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Japan enters recession

Tuesday, November 18, 2008 Japan, which accounts for 7% of world output, has entered a recession after posting two consecutive quarters of negative growth. The Japanese economy contracted by 0.9% between April and June and a further 0.1% since September. Kaoru Yosano, the Japanese minister of fiscal policy, said “The downtrend in the economy will […]

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US Senate passes housing aid bill

Saturday, July 26, 2008 A Saturday, July 26th, meeting of the United States Senate resulted in the passing of a $300 billion housing aid bill designed to help homeowners facing foreclosure by providing financial aid. In addition, the bill created a government emergency fund for mortgage companies, Fannie Mae and Freddie Mac. The legislation is […]

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