IMF says world facing recession
The global economy is set to decline by 1.3% in 2009, in the first global recession since World War II, the International Monetary Fund (IMF) says.
In January, the IMF had predicted world output would increase by 0.5% in 2009.
It now projects that UK will see its economy shrink by 4.1% in 2009, and by a further 0.4% in 2010. More
Asian Markets Fall on Bank Worries
Most Asian markets faltered again Wednesday, with China and Hong Kong shares tumbling almost 3 percent, as positive comments from the U.S. Treasury chief failed to reassure many investors about the health of the financial system. European stocks were slightly higher. More
Canada’s Dollar Weakens Before Report as Stock Futures Decline
Canada’s currency depreciated as the central bank prepared to issue a report tomorrow that may pave the way for so-called quantitative easing and U.S. stock- index futures dropped. More
Darling unveils 50% top tax rate
Alistair Darling has announced a new top tax rate of 50% for those earning more than £150,000 from next April.
The chancellor unveiled the measure after delivering a stark Budget report on the state of the UK economy. More
Japan reports rare trade deficit
Japan has reported its first annual trade deficit in 28 years, with exports in the year to March down 16% from the previous year.
Total exports in February and March were half of what they had been a year earlier, the finance ministry said. More
Morgan Stanley Posts Loss as Revenue Fell 62%
Morgan Stanley said Wednesday it posted a net loss of $177 million in the first quarter, compared with a $1.41 billion profit in the comparable period in 2008. Its revenue fell 62 percent to $3 billion, reflecting year-over-year declines in each of its top-level business divisions. More
Thai Baht Near One-Week Low as Exports Slump; Bonds Advance
Thailand’s baht was little changed near a one-week low amid concern the global recession will erode demand for exports. Five-year government bonds advanced.
The baht has declined 0.3 percent so far this month, the second-worst performance among the 10 most-active currencies in Asia outside Japan, as Prime Minister Abhisit Vejjajiva imposed a state of emergency to quell anti-government demonstrations. A government report yesterday showed exports tumbled for a fifth straight month in March, the longest run of declines since 2002. More
Freddie Mac’s acting CFO found dead
David Kellermann, the acting chief financial officer of mortgage giant Freddie Mac, was found dead at his Northern Virginia home Wednesday morning in what police said was an apparent suicide.
The 41-year-old Mr. Kellermann has been Freddie Mac’s chief financial officer since September. More
