1.Despite major stimulus packages announced by advanced economies and several emerging markets, trade volumes have shrunk rapidly, while production and employment data suggest that global activity continues to contract in the first quarter of 2009, the IMF says in a new assessment of the global economy. Advanced Economies to Contract Sharply in 09, Upturn Next Year–IMF

2.The economic recession and financial crisis have a ‘devastating’ effect on the automotive industry with serious implications for the wider economy.“The crisis is devastating” — Global Insight Research

3.As the banking industry descends into ever-deeper gloom, the more ethical, risk-sharing approach offered by the Islamic finance industry is attracting an increasing amount of attention. The Banker’s Top 500 Islamic Financial Institutions ranking lists the sector’s key players.Top 500 Islamic Financial Institutions

4.Photo -An auto elevator lifts a Volkswagen to its appointed parking space in the VW Autostadt “car tower” in Wolfsburg, Germany.