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Current DateTime: 06:26:14 01 Dec 2009
LinksList Documentid: 24355697
  • The Cost of True Love

      In the popular holiday song "The 12 Days of Christmas," the cost of gifts - from the 12 drummers drumming to a partridge in a pear tree - is quite pricey.

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FEATURED QUIZZES


Current DateTime: 06:26:14 01 Dec 2009
LinksList Documentid: 33793611
  • Test Your Google IQ

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Current DateTime: 06:26:14 01 Dec 2009
LinksList Documentid: 24890560
  • Holiday Central

      There are plenty of reasons to believe that this Christmas holiday season will not be as bad for retailers as last year.

  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

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The Worst Is Not Over for Global Economy: Analyst
By: CNBC.com | 25 Aug 2008 | 09:00 PM ET
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Global markets and economies can be pretty much be summed up in three words -- worst not over. That's what one economist told CNBC's Asia Squawk Box Tuesday.

"It's going to be very very difficult for the next few months" said, Kevin Grice, senior economist at Standard Chartered Group.

"There are three negative things that are going on at present which will continue to overhang the markets," Grice said. "Firstly, the credit crisis is far from over. Secondly, the U.S. economy is going to deteriorate ... in the second half of 2008 and will stay very weak until the end of next year". (Watch the complete Kevin Grice interview on the state of the global economy.)

"Thirdly, in the macroeconomic sense, you're getting spillovers from the U.S. to the rest of the other major economies. Those three things interacting is going to take time for markets to work their way through," Grice concluded.

Grice expects more writedowns to the tune of $1 trillion, more losses for financials, the U.S. housing situation to worsen and a technical recession in Europe and Japan (two quarters of negative growth).

However, Grice adds that Europe and Japan aren't plagued by the serious kinds of imbalances and economic problems that the U.S. is having to work through. So it's a case of Europe and Japan being weak, but not facing serious troubles.

© 2009 CNBC.com
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CNBC HIGHLIGHTS

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