Economy
EconomyCommodities windfalls are over for Latam, says IMF
Latin American economies are facing an awkward combination of slowing activity, more difficult external conditions, and still-high inflation. After four years of strong output growth, the pace eased in most economies of the region during the first half of 2008, largely because of moderating exports, according to the IMF World Economic Outlook.
Brazil and Mexico sell bank reserves to support currencies
Latin American stocks and currencies fell during another day of volatile trading on Wednesday on fears of a global slowdown. Several central banks had to intervene to cool the demand for US dollars.
Lehman Brothers CEO took home 300 million USD in pay
The head of failed United States investment bank Lehman Brothers told Congress on Monday that he took home about 300 million US dollars in pay and bonuses over the past eight years.
Brazil hardest hit by Monday's carnage in Latam markets
Latin American stocks plunged Monday, led by a stunning 15% intraday drop in Brazilian shares, on concern about a world recession that could devastate the region's commodities-based economies.
DJI below 10.000 mark and FTSE 100 falls to 4.589
Wall Street's Dow Jones Industrial Average fell as much as 800 points to trade below the 10,000 mark Monday as nervousness over the credit crisis spread after the US government's 700 billion USD bailout and interventions in Europe only seemed to add to investor anxiety.
Confidence crisis and investor panic tsunami hits world
Asian stock markets early Tuesday opened down sharply amid investor panic that global government action might not be enough to stem the financial crisis.
Fed next move to unclog financial system: lower rates
Faced with worst economic and financial market crisis since 1929, Federal Reserve Chairman Ben Bernanke on Tuesday sent a strong signal that officials may lower interest rates against a backdrop of waning price pressures.
Chile's first monthly trade deficit in six years
The Chilean economy experienced an unexpected trade deficit in September, the first negative month in six years according to the latest release from the Central Bank. The misbalance was 318 million US dollars; a year ago it was a surplus of 1.37 billion US dollars.
Australian markets react to sharp cut in interest rate
Australia's central bank surprised financial market by cutting its key interest rate a full percentage point from 7% to 6%. The bank said the sharp cut was justified given the prospects for growth, even though inflation is currently above target.
Space engineer named to unclog “toxic” banking mess
Neel Kashkari, 35, a United States Assistant Secretary of the Treasury, was named on Tuesday interim head of the Office of Financial Stability by US Treasury Secretary Henry Paulson. The office will run the 700 billion US dollars financial bailout program signed into law Friday.
