Citing the 'Sunday Times Rich List,' the Daily Telegraph reports have it that the financial meltdown has taken its toll on even the 'wealthiest of the wealthy!' Going by the most-recent estimates, UK's wealthiest 1,000 people have had more than half their collective wealth obliterated due to the recession - the cumulative wealth figures, that stood at £412 billion in 2008, have plunged to almost £200 billion.
Tokyo - The Japanese government on Monday announced the steepest-ever downward projection of the nation's economic growth as the world's second-largest economy suffers its worst recession in postwar history.
Washington - The World Bank Saturday said it would pump up to 55 billion dollars into infrastructure projects for poorer countries struck by a severe global recession that was not of their making. The development bank's three-year investment is intended to counterbalance a dramatic plunge in help from the private sector. Many investors have pulled out of developing countries amid a devastating financial crisis that began in the US and Europe and quickly took hold of the world economy in the past six months.
Washington - The International Monetary Fund and World Bank began their annual spring meetings Saturday in the midst of a deep global recession, seeking more funds and aid to help countries that can't manage the economic crisis on their own. The IMF, whose decision-making board was meeting Saturday, is hoping to win new pledges from countries for funds. Leaders at the Group of 20 (G20) summit in London promised 500 billion dollars for the IMF's lending resources, which would triple its existing budget.
Washington - Finance ministers and central bank heads from the world's seven major economies pointed to signs that their countries are emerging from a crisis that has led the world into its first recession in 60 years, and in a draft statement Friday promised to do everything possible to quicken the pace.
Seoul - South Korea's economy unexpectedly grew slightly by 0.1 per ce
