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Barclays: Japan 4 th quarter GDP will contract by 12.1%, the worst holiday sales since 1970, American Greetings greetings buying recycled paper, consumer confidence hits record low, China Eastern receives additional funds, Gazprom pays

An economist at Barclays Capital (ADR: BCS) estimates that the economy of Japan 's will shrink at an annual rate of 12.1% this quarter, almost triple negative jump in the rate previously expected. "Given the speed and duration of the contraction, this recession could be the worst of the war," Barclays' chief economist in Japan, said Kyohei Morita, Bloomberg reported. "We expect a negative growth continues for the fifth consecutive quarter in April-June period of 2009."

U.S. Christmas shopping season was the worst since at least 1970, with bottom lines affected by lower demand, strong discounts and the hostile climate, the International Council of Shopping Centers (ICSC) said yesterday (Tuesday). CAPI 's account is extended until 27 December, and its chief economist Michael Niemira isn' t tending to a miraculous change in the last few days, reported Reuters.

American Greetings Corp. (AM), said it will buy rival private property Greetings recycled paper in an agreement that includes the restructuring of Recycled Paper Greetings' debt in a reorganization under Chapter 11. CEO Zev Weiss American Greetings acknowledged that his company was attracted by the content RPG 's witty, funny and cool, according to a press release.

Consumer confidence reached a record low in December, with The Conference Board Consumer 's Confidence Index down to 38 for the month from a revised 44.7 in November. The rise in layoffs and deteriorating housing market were the main reasons for the decline.

The Chinese government more than doubled the size of a rescue plan for China Eastern Airlines Corp. Ltd. (ADR: CEA), a few weeks after announcing a plan to pump $ 440 million (3 million yuan) in the airline, the Financial Times. China Eastern said it now receives more than 900 million (7 million RMB) through a private placement of Hong Kong and Shanghai listed shares its state-owned parent company.

Ukraine yesterday (Tuesday) fully paid for natural gas imports from Russia in November and has made an advance payment of supplies in December after OAO Gazprom, Russia 's state oil monopoly, threatened to cut supplies to country. The Ukrainian government instructed the two state banks to provide the country 's energy company NAK Naftogaz Ukrainy with funds, a day before a deadline, Bloomberg reported.

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