Busines Economy Real Estate

New England is headed for a “significant recession” that will strip the region of 250,000 jobs, or about 3.6 % of its employment, economists said.

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Fannie and Freddie will suspend foreclosure sales and evictions on certain properties until January to give servicers more time to modify loans. (Statements)

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Treasury is still developing new programs under its $700 billion financial rescue plan even though it has shelved its original plan to buy up toxic debt, Paulson said.

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France abandoned a push to use more EU farm subsidies to boost production, undone by a collapse in food prices and the global financial crisis.

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Japan posted an unexpected trade deficit as exports to Asia weakened in October for the first time in seven years.

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Taiwan’s economy shrank by 1.02% in the third quarter amid falling exports, its first contraction in seven years.

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Chinese officials said unemployment has worsened and conditions will deteriorate until the second quarter of 2009.

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Treasury is still developing new programs under its $700 billion financial rescue plan even though it has shelved its original plan to buy up toxic debt, Paulson said.

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The number of U.S. workers filing new claims for unemployment benefits soared again last week to its highest level in 16 years.

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The international aid package to Iceland could double to over $10 billion, with the U.K., Germany and the Netherlands contributing roughly an additional $5 billion.

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