Economy

• Saturday, October 29th 2011 - 03:35 UTC

  Fitch downgrades Argentine oil companies following Central bank dollar move

  

  Fitch Ratings has downgraded Argentine oil companies YPF and Pan American Energy foreign (PAE) currency Issuer Default Rating (IDR) to 'B+' from 'BB-' and has affirmed their local currency IDR at 'BB'.

• Saturday, October 29th 2011 - 03:31 UTC

  The G20 test is if it can prevent a future financial crisis, says Zoellick

  

  The true test for the G20 will be whether it can prevent a future financial crisis, World Bank Group President Robert Zoellick said Friday ahead of the upcoming G20 summit in Cannes.

• Saturday, October 29th 2011 - 03:24 UTC

  Trichet warns Euro crisis ‘isn’t over’; calls for precise, quick enforcement of deal

  

  European Central Bank President Jean-Claude Trichet said in an interview in a German newspaper to be published on Sunday that the Euro zone sovereign debt crisis was not yet over and that it was too early for the all-clear signal.

• Friday, October 28th 2011 - 20:45 UTC

  Argentina imposes stricter foreign exchange rules to contain capital flight

  

  Argentina imposed strict rules for operations in US dollars with the purpose to greater control over the foreign exchange market, moderating alterations in daily operations and above all to stop the haemorrhage of greenbacks estimated at 3 billion dollars a month.

• Friday, October 28th 2011 - 16:19 UTC

  Record unemployment in Spain hits 21.5% with five million out of a job

  

  Spain's unemployment hit a 15-year high in the third quarter with little hope new jobs will be created any time soon by a battered economy that remains at the forefront of investor concerns about Europe's debt commitments.

• Friday, October 28th 2011 - 04:42 UTC

  Brazil encouraged by Europe’s plan announcement but wants to look at details

  

  Brazil's government is encouraged by Europe's announcement of a plan to resolve the nagging debt crisis, though more details are needed on the proposal to determine its viability, Brazilian Finance Minister Guido Mantega said Thursday.

• Thursday, October 27th 2011 - 23:34 UTC

  Euro zone largest bank profits down as bad loans in Spain keep growing

  

  The Euro zone's biggest bank Santander said it expected bad loans in Spain to keep on growing as Spaniards, blighted by unemployment and heavy mortgage debt, fall into arrears on payments.

• Thursday, October 27th 2011 - 23:31 UTC

  China ready to support Euro rescue fund and held stabilize global markets

  

  French president Nicolas Sarkozy conferred with his Chinese counterpart Hu Jintao as European policy makers seek to build support for an enlarged rescue fund designed to resolve the region’s sovereign-debt crisis.

• Thursday, October 27th 2011 - 23:22 UTC

  Obama upbeat with the EU deal and improved performance of the US economy

  

  President Barack Obama said on Thursday that European Union leaders have laid “a critical foundation” to solve the Euro zone debt crisis with their deal announced Wednesday evening.

• Thursday, October 27th 2011 - 20:09 UTC

  Wall Street growing insider trading scandal catches another big fish

  

  Ex-Goldman Sachs director Rajat Gupta has turned himself in to the FBI and pleaded not guilty in court to securities fraud before being freed on a 10 million dollars bail.