Stories for October 13th 2008

Monday, October 13th 2008 - 20:00 UTC
UK rescue plan to support four of the largest banks

Up to £50bn of taxpayers' cash is to be injected into four of Britain's biggest banks through the government's rescue package, the BBC has learned. Royal Bank of Scotland (RBS), HBOS, Lloyds TSB and Barclays is to sell off shares, the majority of which the government is expected to buy.
Monday, October 13th 2008 - 20:00 UTC
Asian test of weekend financial decisions reacting positively

Asian markets have reacted positively to efforts by world leaders to end the recent financial turmoil. Sydney's benchmark index leapt 5.5%, as markets in South Korea and Singapore opened up around 3%. Tokyo's market was closed for a public holiday.

EU leaders earlier said no big bank would be allowed to fail, as they agreed a plan to tackle the crisis.
Monday, October 13th 2008 - 20:00 UTC
Argentine “soy king”: export duties makes farming “non viable”

Argentina's “Soy King”, Gustavo Grobocopatel warned that if export taxes remain averaging 35%, and commodities don't recover prices of early 2008, next year many people will be going bankrupt because with current costs oilseeds production “is not viable”.
Monday, October 13th 2008 - 20:00 UTC
Bush critic and trade expert Nobel Prize for Economics

United States economist Paul Krugman, a well-known critic of the President George Bush administration for policies that he argues led to the current financial crisis, won the 2008 Nobel Prize for economics on Monday.
Monday, October 13th 2008 - 20:00 UTC
China record trade surplus but exports growth rate slower

China's trade surplus widened to a record 29.3 billion US dollars in September as exports withstood the global economic slowdown and falling commodity prices reduced the import bill.
Monday, October 13th 2008 - 20:00 UTC
Uruguayans admits graft is rampant in government offices

A majority of Uruguayans admitted that graft is extended in government offices particularly to make sure proceedings get that “needed push”, according to a public opinion poll released over the weekend.
Monday, October 13th 2008 - 20:00 UTC
Decisive week for Aerolineas Argentinas control dispute

Argentina's Transport Secretary scoffed at the assets valuation by a Swiss bank of the Argentine flag carrier Aerolineas Argentinas which was recently re-nationalized and is embroiled in a dispute with the Spanish group that until a few months ago controlled the airline.
Monday, October 13th 2008 - 20:00 UTC
More chemicals added to UN Persistent Organic Pollutants list

Scientists started on Monday reviewing some everyday and industrial chemicals used in such products as carpets and medical equipment to determine whether they should be added to a United Nations-backed major treaty banning hazardous chemicals.
Monday, October 13th 2008 - 20:00 UTC
IMF: now to work on limiting damage to real economy

Coordinated global action is starting to reverse the tide of the financial crisis, but governments also need to “deploy all instruments” to limit damage to the real economy, IMF Managing Director Dominique Strauss-Kahn told world financial leaders meeting in Washington.
Monday, October 13th 2008 - 20:00 UTC
Argentina blames IMF for poor supervision in rich countries

Argentina's Economy Minister Carlos Fernández, not known for his loquacity, spoke at large about the international financial market meltdown during the IMF and World Bank annual assemblies in Washington.