According to a government report, a considerable shrinkage was noted in Japan’s economy during the 2nd Q. The report suggests that weakening consumer demand and slow exports are leading the world’s second biggest economy to the brink of recession.

During the April –June period, Japan’s gross domestic product (GDP) fell with an annual pace of 2.4 percent.

These new figures, which are the first negative reading in four quarters, indicate that Japan’s six-year expansion has come to an end.

The Cabinet Office told that GDP shrank 0.6 percent in that quarter while there was an increase of 0.8 percent during January-March .Private consumption fell 0.5 percent from the previous quarter and housing investment was 3.4 percent down.

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The sufferings of the Italian economy kept increasing even in the second quarter and raised the prospect that it would be in recession soon.

During the second quarter output shrank about 0.3% and according to some official figures, it was the weakest quarterly performance in previous five years.

But officially, Italy is not yet in recession as this requires two successive negative quarters. During the first quarter of 2008, Italy’s economy grew around 0.5%
These figures showed a pathetic condition of the third largest European economy.

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Anglo-African platinum miner Lonmin has strictly denied a £5bn ($10bn) invasion proposal from the biggest arch rival Xstrata.

The £33-per-share cash proposal is at a 42% premium to Lonmin’s share price at the end of venture on 5 August.

The news obtained Lonmin shares up 47% to £34.26 in London; however Xstrata’s shares declined in afternoon business.

Xstrata told, “The move symbolized on the next step in its planning to create an imperative platinum venture and diversify its business”.

However Lonmin responded, “This is an optimism and completely unwanted try to attain Lonmin at a cost which undervalues its forthcoming gains”.

Xstrata later on said, “It presently possessed a 10.6% risk factor in Lonmin while purchasing extra shares in the trade on Tuesday.

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General Motors Corp announces that it will spend $900 million in the next few years to regulate its manufacturing capacity that include reducing output and closing plants.

General Motors Corp. (GM) is considered the U.S. No.1 automaker. The company filed its quarterly report with the U.S. Securities and Exchange Commission and gave details about its plans to spend $100 million in 2008 and $800 million in 2009 and afterward.

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An ex spy of the US secret agencies has been accused of being the gang leader in the nation’s largest and most intricate identity robbery case.

The United States Department of Justice asserts that Albert ‘Segvev’ Gonzalez and 10 others scarf, and afterwards sold above than 40 million bank card numbers.

They purportedly obtained the data by driving around, exploring weakening internet networks, and accessing shop records.

Prosecutors said, “The suspected deception was a ‘global-plotting’.

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PARIS (AFP): The fall down of the sub-prime mortgage market place in the United States and the following international economic recession has forced the sharpest decline in the world stock markets since the end of the Internet fizz in 2001-2002.

During the last year, forthcoming indices have lost by 12 to 25 % of their value.

The prevailing drop has been in Tokyo, 23.6 %, subsequent to Paris, 20.7 %, the Dow Jones Industrial Average in New York, 14.8 %, the US Standard and Poor’s 500 index, 13.6 %, Frankfurt, 12.2 %, and London, 12.1 %.

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