Russia adds yuan as currency reserve

The Central Bank of Russia has included the Chinese yuan in its reserve currency basket, TASS reports. The move is expected to boost the yuan’s presence in the Russian financial market.

As of December 31, 2014, the latest data available, the US dollar was still dominating Russia’s forex basket at 44 percent. The second most-used foreign currency was the euro with 42 percent. The British pound made up 9.5 percent.

According to Vesti.Finance, the Central Bank made the decision in November, but hasn’t bought the yuan yet.

Read more » RT
See more »


Canada – Maple Leaf Foods to cut more than 400 jobs, 3% of workforce

jobMaple Leaf Foods Inc. (MFI.TO 1.6%) said it would cut more than 400 jobs, or about 3 per cent of its work force, nearly a month after the Canadian meat packer pushed back its timeline for hitting a key profitability target.

Read more » BNN
See more »

Pakistan – Govt Soon to Invite PayPal, Amazon and Ebay for Operations in Pakistan: Anusha

Pakistan has finally made all prerequisite regulatory arrangements needed for global tech companies to start their operations in Pakistan, said Anusha Rehman, Minister for State for IT and Telecom, here at a conference organized by GSMA in Islamabad.

Anusha said that Pakistan is now ranked in FATF’s white-list, meaning that Pakistan has now internationally accepted anti-money laundering and counter-terrorist financing standards in place which were previously not available.

Read more » ProPakistani
See more »

Shame of inequality


JAVED’S mother insisted that we, the owners/managers of a motorcycle repair shop, hire her son as an apprentice even if it was with no pay. We refused as Javed was only eight years old. His mother’s logic was simple. “I cannot feed him at home, he cannot go to school as I cannot afford it, and we need any money that Javed can make. Even if you do not pay him for an initial period, he will get lunch here and will also learn a skill. That is enough.”

We made some arrangements for Javed. But there are millions of Javeds in Pakistan. Even though, and there is evidence for this, absolute poverty has gone down in the country, inequality has, by all estimates, increased significantly. This does not mean there are no poor people in Pakistan. There are still plenty of them. But the percentage of people living a life of absolute deprivation is lower than before.

The story is one about poverty and the extremes of inequality this society appears to be willing to live with.

Yet, not only has inequality increased manifold, it seems the progress we had been making on reducing infant mortality, maternal mortality, malnutrition in children and morbidity has slowed down significantly and, in some cases, disappeared. This is quite a paradox: poverty is down but why are child and mother health indicators not improving? Is it a case of time lags? Or is there something more to it?

Read more » DAWN
See more »

Bernie Sanders Is Really Not Impressed With Hillary Clinton’s Plan For Wall Street

This is the moment when things got heated.

By Associate Politics Editor, The Huffington Post

Sen. Bernie Sanders (I-Vt.) was not impressed by former Secretary of State Hillary Clinton’s plan to regulate Wall Street.

“I’ve laid out a very aggressive plan to rein in Wall Street, not just the big banks; that’s a part of the problem and I am going right at them, I’ve got a tough plan,” Clinton said, going on to explain how the government needed to regulate the “shadow banking industry” such as hedge funds, insurance companies and investment banks.

Read more » The Huffington Post
See more »

Pakistan an emerging market economy: IMF


WASHINGTON: In its latest World Economic Outlook report, the International Monetary Fund has included Pakistan in emerging market economies.

An emerging market economy is the one that is progressing toward a more advanced stage, usually by means of rapid growth and industrialization. These countries experience an expanding role both in the world economy and on the political frontier.

The IMF projects that Pakistan’s real GDP will continue to grow modestly, reaching 5.2 percent by 2020.

It was 4.0 percent in 2014, 4.2 percent in 2015 and is projected to reach 4.5 percent in 2016.

Read more » DAWN
See more »

Million Mask March against Capitalism in London

Million Mask March: Three officers and six police horses hurt on night of violence in London

Fifty people arrested after three police officers hospitalised during anti-capitalist march in central London that also saw photographer hit by supercar


The Million Mask March, organised by Anonymous to hit back at austerity measures and perceived inequality brought about by the Government, started peacefully enough, with songs and chants at Trafalgar Square.

Read more » The Telegraph
See more »

More »

Kraft Heinz to cut 2,600 jobs as it closes seven plants, including in southwestern Ontario

By National Post Wire Services

Kraft Heinz is closing a plant in southwestern Ontario and six others in the United States over the next two years as part of a downsizing that will eliminate 2,600 jobs, the newly merged food company announced Wednesday.

More than 200 employees will lose their jobs as Kraft Heinz closes its Richardson Foods plant in St. Marys, Ont.

Read more » Financial Post
See more »

Global Middle Class Shrinking, As Report Finds Richest 1% Owns Half Of All Wealth In The World

It is official, the richest one per cent now owns half of all the wealth in the world, and unfortunately it also looks as though the global middle class is shrinking as this happens, according to a new study.

Credit Suisse recently released its annual report on global wealth, and according to the CBC, this marks the first time that the world’s richest group has amassed enough wealth to cross that line.

The report also found that from 2008 on wealth gains have been shifting away from the middle class in favour of those at higher wealth levels. This has created a decline in the middle class wealth in ‘every region since 2001 and a decline in all regions except for China for the entire 2000 – 2015 period.’

Also troubling is that 3.4 billion adults – 71 per cent of the world’s population

Read more » TEAMSTERS 362
Learn more »

– See more at:

International Students Find the American Dream … in Flint


A few months after Abhishek Y. Utekar left Mumbai, India, to start an M.B.A. program at the University of Michigan campus in Flint, his landlord gave him a driving tour of his new home. Dennis Brownfield watched out for his tenants, and he wanted Mr. Utekar to understand the dynamics of a city often defined by deindustrialization and decay. His car provided the first lesson. It was a Honda Civic with a license plate that read “GM LEFT,” a commentary on the 70,000 automotive jobs that have disappeared over the years in this birthplace of General Motors.

Read more » The New York Times
See more »

India’s Inequality: Richest 1% Own 53% Of India’s Wealth

A credit suisse report has revealed richest 1% Indians owns 53% of country’s wealth while the top 10% owns 76.30% of the country’s wealth.

For long activists and many intellects had appealed to reduce inequality in India, but we are reaching slowly but surely to a point where it is too late to do anything about it. Research says reducing inequality could prolong economic growth spell’s than any economic impetus (for ex -Free Trade Agreement) would do.

When mankind wanted to reach the moon, it did it. There is nothing that mankind is not capable of, its only a matter of having the will to do it. If inequality persists, it is not because it is out of our control, it is because none had the will and vision to work towards a equal society.

Some potential consequences of Inequality
1.) High inequality stifles economic growth besides pushing vast population into poverty.
2.) High incidence of poverty results in lack of access to basic amenities and most importantly opportunities
3.) The small wealthy population will have an unhealthy control over the policy makers.
4.) The Judicial system skews in favor of the people who could afford the best lawyers
5.) Tax structures will eventually favor the creamy 1% burdening the vast “others”
6.) Vast economic differences will result in poor not getting credit facilities and endangering them to enter into predatory market practices like a debt trap.
7.) Investment dries up, as fewer individuals have money to invest in.
8.) Higher incidence of poverty is closely to related to the higher crime rates and other social evils
9.) Class divide’s becomes visible, as rich neighborhoods springs up everywhere and seclusion becomes the new norm
10.) Participation in the political process diminishes for the vast majority coupled with poor access to quality health care and education.

Courtesy: The Logical Indian
Read more »

Deutsche Bank to Cut 35,000 jobs

Deutsche Bank to Shrink Workforce by 35,000 in Broad Revamp

Bank reports steep loss for third quarter


FRANKFURT— Deutsche Bank AG on Thursday said it would eliminate thousands of jobs and shut operations in several countries, the latest European bank taking sweeping action to arrest declining profits.

The biggest lender in Europe’s most powerful economy will cut 35,000 jobs from its payroll and make a raft of other changes to fix a bank its new co-Chief Executive John Cryan described as saddled with broken technology and “poor historic behavior.”

See more »

Bill Gates: Only Socialism Can Save the Climate, ‘The Private Sector is Inept’


Bill Gates explains why the climate crisis will not be solved by the free market.

In a recent interview with The Atlantic, billionaire tech magnate Bill Gates announced his game plan to spend $2 billion of his own wealth on green energy investments, and called on his fellow private sector billionaires to help make the U.S. fossil-free by 2050. But in doing so, Gates admitted that the private sector is too selfish and inefficient to do the work on its own, and that mitigating climate change would be impossible without the help of government research and development.

“There’s no fortune to be made. Even if you have a new energy source that costs the same as today’s and emits no CO2, it will be uncertain compared with what’s tried-and-true and already operating at unbelievable scale and has gotten through all the regulatory problems,” Gates said. “Without a substantial carbon tax, there’s no incentive for innovators or plant buyers to switch.”

Gates even tacked to the left and uttered words that few other billionaire investors would dare to say: government R&D is far more effective and efficient than anything the private sector could do.

“Since World War II, U.S.-government R&D has defined the state of the art in almost every area,” Gates said. “The private sector is in general inept.”

Read more » U.S. Uncut
See more »

Portuguese elections: shift to the left – crisis of the establishment

Saudi Arabia could run out of financial assets within five years, IMF warns

Analysts with the International Monetary Fund project that Saudi Arabia will be broke in the next five years if the government maintains current policies

By Beatrice Gitau,

The Middle East’s biggest economy, Saudi Arabia, could burn through its financial assets within five years, amid a drop in oil prices, the International Monetary Fund (IMF) has warned.

In its latest Middle East economic outlook report, the IMF said it expects Saudi Arabia to run a budget deficit of 21.6 percent in 2015 and 19.4 percent in 2016.

If oil prices remain as low as they are, and the government maintains current economic policies, Saudi Arabia “would run out of buffers in less than five years,” the Washington-based lender said.

Read more » The Christian Science Monitor
See more »

Saudi starts oil supplies to Poland, in set-back for Russia

* Russia’s Sechin says Saudis are “actively dumping”

* Moscow needs to act to preserve market share – Sechin

* Poland received at least 3 Saudi cargos – trade (Adds details, quotes, details)

By Gleb Gorodyankin, Denis Pinchuk and Katya Golubkova

MOSCOW, Oct 13 (Reuters) – Saudi Arabia has started supplying crude oil to Poland, the head of Russia’s biggest oil company Rosneft said on Tuesday, becoming another Middle Eastern producer to enter a market traditionally dominated by Russia.

A global battle is underway among oil exporters for market share, with producers with the deepest pockets, such as Saudi Arabia, using low prices to enter new markets, often at the expense of Russia.

If Russia appears to be losing that battle for market share, it could have an impact on decisions made about crude production at a meeting of oil exporters’ club OPEC in December.

“We are working under conditions of tough competition,” Rosneft Chief Executive Igor Sechin told an investor conference in Moscow.

“Saudi Arabia has entered the Polish market for the first time, with deliveries via Gdansk,”

Read more » Reuters
See more »

UK ‘needs Chinese investment’, ambassador says

Liu Xiaoming was speaking on BBC1’s Andrew Marr Show the day before the start of President Xi Jinping’s state visit to the UK.

He said the expected deal to build a new nuclear power plant at Hinkley Point was “in the best interests of Britain and also in the interest of partnership between China and UK”.

“UK people want to have a better life, want to have clean energy,” he said.

President Xi told the Reuters news agency: “The UK has stated that it will be the Western country that is most open to China. This is a visionary and strategic choice that fully meets Britain’s own long-term interest.”

Read more » BBC
See more »

China clinches first overseas bullet train deal with Indonesia

After years of intense lobbying with several countries, including India, in an effort to sell its high-speed rail technology, China has finally bagged its first ever overseas bullet train project signing a USD 5.5 billion deal with Indonesia.

The two countries inked an agreement in Jakarta yesterday to launch a joint venture for a high-speed rail linking the Indonesian capital with Bandung, the capital of West Java “in a breakthrough deal,” state-run Global Times reported.

Speaking at the signing ceremony, Chinese Ambassador Xie Feng said the high-speed rail would be China’s first overseas project entirely using Chinese technology and the largest investment value ever.

“The high-speed railway connecting Jakarta and Bandung has resulted from the agreement of both countries’ leaders upon the need to synergise strategies to attain higher growth,” he said.

The USD 5.5 billion project to build the 150 km high speed rail will be conducted on a business-to-business basis, in which the Indonesian side controls 60 per cent of the joint venture’s stake, while the Chinese partner controls the remaining 40 per cent share.

Read more » The Hindu
See more »

Half of world’s wealth now in hands of 1% of population – report

Inequality growing globally and in the UK, which has third most ‘ultra-high net worth individuals’, household wealth study finds


Global inequality is growing, with half the world’s wealth now in the hands of just 1% of the population, according to a new report.

The middle classes have been squeezed at the expense of the very rich, according to research by Credit Suisse, which also finds that for the first time, there are more individuals in the middle classes in China – 109m – than the 92m in the US.

Tidjane Thiam, the chief executive of Credit Suisse, said: “Middle class wealth has grown at a slower pace than wealth at the top end. This has reversed the pre-crisis trend which saw the share of middle-class wealth remaining fairly stable over time.”

Read more » theguardian
See more »

Stephen Hawking Says We Should Really Be Scared Of Capitalism, Not Robots


According to world famous physicist Stephen Hawking, the rising use of automated machines may mean the end of human rights – not just jobs. But he’s not talking about robots with artificial intelligence taking over the world, he’s talking about the current capitalist political system and its major players.

On Reddit, Hawkings said that the economic gap between the rich and the poor will continue to grow as more jobs are automated by machines, and the owners of said machines hoard them to create more wealth for themselves.

Someone asked:

Have you thought about the possibility of technological unemployment, where we develop automated processes that ultimately cause large unemployment by performing jobs faster and/or cheaper than people can perform them?

In particular, do you foresee a world where people work less because so much work is automated? Do you think people will always either find work or manufacture more work to be done?

Hawkings replied:

If machines produce everything we need, the outcome will depend on how things are distributed. Everyone can enjoy a life of luxurious leisure if the machine-produced wealth is shared, or most people can end up miserably poor if the machine-owners successfully lobby against wealth redistribution. So far, the trend seems to be toward the second option, with technology driving ever-increasing inequality.

The insatiable thirst for capitalist accumulation bestowed upon humans by years of lies and terrible economic policy has affected technology in such a way that one of its major goals has become to replace human jobs.

If we do not take this warning seriously, we may face unfathomable corporate domination. If we let the same people who buy and sell our political system and resources maintain control of automated technology, then we’ll be heading towards a very harsh reality.

Courtesy: U.S. Uncut
Read more »

—- – –  – – –
More details » Huffington Post

Yellow Pages to cut 300 jobs in corporate ‘realignment’


Yellow Pages Ltd. is cutting 300 jobs by November in a corporate “realignment” designed to make the company leaner and free up dollars to invest in its digital ventures as it continues to move away from print directories.

The company announced the layoffs, which represent about 10 per cent of its work force, on Thursday, and said they will “principally affect management positions that have been integrated within other functions or that are no longer aligned with the company’s digital operations.”

Read more » The Globe and Mail
See more »

Robert Reich on Why Capitalism Needs Saving

“The real issue is whether capitalism is organized for the benefit of the society as a whole or for the benefit of a small group,” says Reich


Economic inequality is shaping up to be one of the central debates of the 2016 election: Those on the left – most notably Bernie Sanders – decry the increasing wealth and power of those at the very top of the economy, while others are left behind. Those on the right respond that this upswing in inequality, however regrettable it might be, is the natural result of free markets.
Few have looked at this issue as closely as political economist and former Labor Secretary Robert Reich. In his new book, Saving Capitalism: For the Many, Not the Few, he tackles this obsession with free markets. He argues that there is no such thing as a free market, and that the basic rules of capitalism – laws surrounding property, monopoly, contract, bankruptcy and enforcement – are really driving inequality.

See more » Rolling Stone
Read more:

After announcing 2,900 job cuts, Air France bosses fled a violent crowd of employees

Air France executives were run out of their own meeting today (Oct. 5), by employees protesting at the airline’s headquarters at Charles de Gaulle airport, just outside Paris. The meeting had been called to discuss nearly 3,000 job cuts—the airline’s first outright firings since the early 1990s.

To reach profitability goals, Air France plans to fire hundreds of flight attendants, cockpit crew, and ground staff; it will also reduce the number of aircraft it flies and shut down some routes. Such measures did not come today as a surprise—the news emerged several days ago, after negotiations to reduce costs by asking pilots to work longer hours for less pay failed. Air France ground staff had planned a two-hour strike at Charles de Gaulle today.

The strike became a siege on the room where airline managers were delivering a briefing on the cost-cutting measures. (Perhaps such action should have been expected, however, considering the recent history of angry employees “bossnapping” in France.) The resulting scene ended with Xavier Broseta, Air France’s human resources director, half-naked and jumping a fence to escape the mob. Video and photos below.

Read more » Quartz
See more »

Pakistan’s Foreign exchange reserves all-time high at $20 billion


ISLAMABAD: Pakistan’s foreign exchange reserves have crossed an all time high mark of US $20 billion on Thursday, said a statement issued here.

According to details, the reserves includes $15.24 billion that are with the State Bank of Pakistan (SBP) while another $4.83 billion are held by the commercial banks.

Read more » DAWN
See more »

China pledges $2B to help developing countries

Also promises to forgive debt owed by countries in greatest need

By Thomson Reuters

Chinese President Xi Jinping announced on Saturday that Beijing will establish an assistance fund with an initial pledge of $2 billion to help developing countries implement a global sustainable development agenda over the next 15 years.

“China will continue to increase investment in the least developed countries, aiming to increase its total to $12 billion by 2030,” Xi told a sustainable development summit of world leaders at the United Nations.

“China will exempt the debt of the outstanding intergovernmental interest-free loans due by the end of 2015 owed by the relevant least developed countries, landlocked developing countries and small island developing countries,” he added.

The fund would help pay for such things as health care, education and economic development.

News courtesy: CBC
Read more »

Nuclear technology – China’s next great export?


For China, the prize on offer in the UK is not the investment in Hinkley Pointor Sizewell B but a controlling stake at Bradwell in Essex. This could be the first Chinese-designed nuclear power plant in the West, a massive breakthrough for China in promoting global exports of its nuclear technology.

So far its customers have been confined to countries like Pakistan, Romania and Argentina with the developed world opting for American, Japanese and French technology.

But the Energy Secretary, Amber Rudd, has said that China will be part of building the next generation of UK nuclear power stations and that having Chinese design up and running in the UK would give other countries confidence on safety.

Read more » BBC
See more »

A high-speed rail from L.A. to Las Vegas? China says it’s partnering with U.S. to build

For decades private developers and entrepreneurs have periodically announced bold plans to run high-speed trains between Las Vegas and Los Angeles.

None have gotten anywhere because they lacked money or suffered other setbacks.

On Thursday, however, one long-discussed proposal appeared to gain some intriguing support.

Officials for XpressWest, which has been unable to secure adequate private investors in the United States or a $5.5-billion federal loan, announced that it had formed a partnership with China Railway International USA, a consortium led by China Railway, the national railroad of the People’s Republic of China.

Details about the joint venture, the proposed project and its financing were unavailable Thursday, except China Railway International stated that it would provide initial capital of $100 million. Project officials say they are confident construction could begin as early as September 2016.

XpressWest, a private company formerly called DesertXpress, has been talking about its high-speed rail project since at least 2007. Plans have called for a 185-mile route that would run adjacent to heavily-traveled Interstate 15 from Las Vegas to Victorville, 85 miles northeast of downtown Los Angeles.

Chinese officials now describe the project as a 230-mile route with an additional stop in Palmdale and eventual service throughout the Los Angeles area using some of the same track that would be used by the publicly backed California high-speed rail project.

Federal railroad records indicate that XpressWest has already secured approvals and permits from a number of federal agencies for the 185-mile route. Additional permits, approvals and environmental analysis would be needed for the 230-mile proposal.

“As China’s first high-speed railway project in the United States, the project will be a landmark in overseas investment for the Chinese railway sector and serve as a model of international cooperation,” Yang Zhongmin, chairman of China Railway International, told the state-run Xinhua News Agency.

Chinese officials disclosed the joint venture during a news conference in Beijing. XpressWest representatives also issued a brief statement on their website, but declined to comment until additional regulatory approvals are obtained.

The announcements of cooperation come just days before Chinese President Xi Jinping’s state visit to the United States.

Read more » Los Angeles Times
See more »

Efficiency up, turnover down: Sweden experiments with six-hour working day

A trial of shorter days for nurses at a Gothenburg care home is inspiring others across Scandinavia to cut back, but the cost of improving staff wellbeing is high

By  in Gothenburg

A Swedish retirement home may seem an unlikely setting for an experiment about the future of work, but a small group of elderly-care nurses in Sweden have made radical changes to their daily lives in an effort to improve quality and efficiency.

In February the nurses switched from an eight-hour to a six-hour working day for the same wage – the first controlled trial of shorter hours since a rightward political shift in Sweden a decade ago snuffed out earlier efforts to explore alternatives to the traditional working week.

“I used to be exhausted all the time, I would come home from work and pass out on the sofa,” says Lise-Lotte Pettersson, 41, an assistant nurse at Svartedalens care home in Gothenburg. “But not now. I am much more alert: I have much more energy for my work, and also for family life.”

The Svartedalens experiment is inspiring others around Sweden: at Gothenburg’s Sahlgrenska University hospital, orthopaedic surgery has moved to a six-hour day, as have doctors and nurses in two hospital departments in Umeå to the north. And the trend is not confined to the public sector: small businesses claim that a shorter day can increase productivity while reducing staff turnover.

At Svartedalens, the trial is viewed as a success, even if, with an extra 14 members of staff hired to cope with the shorter hours and new shift patterns, it is costing the council money. Ann-Charlotte Dahlbom Larsson, head of elderly care at the home, says staff wellbeing is better and the standard of care is even higher.

“Since the 1990s we have had more work and fewer people – we can’t do it any more,” she says. “There is a lot of illness and depression among staff in the care sector because of exhaustion – the lack of balance between work and life is not good for anyone.”

Pettersson, one of 82 nurses at Svartedalens, agrees. Caring for elderly people, some of whom have dementia, demands constant vigilance and creativity, and with a six-hour day she can sustain a higher standard of care. “You cannot allow elderly people to become stressed, otherwise it turns into a bad day for everyone,” she says.

After a century in which working hours were gradually reduced, holidays increased and retirement reached earlier, there has been an increase in hours worked for the first time in history, says Roland Paulsen, a researcher in business administration at the University of Lund. People are working harder and longer, he says – but this is not necessarily for the best.

“For a long time politicians have been competing to say we must create more jobs with longer hours – work has become an end in itself,” he says. “But productivity has doubled since the 1970s, so technically we even have the potential for a four-hour working day. It is a question of how these productivity gains are distributed. It did not used to be utopian to cut working hours – we have done this before.”

Continue reading

HP’s layoffs will exceed 55,000 people, CFO says


HP’s CFO Cathie Lesjak says the company will cut up to an additional 5% more people from its workforce than the 55,000 people it had planned to eliminate.

This is a long-running layoff that began in 2012 with an initial target of 25,000 jobs, but grew until the target became 55,000 people.

Now it’s grown again. Lasjak didn’t give a new total number although she said the additional job cuts won’t force HP to spend more on restructuring than it had planned.

Read more » Business Insider
See more »

In Pakistan, a prime minister and a country rebound — at least for now

By Tim Craig

— One year after he was nearly bounced from office, Pakistani Prime Minister Nawaz Sharif has hung on amid signs the country could be on the cusp of a surprising turnaround.

After years of terrorist attacks, military coups and political upheaval, Pakistan for now has settled into a period of relative calm. Over the past nine months, government statistics show, major terrorist attacks have declined 70 percent, and Pakistanis are flocking back to shopping malls, resorts and restaurants.

The relaxed and optimistic mood here is benefiting Sharif politically, despite the humiliation he faced a year ago when he had to cede a chunk of his power to Pakistan’s military. Still, the arrangement is allowing Sharif to do something that Pakistani leaders have struggled to accomplish for much of the past decade: implement a road map for what a peaceful, stable Pakistan could look like. And in the process, Sharif is winning over skeptics despite his low-key leadership style.

“People are feeling more secure. There are development projects, and the perspective of people is changing to say, ‘Okay, now we can see things are going well,’ ” said Zafar Mueen Nasir, dean of business studies at the Pakistan Institute of Development Economics. “Of course, there will always be some criticism and always a second opinion, but as far as I am concerned, this government is at least showing some progress.”

Read more » The Washington Post
See more »–at-least-for-now/2015/09/07/4661049e-5173-11e5-8c19-0b6825aa4a3a_story.html

Canada officially enters recession

By Michel Comte

Ottawa (AFP) – Reeling from low oil prices, Canada fell into a recession in the first half of the year, government data confirmed Tuesday, putting Conservative Prime Minister Stephen Harper on the defensive in the run-up to October elections.

According to Statistics Canada, the economy contracted 0.5 percent in the second quarter after retreating 0.8 percent in the previous three months.

It is Canada’s second recession in seven years and it is the only Group of Seven nation in economic retreat. The figures are the weakest since the 2008 global financial crisis.

Read more » Yahoo News
See more »