Global Financial Crisis – International

China’s much-vaunted stimulus package has exacerbated structural imbalances in the economy and may delay the country’s transition to a more sustainable growth model, according to some leading economists.

SINGAPORE: Asia is outpacing the United States and Europe in the rebound from the global economic slump, thanks to multibillion-dollar stimulus packages and robust demand from China, analysts said.

Japan’s announcement of a second-quarter growth bolsters the Philippine government’s projection that the local economy will be spared from a recession for the rest of this year.

The Philippine Retirement Authority (PRA) this year targets to enroll about a third more foreign retirees, its chairman said.

DÉJÀ VU describes the financial meltdown’s impact on migrant workers. Repatriation, more border controls, punitive penalties for undocumented migrant workers, and no new or higher levels of employment in host countries will be the same this year as has happened in the Asian financial crisis of 1997, according to Dr. Maruja Asis, Scalabrini Migration Center…

GENEVA: Rising unemployment as the global recession worsens is damping flows of migrant workers and many are returning to their home countries.

India and the 10-country South East Asian bloc Asean have signed a free trade agreement after more than six years of talks.

The US economy lost 247,000 jobs in July, far fewer than analysts had expected, official figures show.

Filipinos in Singapore have helped their host country stay afloat despite the onslaught of the global financial crisis, Singapore Ambassador to the Philippines A. Selverajah said on Wednesday.

KATHMANDU (AFP) – When Anita Gimmi was unable to find work in her native Nepal last year, she borrowed 1,300 dollars and travelled to Qatar to take up a two-year contract with a cleaning company there.

WASHINGTON (AP) – US employers sharply scaled back layoffs in July, and the unemployment rate dipped for the first time in 15 months, sending a strong signal that the worst recession since World War II is finally ending.

PARIS: Advanced economies experienced deflation of 0.1 percent in the year to June as a result of oil prices being more than halved since their summer 2008 peak, data from the OECD released Tuesday showed.

WASHINGTON (AFP) — US consumer spending rose in June, while household incomes fell sharply as a result of the end of certain stimulus payments, official data showed Tuesday.

PARIS (AFP) – Advanced economies experienced deflation of 0.1 per cent in the year to June as a result of oil prices being more than halved since their summer 2008 peak, data from the OECD released on Tuesday showed.

NEW DELHI (AFP) – A swift conclusion to a new world trade pact could serve as a powerful stimulus for recovery from the global financial crisis, WTO chief Pascal Lamy said in an interview published Tuesday.

China’s job outlook remains “very grave” and could deteriorate further, a senior official has said.

WASHINGTON (AFP): The US economy showed signs of emerging from a long and brutal recession, according to data on Friday showing a narrower-than-expected  1.0% decline in output in the second-quarter.

WASHINGTON (AFP) – The International Monetary Fund warned Thursday that rising public debt of the major developed countries could undermine efforts to spur economic recovery.

MIGRATION, considered to be the easiest way to a better life for Filipinos, is seriously under fire because of the lingering global financial meltdown, the United Nations (UN) trade arm said Thursday.

GENEVA (AFP) – The contraction in trade in response to the economic crisis appears to have begun bottoming out, with Asia already showing a rebound, World Trade Organisation chief Pascal Lamy said Friday.

PARIS: Euphoria on global stock markets might give the impression that the financial crisis is a thing of the past, but for unemployed workers or idling companies the effect of the turmoil is still keenly felt.

But new score still below investment-grade MOODY’S Investors Service said it has raised the Philippines’ credit ratings one notch, citing the country’s healthy financial system and its ample dollar surplus despite the global economic crisis.

BANGKOK (AFP): Asian economies will likely bounce back from the global economic slump in 2010 but fears remain over the sustainability of growth if there  is no wider recovery, the Asian Development Bank said Thursday.

WASHINGTON (AP) – Fifteen states have crossed a painful threshold: 10 percent unemployment. More states, and the nation, likely will follow, one of the biggest dangers to an economic recovery.

NEW YORK (Reuters) — Nouriel Roubini, one of the few economists who accurately predicted the magnitude of the financial crisis, said on Thursday that the worst of the turmoil has passed.

KUALA LUMPUR (AFP) – – Malaysia’s recent liberalisation moves are having little immediate success in reviving the economy, a leading think tank said as it downgraded its 2009 growth forecast.

THE Federal Reserve signalled overnight it sees an end this year to the brutal recession and hinted that it was preparing an “exit strategy” for its unprecedented stimulus efforts.

As the global economic slowdown takes its toll on businesses, more small and medium enterprises (SMEs) in the US have begun outsourcing their back office processes to cut costs, an official of a local contact center association said.

WASHINGTON (AFP) – The International Monetary Fund on Wednesday said that Japan would likely wrestle with deflation through 2011 as it struggles to recover from severe recession.

The US economy will sink at a slower pace than previously thought in 2009, thanks to a rebound in the second half of the year, the Federal Reserve says.