ECONOMY

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British home repossessions

LONDON: English and Welsh courts ordered more home repossessions in the second quarter of 2008 than at any time since the housing market crash of the early 1990s, in a further sign the economic slowdown is hitting households hard. The Ministry of Justice reported an annual jump in orders for mortgage repossessions in England and Wales of 24 per cent in the second quarter to 28,658 the highest since the third quarter of 1992 when 30,587 orders were made.

Japan firms' confidence

TOKYO: Japanese manufacturers' sentiment sank to a fresh five-year low in August, a Reuters poll showed, suggesting the closely watched Bank of Japan tankan will show further pessimism amid growing signs of recession.

Liechtenstein on tax evasion

ZURICH: Liechtenstein said its banks will do more to cooperate with other states after a German scandal over tax dodgers who parked their cash in the tiny principality. Prince Alois von und zu Liechtenstein, the head of the tiny Alpine state nestled between Austria and Switzerland, stopped short of giving details on the level of cooperation Liechtenstein would now offer countries such as Germany. He said the principality would find "sensible solutions" for existing customers when it exchanges information.

420,000 jobs in Philippines

MANILA: The Philippine outsourcing industry will need an extra 420,000 workers within the next two years as it bids to become one of the world's leading outsourcing centres, business leaders said. The industry is targetting annual revenues of US$12-13 billion by 2010, Business Processing Association of the Philippines chief executive Oscar Sanez said. Last year the industry saw revenues of US$4.9 billion and 300,000 workers.Agencies