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»

Mystery buyer snaps up One57 duplex

(NEWSER) - A mystery buyer has smashed a New York City record by shelling out more than $90 million for a duplex penthouse, reports the New York Times . The 10,923-square-foot property—with 23-foot ceilings—occupies the 89th and 90th floors of One57, a midtown residential building that is still under construction. Gary Barnett, president of Extell Development Company, has declined to reveal the exact price, but says it didn't break the $100 million barrier. More»