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Ireland falls into recession

The Irish Republic has slumped into a recession figures from the Central Statistics Office show.

The CSO says gross domestic product contracted by 0.5% in the three months to the end of June, while the economy shrunk by 0.3% in the first quarter of the year.

A recession is usually defined as two or more successive quarters of negative growth.

Ireland last entered into recession in 1983.


Archbishops slam short sellers

Two senior clerics have attacked short sellers and the wider banking sector for their role in bringing about the financial crisis.

Barclays to take on Lehman employees

This morning Barclays announced it will take on 10,000 employees from Lehman Brothers.Barclays has completed its acquisition of Lehman Brothers North American investment banking and capital markets operations.Banking and advisory services will likely reopen on Monday under the Barclays Capital name.


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