In The News...
Fraudster Madoff Gets Maximum Sentence
Bernard Madoff has been given the maximum prison sentence of 150 years for masterminding a massive fraud of investors totalling $65 billion. The sentence, which means Madoff will spend the rest of his life in jail, was greeted with cheers and applause in the packed courtroom in New York City.
US District Judge Denny Chin said he wanted to send a message that Madoff's crimes were "extraordinarily evil". Madoff's lawyer had sought a more lenient sentence of 12 years.
Judge Chin gave Madoff, pictured, the maximum sentence on all 11 charges, which included securities fraud and money laundering.
Good Week
CHINA The nation's manufacturing sector grew in June at a slightly faster pace than in the previous month, a survey said last week. The purchasing managers index (PMI) from the state-sanctioned China Federation of Logistics and Purchasing rose to 53.2, from 53.1 in May. It is the fourth month in a row that the sector has been positive, after six months of falls. Analysts saw the data as a sign that the economy would start to improve in the second half.
Bad Week
CALIFORNIA The governor of the US state has declared a 'fiscal emergency' to address a budget deficit of some $24.3bn.
Governor Arnold Schwarzenegger, pictured, also ordered many state offices to close for three days each month until June 2010, with staff unpaid for those days. California has been one of the US states hardest hit by the recession. The moves comes after state legislators missed a deadline on July 1 to approve a budget for the coming financial year
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