IMF warns recession will be ‘unusually long-lasting’

More than half of the world’s countries have been plunged into recession by the credit crunch, a higher proportion than at any time since 1960, according to the International Monetary Fund, which warns today that the downturn is likely to be “unusually severe and long-lasting”, and will starve developing countries of resources. As the world’s […]

Recession confirmed, but we’ve reached the bottom, say economists

What are these people basing this on? What negative factors? The whole Financial sector is collapsing worldwide and there is just no stopping it. The New Zealand economy is being hit by a salvo of negative factors and is in recession , the New Zealand Institute of Economic Research said today. In its quarterly predictions […]

Aust home-loan approvals shrink for fifth month

For those Kiwi’s that think it is going to be any better in Oz. Australian home-loan approvals fell more than expected in June as decade-high interest rates scared buyers out of the real estate market. The number of home loans, seasonally adjusted, dropped 3.7 percent in June from the previous month, according to the Australian […]

Downturn pushes more Americans to food banks

Still feel that New Zealand is an independent little Nation which has aeconomy not dependent on America’s fortune and willingness to consume more than any other people on earth? According to the Hamilton and Auckland foodbanks the people who need food is on the rise in NZ too. With an artificially created international housing bubble […]