Japan’s Output Contracts 15.2%
Japan’s Cabinet Office reported today that Gross Domestic Product (GDP) contracted by 3.8% during the fourth quarter of 2008 while total economic output fell by an annual rate of 15.2% . More
Canada’s Inflation Rate Dips to 15-Year Low
Statistics Canada said today that Canada’s annual inflation rate fell by 0.1 percent in April to an annualized inflation rate of 0.4 percent. This is the lowest inflation rate since 1994 and is due primarily to lower energy costs. More
Bank of America Sells $15.5B in Stock Sale
The Bank of America has issued 1.25 billion shares of common stock to raise $13.5 billion in new capital. This represents just under half of the $33.9 billion the Federal Reserve’s stress tests revealed was necessary for the bank to meet its operating capital requirements. More
UK Chancellor Says Recession Over by End of Year
In a recent newspaper interview, Alistair Darling – Chancellor of the Bank of England – predicted that the recession in the UK would be over by the end of the year. Despite recent charges that the Bank’s forecasts were overly optimistic, Darling refused to alter his stance.
“I am not going to change my forecasts,” Darling told the The Times. “I remain confident that we will see a return to growth at the turn of the year.” More
