U.S. recession declared official

By Calvin Palmer
What the world and his wife has known for ages – the U.S. is in recession – has finally been made official by the National Bureau of Economic Research.
 
Today the bureau’s Business Cycle Dating Committee – made up of seven prominent economists from the academic world – said the economy entered recession in [...]

Pirates fire shots in attack on cruise ship

By Calvin Palmer
Pirates attacked a luxury cruise ship carrying British, American, Australian and Canadian tourists yesterday.  Shots were fired as the Oceania Cruises ship Nautica as it sailed through the Gulf of Aden on its way to Oman.
 
The ship – carrying 690 passengers and 386 crew – was approached yesterday by two small skiffs which [...]