financial crisis from shoving the world into its worst slump in decades. Seoul announced $11 billion in new spending and tax cuts and
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President of the Republic Demetris Christofias has said that the government, without ruling out any consequences due to the global financial crisis, is following a ''calculated financial and social policy'' and will continue to do so to the benefit of the people. “The question is whether Cyprus is in the eye of the cyclone of
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Microsoft Corp. and South Korea's LG Electronics Inc on Monday said they had signed a preliminary agreement on strategic collaboration in mobile technology. "The agreement ensures continued strategic collaboration in R&D, marketing, applications, and services in the field of converged mobile devices," LG said in a statement. "Both companies will continue to define and align
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