California's unemployment rate rose to 10.1% in January, its highest level in a quarter century, as recession tightened its grip on the most populous U.S. state. Weakness in the housing and consumer sectors helped drive the jobless rate up from a revised 8.7% in December and 6.1% in January 2008 and to above the national average in January of ... [full story]
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A fag-end buying support helped the Bombay Stock Exchange benchmark Sensex recover most of its hefty losses but still closed down by over 60 points amid heightened concerns over economic growth which shrunk to 5.3 per cent in October-December of this fiscal. The Sensex, which at one point had tumbled by 227 points during the day, bounced back and ... [full story]
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Impacted by the global economic meltdown, the Indian economy has clocked slowest quarterly growth in over five years, at 5.3 per cent, in October-December of this fiscal as agriculture and manufacturing contracted, despite a stimulus package. Against the whopping 8.9 per cent growth in the same period a year ago, economists said it is now the Reserve Bank's turn ... [full story]
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News that the U.S. budget deficit for 2009 could blow out to $1.75 trillion sent U.S. Treasuries lower on Thursday, while fresh steps taken by the British government to shore up the ailing banking sector underpinned European stocks. U.S. stock futures also rose, pointing to a firmer start on Wall Street. General Motors (GM.N), however, reported a deeper-than-expected quarterly ... [full story]
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Federal lawmakers simply cannot resist tinkering with the tax code. By one estimate, more than 500 tax law changes were made last year alone. Many of the 2008 changes were made, not surprisingly, in connection with the slowing economy in general and the housing crisis in particular. But many tax-law tweaks last year also were in areas that seem ... [full story]
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- Thailand's economy shrank more than expected in the fourth quarter of last year -- its first contraction in nearly a decade -- as the global slowdown shriveled demand for its key exports and domestic political unrest spooked its tourism sector. The economy will likely continue to shrink in the first three quarters of this year, a government think ... [full story]
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Hewlett Packard, the world's largest technology company, reported a 13 per cent drop in quarterly net profit and lowered its outlook f or the full fiscal year. HP said net profit declined to $1.9 billion in the first quarter of its financial year from $2.1 billion a year earlier. It said revenue for the quarter ending in January was ... [full story]
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A prominent private U.S. health policy group on Thursday proposed creating a major new public health program and government-operated insurance exchange as part of a plan to expand coverage and rein in health care costs. The Commonwealth Fund, a leading private health policy research group, unveiled a comprehensive plan for changing a U.S. health care system that is the ... [full story]
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Royal Bank of Scotland Group needs to find up to 8 billion pounds ($11.3 billion) if it is to subscribe to a state-backed insurance scheme designed to cap any losses on toxic assets, The Daily Telegraph newspaper reported. Nobody at RBS was immediately available to comment on the report, which said the bank was struggling to find a way ... [full story]
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Royal Bank of Scotland Group needs to find up to 8 billion pounds ($11.3 billion) if it is to subscribe to a state-backed insurance scheme designed to cap any losses on toxic assets, The Daily Telegraph newspaper reported. Nobody at RBS was immediately available to comment on the report, which said the bank was struggling to find a way ... [full story]
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