Recession, Global Economy | featured news

Eight of 90 banks have flunked stress tests that project how they would fare in another recession, and 16 more barely passed, Europe’s banking regulator said Friday. The failing banks should “promptly” take steps to strengthen their financial cushions against losses, the European Banking Authority said as it released the results. The banks that barely passed may also face pressure to strengthen their finances along with the ones that failed.

Portugal will elect a new government on Sunday which will lead the country through a period of deep austerity and recession after it received a 78-billion-euro ($114 billion) bailout from the European Union and IMF.

A contraction in the first quarter at an annual rate of 3.7 percent was worse than economists had expected.

Thailand's economy emerges from recession after a pick up in exports, government figures show.

Yes, if you go by the textbook. But it gets hazy if you look at other indicators.

Asian stocks tumbled Friday as ballooning European debt and a rise in U.S. unemployment claims added to fears the global recovery could slip back into recession....