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Beef recall announced over E. coli fears
PARIS, Oct. 3 (UPI) -- French officials said Friday the country's economy had posted consecutive quarters of contraction, putting the French economy into a technical recession.
The National Institute for Statistics and Economic Studies said the French economy contracted 0.3 percent in the second quarter and would shrink by 0.1 percent in both the third and fourth quarters of the year, The Daily Telegraph reported Friday.
The French Finance Ministry confirmed the news. "Finance Minister Christine Lagarde now regards the risk of negative growth in autumn for the second quarter in a row as real."
A recession is defined as at least two consecutive quarters of contraction.
"This means the decisions, especially tax choices, made by (French President) Nicolas Sarkozy on the day after the presidential election have been revealed as inappropriate, ineffective and unfair and have amplified the shock of the global situation," Francois Hollande, leader of the opposition Socialist Party, said.
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| Additional Business News Stories | |
ERBIL, Iraq, June 19 (UPI) --
Iraq's Kurds have consolidated their growing energy sector with Chevron Corp. securing a third exploration block in the semiautonomous northern region that increasingly operates as a de facto independent state and France's Total buying a majority stake in another.
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RIYADH, Saudi Arabia, June 19 (UPI) --
Britain's BAE Systems, Europe's biggest defense company, reportedly expects to wrap up a price deal with Saudi Arabia for 72 Eurofighter Typhoon combat jets after two years of tortuous negotiations.
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Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous...
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Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
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