SINGAPORE— Singapore's economy surged for a second straight quarter in the July-to-September period as manufacturing led the city-state out of recession.
Gross domestic product grew an annualized, seasonally adjusted 14.9 percent in the third quarter, following a jump of 22 percent the previous quarter, the Trade and Industry Ministry said today.
The government boosted its 2009 GDP forecast to a contraction of between 2 percent and 2.5 percent from a previous expectation of a fall between 4 percent and 6 percent.

U.S. PERSONAL SPENDING UP TO 71% OF GDP

One year after a U.S. economy said to be overly dependent upon consumer spending toppled into crisis, consumption now makes up an even larger share of national
output.
Personal spending on cars, clothes, food and other items accounts for 71 percent of gross domestic product, according to the latest Bureau of Economic Analysis data. That's slightly above the level one year ago and well above the long-term average around 65 percent.

ZIMBABWE FREEZES NESTLE'S ACCOUNTS

HARARE, Zimbabwe— Zimbabwe's central bank chief says the government has frozen Nestle's local accounts and ordered an audit after Nestle stopped buying milk
from a farm owned by President Robert Mugabe's wife.
Reserve Bank governor Gideon Gono told the weekly Zimbabwe Independent newspaper Saturday that two possible "irregular" transactions were found in the company's accounts.
Nestle's finance director Farai Munestsi told The Associated Press that access to funds at five banks had been blocked.
The international food company stopped buying milk from Grace Mugabe's farm this month after facing worldwide boycott threats. The suspension of funds could cripple
its Zimbabwe operations.