Stories for December 1st 2008

Monday, December 1st 2008 - 20:00 UTC
World economy heading for first contraction since 1930, warns UN

United Nations said on Monday the world economy faces its worst downturn since the Great Depression. It expects world economic output to shrink by as much as 0.4% in 2009, due to a slump among developed countries - particularly the US and in Europe.
Monday, December 1st 2008 - 20:00 UTC
UK state-control banks mellow home repossession actions

Britain's Royal Bank of Scotland has announced that it will give struggling homeowners at least six months before launching repossession action. The NatWest parent said it was doubling the three-month breathing space currently offered to borrowers who fall behind with mortgage repayments.
Monday, December 1st 2008 - 20:00 UTC
Parliament awaits statement on MP's office police raid

United Kingdom Justice Secretary Jack Straw has appeared to indicate that ministers had been “surprised” by the nature of the raids on Tory frontbencher Damian Green's homes and offices.
Monday, December 1st 2008 - 20:00 UTC
CFK administration increasingly jittery about global crisis

Argentine President Cristina Fernández de Kirchner's government defended the controversial financial incentive scheme proposed in its anti-crisis bill last week, which will be debated this week in Congress, stating that there is “no chance” it will promote money laundering.
Monday, December 1st 2008 - 20:00 UTC
Socialists call for return to EU founding fathers' spirit

The new French Socialist leader Martine Aubry defended a strong economic stimulus program “to help the weakest” based on the Social-democrat model because “communism died twenty years ago, and neo-liberalism just two months ago”.
Monday, December 1st 2008 - 20:00 UTC
UK has no plans to join the Euro, says PM Brown's office

The British government has denied a shift in policy on the Euro after the European Commission's president said the UK was “closer than ever before” to joining.
Monday, December 1st 2008 - 20:00 UTC
Fiscal deficit no longer a “dirty word” for Chilean gov.

Chile's Finance minister said one month's fiscal deficit is “no problem” and minimized the impact of the strong increase in government expenditure in October as in most of the other nine months.
Monday, December 1st 2008 - 20:00 UTC
It's official: US has been in recession since December 2007

The US National Bureau of Economic Research said Monday that the US has been in a recession since December 2007. The NBER said that the deterioration in the labour market throughout 2008 was one key reason why it decided to state that the recession began last year.
Monday, December 1st 2008 - 20:00 UTC
Obama names Hillary, confirms Gates in the Pentagon

United States President-elect Barack Obama nominated Monday his former rival, Hillary Clinton, as his secretary of state. Mr Obama described the former first lady as a woman of “tremendous stature” who had his “complete confidence”.