Bank sees Asia leading global recovery

Asia is set to lead the world out of the global financial crisis in spite of the slow recovery in the US and Europe, according to the latest forecasts by the Asian Development Bank. In a dramatic contrast to its view in March, when it slashed 2009 growth forecasts for Asia excluding Japan from 7.2 per cent to 3.4 per cent, the ADB on Tuesday said the region would grow more strongly than expected both this year and in 2010.

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Obama: Economy probably won’t produce enough jobs until 2010

President Obama says that despite signs of economic recovery, the country will not see large-scale job growth until next year. In a wide-ranging interview broadcast Sunday on CNN’s “State of the Union,” Obama said reversing job losses from the recession will come at the end of the recovery period, not the start

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Japan prepares for new prime minister

Liberal Democratic Party Prime Minister Taro Aso resigned early Wednesday, setting the stage for Democratic Party of Japan leader Yukio Hatoyama to take over the reins of government. Last month, Japanese voters swept Aso’s party — which had governed Japan for nearly 50 years — from power in the wake of Japan’s worst recession since World War II

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Work begins on nation’s largest mass transit project

The largest mass transit project in the country got under way Monday with the help of federal stimulus dollars, as public officials broke ground on a second passenger rail tunnel beneath the Hudson River. The new tunnel will link New Jersey with New York and eventually will double capacity on the nation’s busiest rail corridor, running from Washington to Boston, Massachusetts, officials said.

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