News Today -Apr 23

* World economy -- better luck next year.The International Monetary Authority has downgraded its forecast by 2 percent, predicting the global economy will have its worst contraction since World War II. full story

* Britain's finance minister on Wednesday said the country's economy is facing its worst year since World War II as he unveiled measures including higher taxes for top earners in an annual spring budget aimed at countering recession.

* Japanese exports tumbled in March, the government reported Wednesday.Trade figures in Japan are the latest bad news for its export driven economy.Exports fell 45.6 percent last month, compared with March 2008. Although still a significant decline, the numbers were slightly better than those from February, when the slump approached 50 percent.

* Boeing Co. on Wednesday reported sharply lower first-quarter earnings, cut its full-year forecast and said that delivery deferrals of new aircraft in the first quarter rose to more than 60, as airlines and shipping companies adapted to a rapid drop in air-traffic demand.

* The World Bank on Wednesday said India leads all countries in exports of information communication technology (ICT) services.

* Morgan Stanley shares shed 9% on Wednesday after the company reported a first-quarter loss as results at almost all its business units worsened from year-ago levels and lagged those of rivals like Goldman Sachs and J.P. Morgan Chase.

* Apple reported a jump in quarterly earnings, easily topping analyst expectations and sending shares higher in late trading.

* The economy is not “out of the woods yet, but there are encouraging signs,” Howard Atkins, CFO of Wells Fargo, said in an interview

* Auto giant GM will fail to make $1 billion debt payment that's due June 1, Wall Street Journal reports. Spokeswoman says GM working to reach deal with bondholders. Finance chief says bankruptcy 'probable.'