Economy

British economic slowdown faster than expected in 3rd quarter

London - The British economy slowed down faster in the third quarter of 2008 than previously estimated, official figures showed Tuesday.

The Office for National Statistics (ONS) said the economy contracted by 0.6 per cent between July and September - higher than the previous estimate of 0.5 per cent.

Brussels approves German bank rescues

Brussels - The European Union's executive on Tuesday approved German plans to prop up IKB and NordLB, two of the banks worst hit by the current financial crisis.

Brussels approves Latvian bank bail-out plan

Brussels - The European Union's executive on Tuesday approved a Latvian government plan to support banks in the crisis- stricken country, one of Europe's worst-hit victims of the current financial turmoil.

500 laid off at Asia's biggest casino as slump hits gambling

Hong Kong  - Five hundred employees at Asia's biggest casino resort, the Venetian Macao, have been laid off as the global slump hits betting revenues, a news report said Tuesday.

New Zealand economy declines for third consecutive quarter

New Zealand economy declines for third consecutive quarterWellington  - The New Zealand economy declined for the third consecutive quarter in the three months ending September 30, according to official figures released on Tuesday.

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