Stories for January 28th 2009

Wednesday, January 28th 2009 - 20:00 UTC
Germany agrees on Merkel's “most difficult decision”

Germany's cabinet sealed a multi-billion stimulus package on Tuesday aimed at hauling Europe's biggest economy out of what is feared could be its worst slump for six decades.
Wednesday, January 28th 2009 - 20:00 UTC
Partisan support for US economy recovery plan flags

US President Barack Obama has called for urgent action on his 825 billion US dollars economic recovery plan, saying the American people expect it. Republican lawmakers are increasingly vocal in opposing the bill, complaining it is too expensive and unworkable.
Wednesday, January 28th 2009 - 20:00 UTC
Spanish bank Santander will pay back for Madoff

Two law firms have filed a class action lawsuit in the United States against Spain's Banco Santander and one of its subsidiaries to recover money lost in an alleged $50 billion Ponzi scheme orchestrated by U.S. financier Bernard Madoff.
Wednesday, January 28th 2009 - 20:00 UTC
Mexican migrant remittances fall for first time on record

Mexican migrant remittances fell in 2008 for the first time on record, Mexico's central bank said Tuesday. Remittances are Mexico's second-largest source of foreign income after oil and they plunged 3.6% to 25 billion US dollars in 2008 compared to 26 billion for the previous year.
Wednesday, January 28th 2009 - 20:00 UTC
Fed pledges to keep exceptional “low interest rates”

The United States Federal Reserve pledged to keep interest rates at “exceptionally low levels,” and use “all available tools” to promote the resumption of sustainable economic growth, as it warned that the outlook for the world's largest economy has weakened further in recent weeks.
Wednesday, January 28th 2009 - 20:00 UTC
IMF forecasts UK economy to contract 2.8% this year

The United Kingdom is expected to suffer the worst slump of all advanced nations in the “deepest recession since the Second World War”, according to the latest International Monetary Fund (IMF) World Economic Outlook.
Wednesday, January 28th 2009 - 20:00 UTC
Credit rating agencies admit errors before UK Parliament

Credit and risk rating agencies have admitted errors were made when assessing some of the financial instruments that have been blamed for the credit crunch. Representatives of the three main agencies - Standard & Poor's, Fitch, Moodys - were grilled by the House of Commons Treasury Select Committee
Wednesday, January 28th 2009 - 20:00 UTC
Venezuela stronger than Germany or Spain, says Chavez

President Hugo Chavez boasted that Venezuela has more foreign reserves to face the current global crisis that Spain or Germany, following a cabinet meeting which was broadcasted live.
Wednesday, January 28th 2009 - 20:00 UTC
Iran efforts in Latinamerica concern US Defence Dpt.

United States Defence Secretary Robert Gates told Senators that although much attention was given to Russia's recent courting of some Latin American countries he is more concerned about new activities of Iran in the region.
Wednesday, January 28th 2009 - 20:00 UTC
Brazil back steps on “electronic” import licence request

The Brazilian government officially denied Wednesday it had imposed import licences or was reverting to non tariff barriers on hundreds of products, a decision which had caused uproar mainly among Mercosur partners.