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Recession News

$59 million Hong Kong flat sale sets new Asia record

Fpo - Hong Kong may be in its worst recession in years but its luxury property market is still thriving after a five-bedroom apartment broke records with its $59 million price tag.

IMF, World Bank marshall forces to push for aid for poorest

Washington - The world's two dominant emergency lenders opened their annual meetings on Wednesday with a renewed call for the wealthy to help the poorest deal with the ravages of the coronavirus pandemic, within national borders and globally.

IMF warns of lasting damage, long climb out of recession

Washington - The global economic crisis will not be quite as grim as feared this year, but GDP will still contract 4.4 percent and the damage inflicted by the pandemic will be felt for years, the IMF said Tuesday.

Pandemic could push 115 mn into extreme poverty in 2020: World Bank

Washington - As many as 115 million people could be pushed into extreme poverty this year due to the economic downturn caused by the coronavirus pandemic, the World Bank warned Wednesday.

Virus plunges Australia into first recession in nearly 30 years

Sydney - Australia tumbled into its first recession for almost three decades with its pandemic-crippled economy shrinking a record seven percent in the second quarter, official data shows.

Australia extends stimulus spending as 'COVID recession' looms

Sydney - Australia will extend record stimulus spending into next year, the government announced Tuesday, outlining multibillion-dollar measures to shield the labour market from the ravages of the rolling coronavirus crisis.

C.D. Howe — Canada entered recession in first quarter

Ottawa - In a report released Friday, the C.D. Howe Institute’s Business Cycle Council says Canada has entered a recession due to the economic devastation caused by the COVID-19 pandemic.

Everything on the table to attack virus' economic damage: IMF

Washington - The severe economic crisis ignited by the coronavirus pandemic requires the rapid deployment of every available financial lifeline to help countries survive, IMF chief Kristalina Georgieva said Thursday.

Pandemic causing deep recession, and it could get worse: IMF

Washington - The coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three percent this year, and the crisis could get worse, the International Monetary Fund said Tuesday.

World faces worst crisis since Great Depression: IMF's Georgieva

Washington - The global coronavirus pandemic has inflicted an economic crisis unlike any in the past century and will require a massive response to ensure recovery, IMF chief Kristalina Georgieva said Thursday.

Coronavirus plunges world economy into brutal recession

Paris - Measures imposed to slow the spread of the coronavirus are pushing the world economy into a recession deeper and more painful than initially expected, even if a rebound is still on the cards for next year.

Massive risks to world economy as virus battle rages

London - The coronavirus outbreak and resulting lockdown of billions of people threatens the global economy to the point where economists are predicting the most violent recession in recent history, perhaps even eclipsing the Great Depression.

Mnuchin sees virus causing US slowdown but no recession

Washington - Treasury Secretary Steven Mnuchin said Sunday the impact of the coronavirus pandemic was producing a "slowdown" in the American economy but that he did not expect a full-blown recession.

After long hiatus, Rio's ballet dancers return to the stage

Rio De Janeiro - Ballet is a world conjuring images of luxury and entertainment, a preserve for the cultured, the elite. That may be true in many cases.

IMF says Venezuela to see 1 mn percent inflation by year-end

Washington - Amid the financial and humanitarian crisis in Venezuela, the country is expected to see hyperinflation reach epic proportions: a million percent a year by the end of 2018, the International Monetary Fund said Monday.

Maduro asks for UN help on Venezuela medicine shortage

Caracas - President Nicolas Maduro said Friday he had asked the United Nations to help address severe shortages of medicine in Venezuela, a rare acknowledgement of the crisis-hit country's desperate situation.

Millions of Latin Americans could fall back into poverty: UN

Panama - A third of Latin Americans who have risen out of poverty over the past 15 years could fall back into it due to the region's recession, a UN report showed Tuesday.

Op-Ed: U.S. economic slowdown ahead

Officially joining the 0 percent bond club, the U.S. Treasury sold a new government security on Monday containing a three-month maturity and a yield of zero for the first time on record.

Zimbabwe's new exchange rate: $5 for 175 quadrillion local ones

Zimbabwe has announced it will be phasing out its own local currency in favour of the US dollar. The Zimbabwean dollar has been subject to hyperinflation of up to 500,000,000,000 percent so that locals will get $5 USD for 175 quadrillion local dollars.

Bikers gunned down in Venezuela for spare bike parts

Caracas - Venezuela has been hit hard by a severe recession. The socialist-led country is now running low on motorcycle parts, and the best way to get replacements is to stop a biker and just steal his bike. Refusal to hand the bike over means death.

Embattled Ukraine fights for debt deal on financial front

Kiev - As government troops face off against pro-Russian separatists, Ukraine is also manoeuvring on the financial front, scrambling to stave off disaster by renegotiating its foreign debts.

European car sales rise in 2014, ending six-year slump

According to the European Automobile Manufacturers Association (ACEA) car sales in the European Union rose in 2014. Sales have been up for the first time in six years.

Op-Ed: Twenty-five years later, 'Roger & Me' still pulls no punches

A quarter of a century ago this week, Michael Moore's “Roger & Me” unleashed itself upon the general movie-going public in North America and showed us all what a documentary could be: hilarious, angry, muckraking, irresistibly entertaining.

Economic crisis pulls 2.6 mn children below poverty line: UNICEF

Geneva - At least 2.6 million children have fallen below the poverty line in the world's richest nations since the economic crisis struck in 2008, UNICEF said in a hard-hitting report Tuesday.

Op-Ed: Save or spend? The recovery dilemma

London - Over the last few years we've all been faced with a financial dilemma: save or spend? There's widespread awareness that debt caused the financial crash and if we don’t change our ways we could well be condemned to a life of poverty.

Study: Recession caused more than 10,000 suicides

A study taking in data from all over the developed world says that the economic recession may have led to more than 10,000 people taking their own lives across more than 24 countries.

Op-Ed: Only $ will solve VA hospital problems

Washington - There is no issue in the United States where hypocrisy plays as big a role as the failure to care for wounded and ill veterans. It's a job for triage.

Barry G Hartman on why Warren Buffett is the financial fireman Commissioned

As the stock market took a free fall in 2008, Goldman Sachs knew they needed help. They had to boost capital and build up confidence as their shares plummeted. They called upon the Oracle of Omaha, also known as Warren Buffett, for a hand.

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.

Blackberry to cut 4,500 jobs

In an attempt to address considerable financial losses, Blackberry has announced it is planning to cut 4,500 jobs, equal to 40 percent of its worldwide workforce.
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Recession Image

The campaign asked homeless people to write down something about themselves that people wouldn t kno...
The campaign asked homeless people to write down something about themselves that people wouldn't know by just walking past them.
Rethink Homelessness
Standard & Poor s Headquarters in Lower Manhattan  New York City  New York (55 Water Street)
Standard & Poor's Headquarters in Lower Manhattan, New York City, New York (55 Water Street)
B64 / wikipedia
People are reflected in the lens of a pair of Liquid Image Apex HD camera goggles  capable of video ...
People are reflected in the lens of a pair of Liquid Image Apex HD camera goggles, capable of video and still photography, at the annual Consumer Electronics Show (CES) in Las Vegas, Nevada
With permission by Reuters / Robert Galbraith
A map showing some areas of the world that were damaged by the recession.
A map showing some areas of the world that were damaged by the recession.
23prootie via Wikimedia
This beautiful landscape is the better side of Pocatello s offerings in terms of natural beauty  ref...
This beautiful landscape is the better side of Pocatello's offerings in terms of natural beauty, reflecting the hope and the quality that people of the town cherish.
Along with the closeout merchandise and surplus merchandise markets  the returned merchandise and li...
Along with the closeout merchandise and surplus merchandise markets, the returned merchandise and liquidation industry generates over $100 billion dollars in revenue annually.
A  help wanted  ad in a newspaper
A "help wanted" ad in a newspaper
LaDawn sees Baker as the kind of town that has some resistance to change  in that it doesn t even ha...
LaDawn sees Baker as the kind of town that has some resistance to change, in that it doesn't even have a Walmart.
Eastern Oregon University is located in La Grande  Oregon a small town in the eastern section of the...
Eastern Oregon University is located in La Grande, Oregon a small town in the eastern section of the state, where professors and others are unable to move because of the economy, exacerbating political and social conflicts.

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