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Germany has become the first of the G7 powers to declare an official recession. After Germany and Italy officially declared recession status, it was the turn of the entire 15-nation euro zone to make a similar declaration on Friday, November 14, 2008.

Gross domestic product in the Eurozone fell by 0.2 percent for a second consecutive quarter in the third quarter, according to figures from Eurostat, satisfying the technical definition for a recession. The contraction means that two of the world's three major economies, Japan and the Europe's euro zone, are now in recession.

Germany and Italy logged third quarter declines on their gross domestic products by 0.5 percent for July to September and 0.4 percent for the second quarter. France narrowly missed joining the recession club because it had a 0.1 percent GDP growth rate in the third quarter after it had a minus 0.3 percent growth in the previous quarter.

Like the UK, the group of 15 countries has been hit hard as the crisis that started in the US banking sector feeds through into the wider economy. The worst affected has been Germany, Europe's biggest economy, where GDP fell by 0.5pc in the third quarter after a 0.4pc in the second. Italy suffered falls of the same proportion in both quarters.  read more »

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Western nations began to cede some control as countries including Brazil, India and China – which with Russia form the so-called BRIC nations – managed to guarantee a greater presence on the international stage.

All three will now join the board of the Financial Stability Forum – the global economic policy powerhouse that to date has been the bastion of the G8.

Each is likely to play a stronger role in the reform of major institutions such as the International Monetary Fund than might previously have been witnessed under the old economic order.

The final summit communiqué also gave particular reference to emerging and developing economies, urging them to undertake commitments consistent with their capacities and roles in the global economy – a clear admission of their increased importance.  read more »

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To Timbuktu by flying car: it sounds the most unlikely journey on earth; a sci-fi voyage from the pages of Jules Verne. But this is no fantasy. The car really flies. And the journey will become reality early in the new year when two explorers set off from London in a propeller-powered dune buggy heading for the Sahara.

The seed of this improbable adventure was sown four years ago when Gilo Cardozo, a paramotor manufacturer, had a eureka moment. For those not familiar with paramotors, picture a parachutist with a giant industrial fan strapped to his back, which provides forward motion and boosts lift for the parachute - or wing - during takeoff. Cardozo’s brainwave was to attach a car to the fan. “I started making a paramotor on wheels that you sit on and take off and it suddenly occurred to me, ‘Why not just have a car that does everything?’” recalls Cardozo, whose Wiltshire-based company Parajet built the paramotor that the adventurer Bear Grylls used to fly near Everest last year.

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The French do not lack for creativity, and some of it has been expended over the years to develop sports events. The French were the driving force behind the modern revival of the Olympics. They played a vital role in starting soccer’s World Cup and European Cup, which is now better known as the Champions League, and in Alpine skiing’s World Cup. They also dreamed up the Tour de France and the Vendée Globe yacht race.

That last event is surely the most obscure. But in France, the Vendée Globe is a major happening - a quadrennial opportunity for Gallic sea dogs and landlubbers alike to reacquaint themselves with the iceberg-infested dangers of the southern oceans and man’s (and woman’s) capacity for salt-stained, sleep-starved solitude. The concept is brutal if attractively simple: competitors race alone around the South Pole and back in 60-foot monohulls without stopping. There are strict limits on outside assistance once the sailors leave Les Sables d’Olonne on the west coast of France.

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The United States was not the only country to name a new leader last week. In Bhutan, an insular nation of about 600,000 people located high in the Himalayas, a new king was crowned. 28-year-old Jigme Khesar Namgyel Wangchuck, an Oxford-educated bachelor, was crowned as Bhutan's fifth king - now the world's youngest reigning monarch. Bhutan also has the distinction of being the world's youngest democracy - having held parliamentary elections last March for the first time ever. The young ruler vows to maintain a stance of protection against the worst aspects of globalization, maintaining the "Gross National Happiness", a measurement of national progress that places a high value on spiritual development. Gross National Happiness is a term invented by, and proudly embraced by Bhutanese since 1972.

Above: Bhutan's fourth King Jigme Singye Wangchuck (right) crowns his son Jigme Khesar Namgyel Wangchuck as the fifth King of Bhutan, in the Throne room of the Tashichhodzong Palace during the coronation ceremony in Thimphu, Bhutan on November 6, 2008. With medieval tradition and Buddhist spirituality, a 28-year-old with an Oxford education assumed the Raven Crown of Bhutan on Thursday, to guide the world's newest democracy as it emerges into the modern world.

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This year’s Armistice Day anniversary, com- memorating the millions of lives lost in the so-called War to End All Wars, comes 90 years after the guns fell silent in 1918. Anyone who was a part of it would have to be at least 108 by now. Astonishingly, there are still three men who fit the bill, three survivors who were in uniform 90 years ago as the First World War drew to a close. Yesterday, this trio marked Remembrance Sunday to the best of their abilities.

The men - all well into their 100s - will attend a service at the Cenotaph in central London. Harry Patch, 110, a veteran of the horrors of Passchendaele, is the only survivor of the trenches. He ignored the rain and attended a parade at Wells, near his Somerset home. Allingham, Britain's oldest man at the age of 112, was an aircraft mechanic who saw action at sea, in the Battle of Jutland, and ashore on the Western Front. Bill Stone, a young pup of 108, ended up fighting two World Wars for the Royal Navy. Today, at the eleventh hour of the eleventh day of the eleventh month, all three men will be on parade in London at the Cenotaph to mark the exact moment when the guns fell silent. Of the five million men and women who served in Britain's armed forces in the war, only four are still alive. The other surviving veteran, Claude Choules, 107, lives in Australia and will mark the 90th anniversary at local events there.  read more »

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In 1860, Abraham Lincoln was elected as a 3rd party US presidential candidate.
When Abraham Lincoln ran for office, the two major parties were the Whigs and the Democrats. As a Republican, Lincoln was elected as a third party candidate - even after being left off the ballot in the 11 states that seceded from the Union.

In 1992, for the last time a 3rd party candidate, Ross Perot, was heard in presidential debates.

In 2008, 3rd party’s voices of Bob Barr & Ralph Nader were excluded from debates though
- 55% of likely voters, both Democrat and Republican, said that they would want to see Bob Barr featured in the debates alongside Obama and McCain.
- 59% of independent voters stated that they want to see the debate commission allow Nader into the debates.
- A very important fact is that younger voters were more likely to favor the inclusion of the two independent candidates into the debates, demonstrating a sort of changing of the guard as younger voters are not as content with the status quo two candidate system.  read more »

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Diwali/Deepavali is a Sanskrit word which means path or array of lights and signifies the victory of good (light) over evil (darkness). Many legends are associated with Diwali. Today it is celebrated by Hindus, Jains, and Sikhs across the globe as the "Festival of Lights," where people light deyas (small clay pots filled with coconut oil and a cotton like string(wick)is inserted) to signify victory of good over the evil within an individual. Officially, it fell on Oct. 28 this year.

In India, a land of festivals,Diwali is celebrated with fervor and gaiety. The festival is celebrated by young and old, rich and poor, throughout the country to dispel darkness and light up their lives.

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"If there is anyone out there who still doubts that America is a place where all things are possible; who still wonders if the dream of our founders is alive in our time; who still questions the power of our democracy, tonight is your answer," President-elect Barack Obama said after his victory. The first black president-elect cast his election as a defining moment in the country's 232-year history and a rebuke to cynicism, fear and doubt. "Even as we celebrate tonight, we know the challenges that tomorrow will bring are the greatest of our lifetime — two wars, a planet in peril, the worst financial crisis in a century," he said. "There is new energy to harness and new jobs to be created; new schools to build and threats to meet and, for us to lead, alliances to repair."

Obama’s victory speech was delivered before a multiracial crowd that city officials estimated at 240,000 people. He said he had received an "extraordinarily gracious" call from his Republican rival John McCain, who he said had "fought long and hard" for this campaign and for his country. "We are better off for the service rendered by this brave and selfless leader," he said of the former Vietnam prisoner of war, "and I look forward to working with them to renew this nation's promise in the month's ahead."  read more »

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The century-old Christian Science Monitor announced Tuesday that it will become the first nationally distributed newspaper to stop publishing a daily print edition, and focus on publishing online, succumbing to the financial pressure squeezing its industry harder than ever. The Boston-based paper is not forsaking print altogether - it will offer a weekly print version in addition to daily e-mail editions - but editors acknowledged shifting the focus to CSMonitor.com will save millions in addition to widening its audience.

The Boston-based general-interest paper, winner of seven Pulitzer Prizes, has long since established an extraordinary reputation for high-quality journalism. It was founded a century ago in 1908 by a religious visionary, Mary Baker Eddy, who "discovered" Christian Science and founded the paper in response to critical coverage of her in the New York World. She declared in the first edition that the role of the paper would be to "injure no man, but bless all mankind."

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The 14th edition of the Chocolate Fair has opened in Paris featuring 400 exhibitors and 140 chocolatiers from around the world, featuring displays and mountains of chocolate, top pastry chefs and sculptures. Visitors will be able to sample treats, creamy truffles and steaming cups of hot chocolate.

"It may be doom and gloom for everybody else, but for us all is well," said Gilles Marchal of luxury French chocolate-maker La Maison du Chocolat, speaking as the annual Paris chocolate show opened Wednesday. "Chocolate is a comfort-food," he added. "There has been no drop in sales."

The French have had a long-standing love affair with chocolate since its introduction to the country by Anne of Austria in 1615. It was presented as a wedding gift upon her marriage to Louis XIII. Anne of Austria only married him on condition that she could bring her own chocolate supplies from Spain. By the mid-1600s, the chocolate drink had gained widespread popularity in France.  read more »

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What is photography for? Can it change our minds? An exhibition just opened at Paris’s Palais de Tokyo, of the 18 photographers short listed for the first Prix Pictet, poses these questions loud and clear.

The Pictet prize, established this year by Pictet & Cie, one of Switzerland’s largest private banks, and co-sponsored by the Financial Times, is the only international photography prize that concerns itself directly with sustainable development and environmental issues. In that sense it isn’t quite a conventional art prize but an award – of 100,000 Swiss francs (SFr) – to be given annually to the artist who best uses the power of the camera to communicate a vital dispatch on one of the most serious issues facing us all.

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In a ritual repeated nearly every weekend for the past decade here in Colombia’s war-weary Caribbean hinterland, Luis Soriano gathered his two donkeys, Alfa and Beto, in front of his home on a recent Saturday afternoon. Sweating already under the unforgiving sun, he strapped pouches with the word “Biblioburro” painted in blue letters to the donkeys’ backs and loaded them with an eclectic cargo of books destined for people living in the small villages beyond.

“I started out with 70 books, and now I have a collection of more than 4,800,” said Mr. Soriano, 36, a primary school teacher who lives in a small house here with his wife and three children, with books piled to the ceilings. “This began as a necessity; then it became an obligation; and after that a custom,” he explained, squinting at the hills undulating into the horizon. “Now,” he said, “it is an institution.”

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Wealthy nations are reneging on commitments to help feed the world's hungry and may cite the banking crisis as a reason why they cannot do more, former U.N. Secretary-General Kofi Annan told an international conference on combating starvation. Annan's address emphasized that 10,000 children in the Third World would die from malnutrition on World Food Day alone - and this should be viewed as great a tragedy as the collapse of a bank. "The financial crisis deserves urgent attention and focus. But so does the question of hunger. Millions (this year) are liable to die. Is that any less urgent?" Annan told journalists at the Fighting Hunger conference attended by 200 foreign-aid experts from Europe, Africa and the United States.

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