Economy
EconomyOECD 3Q GDP declined 0.1%, first time in 7 years
Gross domestic product (GDP) in the Organization for Economic Cooperation and Development OECD area declined by 0.1% in the third quarter of 2008, the first fall in seven years, according to preliminary estimates.
RBS shareholders vote on £ 20 billion bail out plan
Shareholders in Royal Bank of Scotland are to vote on a £20 billion bail-out plan which could put nearly 60% of the company in public hands. RBS, one of the worst hit by the banking turmoil, has called a general meeting in Edinburgh to approve the rescue.
CAP reform cuts subsidies, liberalizes dairy market
European Union farm ministers have agreed to reform agricultural policy by shifting more subsidies away from production and liberalising the dairy market. The deal on reforming the Common Agricultural Policy came on Thursday after marathon all-night talks.
World economic confidence index falls to 20-year low
A world economic confidence index released Thursday dropped to its lowest level in 20 years amid further news of heavy losses on global markets and an ongoing crisis among the world's carmakers.
Spanish bank says Latinamerica will avoid global crisis
For the first time a global economic crisis will not hit Latinamerica and in 2009 “the region's economy will experience positive growth” in the range of 2%, according to the president of one of Spain's leading banks.
Drought forces Argentine farmers to move to soybean
The Argentina's Agriculture Secretariat announced that it expects a record 18 million hectares of soybean for the coming 2008/09 soybean area, up from 16.6 million hectares a year ago.
Peru, China agree zero tariff on 90% of bilateral trade items
A free trade agreement to be signed by China and Peru in March will go into effect in the second half of 2009, if everything goes as planned, the Chinese Ministry of Commerce announced.
Spain slipping into 12-month recession says Central Bank
Spain is likely to slip into recession in the fourth quarter and stay there during 2009, Bank of Spain governor Miguel Angel Fernandez Ordonez said on Wednesday in Madrid.
US consumer prices drop 1% and building permits to '69 level
United States consumer prices dropped by a record 1% in October compared with the previous month, as fuel costs kept falling for a third month in a row. Fuel prices were not the only reason for the record drop, as core prices, which exclude food and energy, fell for the first time since 1982.
Brazil, Argentina want higher Mercosur tariffs for imports
Mercosur senior members, Argentina and Brazil agreed to sponsor an increase in the common external tariff (AEC) on several products from third countries, during a meeting Monday of the Bilateral Trade Monitoring Committee held in Buenos Aires
