– Japanese economy hit by “perfect storm” (Telegraph):
The indicators were so bad that analysts have described it as the day the “perfect storm” came ashore.
– Japan heads for worst recession since the second world war (Guardian)
– Global Worries Over US Stimulus Spending (New York Times)
– US set for ‘big bang’ financial clean-up (Financial Times)
– U.S. Economy Shrinks at 3.8% Pace, Most in 26 Years, as Spending Crumbles (Bloomberg)
– Stocks in U.S. Retreat, Extending Losses in S&P 500’s Worst-Ever January (Bloomberg)
– Barack Obama abandons Afghan President Hamid Karzai (Telegraph):
The Barack Obama administration has abandoned Afghan President Hamid Karzai and now believes he is a major obstacle to defeating the Taliban-led insurgency.
– Saddam’s hometown unveils statue dedicated to man who threw shoe at President Bush (New York Daily News)
– Germany plans individual ‘bad banks’ (Financial Times)
– Toyota set to post first net loss since 1963 (Guardian)
– Zimbabwe abandons its currency (BBC News)
– Opec warns of further oil output cuts (Guardian):
Oil producers’ cartel tells World Economic Forum its members need a higher price if they are to have sufficient income to invest
– Mobs arrested as rioters call for ‘Sarko out’ (This is London)
– Strikes spread across Britain as oil refinery protest escalates (Guardian)
– ‘British jobs for British workers’: Wildcat strikes spread over foreign workers shipped into the UK (Daily Mail)
– Up against basic principle of EU law (Independent)
– Debt has become a drug. Withdrawal will be painful (Guardian)
– Pakistan envoy suggests India faked Mumbai transcripts (Times Online)
– Florida beans and corn destroyed, potatoes delayed (The Packer):
“All of our beans were wiped out,” said Bryan Biederman, assistant sales manager for Pioneer Growers Co-op, one of the region’s largest growers of beans and corn. “Any corn we had planted for the month of March has been wiped out. It was truly a setback for our winter program.”