Economy
EconomySpeaking for EU Sarkozy calls for “new Bretton Woods summit”
All 27 European Union states broadly support the bank rescue plan proposed for the bloc and the holding of a world finance summit, France's president has said.
Upbeat message from Bernanke but colleagues talk of recession
The chairman of the US Federal Reserve said on Wednesday the US economy will eventually emerge from the financial crisis with “renewed vigour”, but warns it will not happen quickly.
Stiglitz describes financial crisis as a “social problem”
Nobel laureate and renowned economist Professor Joseph Stiglitz described the current financial crisis not as a predominantly economic problem, but as a social one, citing the three million US citizens who have already lost their homes, with another two million expected to lose theirs over the next few months.
Brazil fears “unfair” recession caused by financial casino
The leaders of India, Brazil and South Africa criticized rich countries for failing to act quickly to prevent the global financial meltdown. At a summit in New Delhi, they urged Western nations to manage the crisis in a manner that will not hurt their developing economies.
PM Brown's blueprint to reshape financial world order
British Prime Minister Gordon Brown called on Wednesday for an international conference before the end of the year to reshape the financial world order.
Mexico lost 10% of international reserves to prop the Peso
The Mexican peso closed trading Wednesday at 12.74 to the US dollar, compared to 12.50 on Tuesday, with a depreciation of 1.8% having oscillated up to 12.82. The central bank on Wednesday morning auctioned 400 million US dollars as had been anticipated by government officials.
Brazil Bovespa looses 11.04% and is again below 40.000 points
Brazilian shares plummeted more than 10% on Wednesday, triggering a trading halt, as mounting fears of global recession battered markets worldwide.
Uruguay has a “financial shield” of 2 billion USD
Uruguay has a financial protection in the range of two billion US dollars if for some reason the current situation in global markets in the next two years makes it highly difficult to issue sovereign bonds, according to Central Bank sources in Montevideo.
Latam: 15 million risk falling back into poverty says Cepal
Almost fifteen million people from Latinamerica and the Caribbean will fall back into poverty in the coming years because of the increase in food prices and a slower economic growth in the region, forecasted the United Nations Latinamerica and Caribbean Economic Commission, Cepal.
Swiss government rescues top UBS bank with 65 bn USD
Switzerland is taking steps to strengthen its largest bank, UBS, becoming the latest European government to unveil a banking rescue plan. UBS is raising 6bn Swiss francs (5.3 billion US dollars) from the government.
