OECD cautiously predicts 'policy-induced' global recovery next year as stimulus spending flows

Haunted perhaps by the ghost of Herbert Hoover, global leaders have steered the world away from a 1930s-style Great Depression by a "very, very, high level of awareness" of the policy errors of his era, a top international economist said as he released an OECD study of efforts to save the world economy.
Klaus Schmidt-Hebbel, chief economist for the Organization for Economic Cooperation and Development, spoke to The Associated Press as he slashed forecasts for growth in the 30 rich countries that make up its membership, predicting the economies of the OECD countries will shrink by 4.3 percent this year, and by 0.1 percent next year.
The new forecasts released Tuesday compare with a November forecast that the OECD economy would shrink by 0.4 percent this year and grow by 1.5 percent in 2010.
It would have been worse without government stimulus plans, which will add 0.5 percent to the OECD economy this year and next, according to the Paris based organization. The new spending is a sharp contrast with Hoover-era policy, which saw protectionism and efforts to balance budgets and raise interest rates.
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Paris exhibition celebrates 100 years of jazz

PARIS - From the dripping paint of Jackson Pollock to the paper cutouts of Henri Matisse and the tap routines of Fred Astaire, jazz has inspired some of the greatest artists of the past century.

Those influences are celebrated in "The Jazz Century," a new Paris exhibition at the Quai Branly Museum that runs through June 28.

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Carrefour plans to increase discounting after reporting 2008 net profit down 45 percent

PARIS (AP) _ The new CEO of Carrefour SA said Thursday he plans to increase discounting to win cash-strapped customers and gain market share in France after the company reported a 45 percent slide in 2008 net profit.
¶ Lars Olofsson, appointed last year to improve performance at the world's No. 2 retailer, said he will spend euro600 million ($767.16 million) on promotions and other discounting to improve the company's image on price. Carrefour is seen as more expensive than it actually is, he said.
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EADS beats full year profit target

MUNICH (AP) _ The parent company of planemaker Airbus on Tuesday reported an 89 percent gain in fourth-quarter net profit but warned of "very challenging" years ahead.
¶ European Aeronautics Defense and Space Co. said it expects a decline in profitability this year as it cuts aircraft prices and helps customers finance deliveries to cope with the darkening outlook for the global economy.
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Top chefs take note: Michelin says cuts needed

PARIS (AP) — The coveted Michelin stars can make or break a restaurant. But so can an economic crisis.
"It's not caviar every day," the Michelin guide's director said Monday as he urged France's great chefs to invent new ways of keeping customers.
Some of the world's best restaurants are losing business, particularly from corporate clients, and are having to offer cheaper menus, even at the top end, Jean-Luc Naret told The Associated Press.
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