Virgin's Stores Go Way of Dodo

How one country ducked the economic downturn

(NEWSER) - Australia has weathered the financial crisis better than any other developed country. Last week its central bank raised interest rates, indicating its primary concern is now inflation, not growth. What were the keys? Phil Dobbie of BNET explains:

• Befriending China: Australia used to export much of what it made to the US and UK, but over the last decade much of that trade has shifted to China. In fact, some economists argue that Australia didn’t need a stimulus package—Beijing’s stimulus was enough.

'We really went nowhere for almost 10 years,' says economist

(NEWSER) - The Bush years have not been good ones for the economy, the Washington Post reports, based on an analysis of economic data and discussions with economists of all stripes. Job growth for Bush’s tenure amounts to just 2%, the smallest 8-year gain on record, and GDP grew at its slowest pace since the Truman administration. “We really went nowhere for almost 10 years,” said one Moody’s economist. More»

February gains evaporate

(NEWSER) - Bank repossessions skyrocketed 129% over the 12-month period ending in March, and foreclosure filings rose 57% over the previous year, RealtyTrac announced today. March foreclosure notices rose 5%, after a 4% decline in February. All this “is ongoing fallout from people overextending themselves and using highly toxic loan products,” said a RealtyTrac VP. And it hasn't peaked yet. More»

Associates laid off, programs cut

(NEWSER) - The recession has begun to nip at the heels of New York's big law firms, reports the Wall Street Journal. Some firms are beginning to lay off associates, rescind offers to those coming out of law school, and scale back summer associate programs. It's all due to a slowdown in work relating to mortgages, real estate transactions, mergers, and private equity deals. More»

Texan's 'adverse possession' argument rejected

(NEWSER) - The Texas man who claimed the law of "adverse possession" allowed him to get an abandoned $340,000 home by paying $16 to file a claim is now looking for somewhere else to live. A judge decided that the current lien holder, Bank of America, had the right to force Kenneth Robinson out, ABC News reports. Robinson, who lived in the foreclosed home for eight months, says he has decided to leave the home in an upscale Dallas suburb without a fight. More»