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Economic downturn News

Alberta's oil production cuts weigh on economic forecasts

Calgary - Alberta's oil production cuts that went into effect in December, were aimed at shrinking a costly glut of Canadian crude. Now there are concerns that prolonged output cuts will impact the economic performance of the province.

Russia buries and burns contraband food on order of Putin

Belgorod - Russia marked the one year anniversary of its ban on western agricultural products on Thursday by destroying contraband food products, much to the consternation and outrage of the public and some at the Kremlin.

UK manufacturing, industrial output and construction stagnates

British manufacturing, industrial output and construction have fallen sharply in the UK, putting on hold any sign of the country coming out of an economic slump any time soon.

Troubled photography chain, Jessops, calls in administrators

Businesses come and go, fact. It does not take an economic downturn for a business to fail. In the UK the poor economic climate has, however, resulted in many firms 'going to the wall'. The latest is Jessops.

Unemployment on the rise in U.S.

New unemployment claims, a depressing March jobs report and high gas prices are threatening an already anemic economic recovery in the U.S.

1 in 4 people in U.K. using savings to buy food

A new report about to be published by a consumer group in the U.K. indicates 1 in 4 individuals are taking money from their savings to buy food.

Study: Bad economy equals more drinking

Previous studies have found that health improved during economic downturns, possibly because unemployment meant fewer funds available for behaviors that could harm health, like excessive drinking. But new research has suggested the opposite may be true.

Texas unemployment on rise, Perry’s jobs growth agenda at risk

Austin - Unemployment in Texas rose to 8.5 percent in August as the nation’s economic crisis has apparently come to the Lone Star State, and the statistic will offer plenty of ammunition as GOP presidential hopefuls renew attacks on the state’s brash governor.

Small business owners make adjustments during economic downturn Special

In response to what is being called the Great Recession, small business owners in Northwest Arkansas are taking steps to address new economic realities and prosper in the midst of this downturn.

PWC Forecasts Steady Advance of Digital Media

Pricewaterhouse Coopers (PWC) has published its Global and Media Outlook for 2009-2013 and the outlook is one of decline for traditional media outlets. As revenues decrease, structural change will put digital outlets at the forefront.

China's GDP Will Reach 7.2% in 2009

On Thursday, it was reported by the World Bank that China’s Gross Domestic Product will “rise respectably” by 7.2 percent.

Despite a Sick Economy, Alternative Medicine Sales are Healthy

The economic downturn is causing an upturn in alternative medicine usage. Sales of vitamins and herbal supplements, in particular, have risen substantially since the recession began, reports the Associated Press.

G7 Finance Minsters Have Few Answers

The group of Seven (G&) finance ministers have been unable to reveal any new steps to tackle the global economic downturn.

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President Barack Obama appears to be lost in his own thoughts during a briefing.
President Barack Obama appears to be lost in his own thoughts during a briefing.
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