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Official figures reveal Ireland is back in a recession

Ireland’s bailed-out economy slumped back into recession in the second half of last year, and continued to shrink in the first quarter of 2013, official figures showed on Thursday. GDP tumbled 1.0 percent in the third quarter of 2012 and by 0.2 percent in the fourth quarter, meeting the definition…

Eurozone ‘facing recession right through 2013′

The eurozone faces another full year of recession in 2013 with economic output set to shrink by 0.3 percent after a 0.6-percent contraction last year, the European Commission said on Friday. The winter economic forecast said there would not be a return to growth for the debt-laden 17-state monetary union…

Poverty to keep rising due to slow recovery: study

(Reuters) – Nearly 10 million more Americans have been driven into poverty since the 2007-2009 recession began, and the number is expected to increase due to the slow pace of the recovery, according to a study released Wednesday by Indiana University. The study found the number of Americans living in…

For many Americans, jobs crisis to last many years

ORLANDO, Florida (Reuters) – - Despite an upswing in hiring during 2011, the jobs crisis could last many more years as millions of Americans struggle to find work. In Orlando, Florida, Brenda Solomon lost her retail job last May at a department store and was unable to find even temporary…

20,000 demonstrate in Greece against austerity

More than 20,000 public sector workers demonstrated in Athens Wednesday in a strike against deeper austerity cuts that shut down courts, schools and transport, including air traffic. Police used tear gas to clear some of the protesters, who included a 500-strong anarchist group, from central Syntagma Square opposite parliament, an…

Merkel tells Europe to prop up its banks

Germany urged Europe Wednesday to recapitalise its banks where necessary to prevent the eurozone debt crisis from spreading as the IMF warned the EU to get its act together and head off recession. As Greek police tear-gassed protesters in the latest strike over ever-deeper austerity measures, Chancellor Angela Merkel said…

Ben Bernanke on ‘Occupy Wall Street’ protest: I can’t blame them

Senator Bernie Sanders (I-VT) and others questioned Federal Reserve Chairman Ben Bernanke on Tuesday about the ongoing “Occupy Wall Street” protest in lower Manhattan. “Chairman, as you know, there are people demonstrating against Wall Street in New York City and other cities around the country, and I think the perception…

Obama ‘not concerned’ over new recession threat

WASHINGTON (AFP) – US President Barack Obama on Tuesday rejected concerns about a second US recession amid a raft of poor data on US economic growth. “I am not concerned about a double-dip recession,” Obama said at a press conference with German Chancellor Angela Merkel, while acknowledging that there was…

Metro economies grow but job growth slow: report

WASHINGTON (Reuters) – The economies of the biggest U.S. metropolitan areas began to grow again by the end of last year, but the recovery was “slow, uneven and inconsistent” and failed to spur much jobs growth, according to a study by the Brookings Institute released on Monday. “The nation’s 100…

Wall Street insider trading trial picks jury

NEW YORK – The trial of former hedge fund tycoon Raj Rajaratnam began Tuesday in New York with the painstaking selection of a jury in a case prosecutors see as an example of Wall Street corruption and greed. Sri Lankan-born Rajaratnam, 53, used insider information at his Galleon Group fund…

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