Economy

Economy
Thursday, October 16th 2008 - 20:00 UTC

Swiss government rescues top UBS bank with 65 bn USD

Swiss banking traditional hangs from a cliff

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.

Thursday, October 16th 2008 - 20:00 UTC

US industrial production record down; inflation flat

The automobile industry, victim of the recession

United States industrial production posted the biggest monthly decline since 1974 while consumer prices were flat in September, according to reports Thursday. Adding to the gloom a factory index for the Philadelphia region hit an 18-year low this month.

Wednesday, October 15th 2008 - 20:00 UTC

UK September inflation peaks at 16 year high, 5.2%

UK inflation hit a 16-year high of 5.2% in September, with energy bills behind much of the rise, figures have shown. The Consumer Prices Index (CPI) measure was up from 4.7% in August.

Wednesday, October 15th 2008 - 20:00 UTC

Cost of world crisis: 2% world GDP say Commerce Chambers

The current financial crisis could exact a toll on the world's gross domestic product, an international business group in Belgium said.

Wednesday, October 15th 2008 - 20:00 UTC

Argentina industry fears depreciation of Brazilian currency

Argentina's powerful industrial lobby, warned that the current real exchange rate with Brazil is back to “2001 levels”, when the preambles of the worst economic crisis suffered by the country in a century.

Wednesday, October 15th 2008 - 20:00 UTC

Krugman: no return to Marx but to Franklin Roosevelt

Paul Krugman, who won this year's Nobel Prize for economics, told CNBC that the Treasury Department's move to inject banks with 250 billion US dollars is better than the original bailout plan.

Wednesday, October 15th 2008 - 20:00 UTC

Nobel praise for PM Brown financial rescue plan

The so-called “Brown plan” has transformed the political fortunes of the PM at home and abroad

In an article titled “Gordon does Good” published Monday in the New York Times the Princeton University scholar lavished praise on Brown for his timely action against the ongoing financial turmoil.

Tuesday, October 14th 2008 - 20:00 UTC

Japan's Nikkei joins other Asian markets strong rebound

Financial markets in Asia have risen sharply, with Japan's Nikkei gaining 10% in early trading Tuesday, and Sydney up 5%. The gains came after Wall Street shares rocketed 11% on Monday as investors welcomed fresh moves to deal with the worldwide financial crisis. Japan was closed Monday because of a national holiday.

Tuesday, October 14th 2008 - 20:00 UTC

Positive contagion lifts Latam to one day record-gains

Latinamerican equities staged on Monday a powerful rebound from last week's crash, with Brazil's Bovespa soaring 14% and Mexico's IPA 11.1%, its highest one day gain this year and since 1998.

Tuesday, October 14th 2008 - 20:00 UTC

Soros: market fundamentalism out, serious recession in

George Soros: 'The crisis of a lifetime'

British-Hungarian financier and philanthropist George Soros warned in an interview with Budapest's Nepszabadsag newspaper that it is too early to say if markets will stabilize after last week's panic and described the current situation as the crisis of a lifetime.

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