News Today - July 08

* Leaders from the Group of Eight major industrial nations will warn against complacency over economic recovery when they begin an annual summit on Wednesday.The three days of talks will aim to find common ground on a broad range of issues, from tackling global warming to boosting farm aid and from reviving international trade talks to dealing with Iran's nuclear ambitions.

* Contrary to comments made this past weekend by Vice President Joe Biden, President Barack Obama says that the administration did not misread the economic downturn.“We haven't always gotten the numbers right, but I think the general overview is right,” Obama said.

* New data suggests Japanese companies continue to suffer from the recession, making it more likely the Bank of Japan will extend its liquidity-boosting programs.

* Oil remained under 63 dollars a barrel in Asian trade on Wednesday amid rising concerns that a recovery from the worldwide recession was unlikely to happen soon.

* The United States may need a second stimulus package focusing on infrastructure projects to put the world's biggest economy firmly on the path to recovery, Laura Tyson, a member of US President Barack Obama's Economic Advisory Panel said here Tuesday.