British economy contracts at fastest rate in 51 years

September 4th, 2009 Summary Box: Unemployment reaches 26-year highTHE BAD NEWS: The jobless rate jumped to 9.7 percent in August, the Labor Department said Friday, from 9.4 percent in July. That's the highest rate since June 1983.

August 5th, 2009 Britain's services sector growing fastLONDON — Britain's services sector grew at its fastest rate in nearly a year and a half during July, a closely watched survey showed Wednesday. The Chartered Institute for Purchasing and Supply said its monthly purchasing managers index for the services sector rose to 53.2 in July from 51.6 in June.

July 27th, 2009 June new home sales rise 11 percentSALES BUMP: U.S. sales of new homes accelerated in June by the fastest pace in more than eight years.

July 24th, 2009 LONDON - The British economy shrank by 0.8 percent between April and June, more than double the rate predicted, the Office of National Statistics said Friday. The contraction was less than the 2.4 percent seen in the first quarter of 2009 but was well above analysts' 0.3 percent prediction.

June 8th, 2009 Dollar 3-month interbank lending rate edges higherLONDON — The cost of three-month dollar loans between banks rose from record lows Monday amid growing expectations that the worst of the U.S. recession is over and that the U.S Federal Reserve may start to lift borrowing costs sooner rather than later.

May 9th, 2009 Czech central bank cuts interest rates to 1.5 pctPRAGUE — The Czech Republic's central bank has cut its key interest rate by a quarter percentage point to 1.5 percent to help the economy combat reccession. It is the lowest rate since the country came into existence after the split of former Czechoslovakia in 1993.

May 8th, 2009 Surprise slip in unemployment in AustraliaSYDNEY — Australia's jobless rate slipped marginally to 5.4 percent in April compared to March, despite widespread predictions of a further rise in unemployment because of the global economic slowdown. The official Australian Bureau of Statistics data released Thursday showed that more than 27,000 new full- and part-time jobs were created in April, backing Prime Minister Kevin Rudd's claim that his massive stimulus packages were protecting workers and the economy from recession.

May 8th, 2009 Consumer credit falls at fastest pace in 18 yearsWASHINGTON — Consumer borrowing plunged in March at the fastest pace in 18 years as Americans put away their credit cards and hoarded cash amid the worst recession in decades. The Federal Reserve says consumer borrowing dropped 5.2 percent in March, the biggest decline since an 8.1 percent fall in December 1990.

April 24th, 2009 British economy shrinks 1.9 percent in Q1LONDON — The British economy shrank in the first quarter at its sharpest rate since the early days of Margaret Thatcher's government 30 years ago as the financial crisis continued to wreak havoc on banks, retailing and manufacturing. In its first estimate for the January-March period, the Office for National Statistics said Friday that gross domestic product, or GDP, contracted by a massive 1.9 percent from the previous three month period — the biggest drop since 2.4 percent posted in the third quarter of 1979.

April 22nd, 2009 Vietnam inflation cools to 9.2 percent in AprilHANOI, Vietnam — Vietnam's inflation rate eased to 9.2 percent in April as telecommunications and transportation costs fell, the government said Wednesday. Last month, the consumer price index rose 11.3 percent, cooling from 14.8 percent in February.

March 12th, 2009 LONDON - Sir Paul McCartney may have set a world record after selling out all the tickets for his upcoming gig in Las Vegas in an astonishing seven seconds, according to promoters. The former Beatle's performance at the opening of the New Joint at the Hardrock Hotel and Casino will be witnessed by 4,000 fans, reports The Telegraph.

February 15th, 2009 NEW DELHI - Despite the global economic slowdown, India is the second fastest growing economy in the world and has recorded a sustained growth of over 9 percent for three consecutive years for the first time, External Affairs Minister Pranab Mukherjee said Monday. Presenting the interim budget in the Lok Sabha, Mukherjee said the gross domestic product (GDP) has increased by 7.5 percent, 9.5 percent, 9.7 percent and 9 percent, respectively, in the four fiscal years between 2004-05 and 2007-08.

February 14th, 2009 LONDON - A spendthrift Royal Bank of Scotland (RBS) spent 200 million pounds on sponsorship deals with Sachin Tendulkar and other top sportsmen just weeks before being bailed out by the British government, a newspaper reported Sunday. The Sunday Times said the bank, which is now 68 percent owned by the taxpayer, signed the long-term contracts before being bailed by the British government in October.

January 12th, 2009 LONDON - Britain's finance sector would lose about 15,000 jobs in the next two months as sharp fall in income and profit start to take its toll, a new study has said. In a clear sign, the tightened credit markets are hitting the wider economy, it said.

January 7th, 2009 CHENNAI - Prime Minister Manmohan Singh Thursday said the Indian economy will expand by seven percent this fiscal and remain among the fastest growing in the world, as its fundamentals remained strong despite the global meltdown. 'Despite the global economic downturn, the fundamentals of our economy continue to be strong,' the prime minister told delegates to the seventh edition of the Pravasi Bharatiya Divas - the country's annual conclave to connect with its diaspora.