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USA is the fattest of 33 countries—OECD report

Fri, 09/24/2010 - 17:22 by Neka Sehgal

According to a new report by the Organization for Economic Cooperation and Development (OECD) released Thursday, obesity levels have reached endemic proportions and the overweight problem is fast becoming a major public health concern in many industrialized nations.

OECD, Greece, help European stocks

Fri, 03/05/2010 - 21:14 by Inderjit Singh

Paris -- European markets turned higher Friday after Greece announced that demand for a bond issue was higher than expected.

The pan-European DJ Stoxx 50 was up 0.6 percent in midday trading. The major markets of Britain, France, Germany, Sweden and Italy also rose with an average gain of about 0.5 percent.

"We are pleased because there has been very heavy demand" government spokesman George Petalotis said, referring to the bond issue, which had been postponed last week.

The new bond issue capitalized on the Greek Cabinet's approval Wednesday of $6.5 billion in spending cuts and tax increases that convinced investors the government was serious about financial reform.

OECD sees lagging recovery for jobs

Thu, 11/19/2009 - 21:12 by Inderjit Singh

Paris -- The global economic recovery hasn't the muscle to stop rising unemployment, the Organization of Economic Cooperation and Development in Paris said Thursday.

The organization that represents 30 developed nations and about 70 percent of the world's economic output, said "the most virulent recession in decades," is on the wane.

For a time, however, the powerful 70 percent will be leaning on emerging countries, OECD said.

"Non-OECD countries, especially in Asia and particularly in China, are now a well-established source of strength for the more feeble OECD recovery," the report said.

"The good news," said OECD Secretary-General Angel Gurria, "is that the recovery, albeit a weak one, is underway."

U.S. markets close higher

Fri, 09/04/2009 - 02:38 by surajdogra

New York -- U.S. markets closed higher after the Organization of Economic Cooperation and Development issued improved forecasts for developed countries.

The OECD said the eurozone's gross domestic product would contract 3.9 percent in 2009, less than a forecast three months ago of a 4.8 percent decline. Japan's contraction was reassessed from a 6.8 percent decline to a 5.6 percent dip. The U.S. GDP projection held steady at a 2.8 percent contraction for the year.

Trading was light. By close, the Dow Jones industrial average gained 63.94 points, 0.69 percent, to 9,344.61. The Standard & Poor's 500 index rose 0.85 percent, 8.49 points, to 1,000.24. The Nasdaq composite index rose 0.82 percent, 16.13 points, to 1,983.20.

OECD says recession nearing an end

Wed, 06/24/2009 - 20:11 by Inderjit Singh

Paris -- The Organization for Economic Co-operation and Development in Paris said the recession was approaching a "weak and fragile" recovery in developed nations.

"Recovery is likely to be weak and fragile, and the economic and social change caused by the crisis will be long-lasting," the OECD said in its semiannual economic forecast, released Wednesday. The report upgraded the U.S. economic forecast, from a previous prediction of a 4 percent decline in 2009 to a decline of 2.8 percent.

The Chinese economy is expected to grow 7.7 percent this year. In Japan, a 6.8 percent contraction this year is expected to return to growth of 0.7 percent for 2010.