THE NEWS WRAP: IMF slashes global growth forecast

The International Monetary Fund has warned that the US and Europe are in danger of sliding back into recession, with the global economic recovery losing momentum.


The IMF cut its global growth forecasts for 2011 and 2012, with its chief economist Oliver Blanchard saying that the Eurozone debt crisis, which yesterday saw Italy have its credit rating cut, was a “major source of worry.”


Australia’s predicted growth was also trimmed, by 0.2% to 1.8% this year and 3.3% next year.


Wayne named world’s top finance minister


Treasurer Wayne Swan has been named finance minister of the year by Euromoney magazine, becoming just the second Australian to win the award in its 29-year history.


The UK-based publication said that Swan deserved the award for his “careful stewardship” of Australia’s economy since the global financial crisis.


Paul Keating, the former Labor Treasurer and Prime Minister, was the last Australian to win the award, in 1984.


Poker site accused of being Ponzi scheme


The owners of leading online gambling site Full Tilt Poker have been accused of running a huge Ponzi scheme that defrauded players out of $440 million.


US authorities allege that several high-profile poker players, who were directors of the company, are among those who received the ill-gotten money.


The Justice Department said Full Tilt “defrauded players by misrepresenting that their funds on deposit in online gambling accounts were safe, secure and available for withdrawal at any time.”




The Dow Jones industrial average was up 7.65 points, or 0.07%, to 11,408.66. The Australian dollar arrested its slide, rising to 102.65 US cents.


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