'Recession gardens' replace victory gardens

With the United States in a recession, more and more people are looking for ways to spend less money and get a better bargain at the same time. In a time where prices are higher, 'recession gardens' are becoming increasingly popular, echoing the victory gardens which were planted during World War I and World War II which helped to reduce the stress and pressure of food shortages.

"There is more interest in vegetable gardens similar to the victory gardens. Because of the economy, they are being called recession gardens," said a master gardener who volunteers at Ohio State University's Extension Service office, Fred Hanacek.

The new fad recently caught on in Iowa where families have began to plant the recession gardens to save money in the produce sections of supermarkets, especially organic fruits and vegetables. Public News Service quotes the National Gardening Association (NGA) as saying that they expect a nearly 20% increase in personal home garden across the U.S.. Some of the increase is also due to people wanting to know what goes onto their vegetables and in their foods.

Irish economy sees biggest contraction in decades

The economy of Ireland shrank by 7.5% in the last quarter of 2008 compared to the same period a year previously, according to official statistics. The decline is the worst in decades. For the entire period of 2008, the economy contracted by 2.3%, the first loss since 1983.

The construction industry has suffered badly as a result of the recession, with a 24% fall in output, the largest decline ever recorded. Industrial output plunged at an annualised rate of 12.5%.

Unemployment has also shot up. It currently stands at around 10%, twice as high as the levels reported last year. The economy has also experienced deflation.

Alan McQuaid, the senior economist at Bloxhams Stockbrokers, said that the statistics "highlight the extent of the Irish economic out-turn and the huge task facing the Government in attempting to get the country’s public finances back in order."

Suncor makes bid to take over Petro-Canada

Two of Canada's largest energy companies are merging, with Suncor Energy making a CA$19.2-billion bid to take over Petro-Canada.

Suncor shareholders purchased $19.2 billion in stock and now own about 60% of Petro-Canada. Petro-Canada shareholders own the remaining 40%.

Suncor is reported to be the third largest Canadian energy producer, and Petro-Canada is Canada's sixth largest. The current market value of Petro-Canada is $14.4 billion.

"This is a made-in-Canada response to the challenges presented by global market uncertainty. More importantly, it's a made-in-Canada strategy to unleash the potential of these two companies and their people in the future," said Ron Brenneman, chief executive officer of Petro-Canada.