Paris - After shrinking by 0.3 per cent in the second quarter of this year, France's economy will continue to contract for the next two quarters, plunging the country into a recession, the government's statistical office Insee said on Friday.

According to the forecast, France's GDP is to contract by 0.1 per cent in each of the next two quarters. A recession is defined by two consecutive quarters of negative growth.

Washington, Oct 3: Economists across the board still have a lot of concerns with the financial rescue bill passed by the US Senate.

Interviews conducted with a dozen prominent academic economists, Obama supporters as well as McCain supporters, found little support for the bailout bill.

Indeed, even the one economist who supported the proposal passed by the Senate on Wednesday night had serious reservations, FOX News reported.

Hong Kong - When wealthy residents of one of the world's most ostentatious cities - Hong Kong - start cutting back on luxuries, as reports suggested Friday, you know the global economy is in trouble.

High rollers in the high-rise city of 6.9 million which has one of the highest per capita incomes in the world are eating out less, spending less on holidays and buying fewer luxury cars.

"The coming 12 months will definitely be difficult," Leon Roy, general manager of Rolls Royce Hong Kong told the South China Morning Post.

Washington - Pablo Fierro came to Washington from Philadelphia for a rally against the proposed 700-billion-dollar financial bailout, which the House of Representatives could vote on Friday.

He held up an orange sign: "No to the bankers' coup d'etat."

Thursday's rally within shouting distance of the US Capitol was organized by a hastily assembled group, votenobailout. org, whose website had links to several far-left or anti-war groups.

Buenos Aires - The US mortgage and credit crisis is sending shivers down the spines of most of the world.

But some in Latin America - the traditional "backyard" of the United States - are looking for a silver lining in the gloomy cloud, while many others will likely suffer.

Mexican multi-billionaire Carlos Slim thinks Latin America's markets can be at least "part of the solution" for the troubled northern giant at times of crisis, and that they are "going to become important for the economy of the United States."

Washington - An influential international banking lobby group on Thursday called for urgent and bold actions globally, particularly from European nations, to stabilise troubled financial markets.

A systemic, internationally coordinated response in the US and Europe was essential at this point, even requiring large - if temporary use - of government funds, said the Institute of International Finance's (IIF) director Charles Dallara.