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Economy - International

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AP

Iceland's government could be ousted from power this weekend, becoming Europe's first to fall as a direct result of the global financial crisis, according to a spokesman for the prime minister.

News Link • Global Reported By Trouser Chili
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Bloomberg.com

Exports plummeted 35 percent from a year earlier, the sharpest decline since 1980, the earliest year for which there is comparable data, the Finance Ministry said today in Tokyo. The December drop eclipsed a record 26.7 percent decline set the previo

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telegraph.co.uk/

The country stands on the precipice. We are at risk of utter humiliation, of London becoming a Reykjavik on Thames and Britain going under. Thanks to the arrogance, hubristic strutting and serial incompetence of the Government and a group of bankers,

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Calculatedriskblog.com

But even more shocking and important for the U.S. economy is that export traffic has collapsed. For the LA area ports, outbound traffic continued to decline in December, and was 30% below the level of December 2007.

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NY Times

A sharp fall in machinery orders in Japan on Thursday provided the latest grim indication that the country’s economic contraction is set to be deep and prolonged as exports to other recession-struck regions of the world — notably the US and Europe —

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Bloomberg

Asian stocks dropped, sending the benchmark index down the most in a month, as falling metal and oil prices dragged on commodity producers and a higher yen dimmed profit outlooks for Japanese exporters of cars and electronics.

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Sri Lanka's Daily News

"In short, beware the happy talk from those who say we are “turning the corner,” ignore the daily ups and downs of the market, and tighten your belts. This is going to hurt."

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In the past China has bankrolled its huge reserves by effectively requiring its entire banking sector, which is state-controlled, to hand nearly one-fifth of its deposits over to the central bank. The central bank, in turn, has used the money to buy

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news.yahoo.com/s/ap/

Russia shut off all gas supplies to Europe through Ukraine on Wednesday — leaving tens of thousands of people in more than a dozen countries without heat during a winter cold snap. The EU accused both nations of holding consumers hostage in their con

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Reuters

Factories in China and India joined much of Europe in slashing output and jobs at a record pace in December, another sign the biggest emerging markets were wilting under the recession gripping industrialized nations.

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