OTTAWA - The Bank of Canada surprised markets Tuesday with a deeper-than-expected 75-basis-point cut to its benchmark-lending rate, to 1.5 per cent or a 50-year low, as it warned that Canada is entering a recession and global economic conditions are deteriorating at a deeper rate than anticipated. The gloomy outlook comes just days after Statistics Canada reported that job losses in November of just over 70,000, the biggest one-month drop in 26 years.
Japan has sunk deeper into recession in the three months to September than had been expected, new figures indicate.
UK slowdown deepens as output slumps
Industrial production fell at the fastest pace in six years in October in the clearest sign yet that the UK slowdown is deeper and sharper than many expected.
MORE HEADLINES:
US faces deep problems, OECD says
The OECD says the US recession might get worse, while deep structural problems remain unresolved.
World economy 'weakest since 30s'
Poorer countries have also been hit
The United Nations says the world economy faces its worst downturn since the Great Depression
Sony announces plans to close 10% of its manufacturing plants and cut 8,000 jobs, or 5% of its electronics workforce.
Sony profits plummet
Sony cuts profit forecast in half
Massive job losses in Congo mines
More than 40 firms processing minerals had shut by last month
More than 200,000 jobs have been lost in the Democratic Republic of Congo amid a collapse in mineral prices as a result of the global economic downturn.
There are fears the job losses could reach 300,000 by the end of the month.
Someone stole my picture, that is depressing.
ReplyDelete