Economy

• Wednesday, October 19th 2011 - 23:07 UTC

  Greeks have transferred to Swiss banks 200 billion Euros, claims German press

  

  Greeks fearing the safety of their deposits in banks, as well as Greeks trying to evade paying taxes, have reportedly “bailed out” their money of the debt struck country into the safe haven of Swiss banks in a scale of 200 billion Euros.

• Wednesday, October 19th 2011 - 16:51 UTC

  EC report claims Argentina and Brazil are increasing trade barriers

  

  Major trading nations led by Argentina, Brazil and Russia are raising barriers to international and threatening the global economic recovery, the European Union's executive arm said on Wednesday.

• Wednesday, October 19th 2011 - 16:48 UTC

  China’s economic expansion slowed down in third quarter; fears of Euro crisis impact

  

  China's economic expansion slowed during the third quarter of the year as government measures to control inflation hurt growth. China's economy grew by 9.1% in the three months to the end of September from a year earlier, down from 9.5% in the previous quarter.

• Wednesday, October 19th 2011 - 16:37 UTC

  UK Consumer inflation in September was 5.2%, the highest since 2008

  

  The rate of Consumer Prices Index (CPI) inflation in the UK matched its record high in September, rising to 5.2% from 4.5% the month before. An increase in energy costs was behind a large proportion of the rise.

• Wednesday, October 19th 2011 - 16:33 UTC

  Great China (Beijing, HK, Singapore, Taiwan) reducing holdings of US debt

  

  China has reduced its holdings of US debt to their lowest level in a year, after the US's credit rating was downgraded by Standard & Poor's (S&P). China sold 36.5bn dollars in US Treasuries or bonds to cut its holding to 1.137bn in August, latest data by the US Treasury Department showed.

• Wednesday, October 19th 2011 - 07:27 UTC

  Germany committed to an EU/Mercosur trade agreement said Merkel

  

  The European Union will seek to further discussions over a trade deal with Mercosur at the upcoming G20 summit in Cannes in November announced on Tuesday German Chancellor Angela Merkel alongside visiting Uruguayan president Jose Mujica.

• Wednesday, October 19th 2011 - 07:15 UTC

  Another face of American Airlines

  

  ”Welcome to our oneworld Alliance!” In his jovial and gentlemanly manner, Art Torno, American Airline's Vice President - New York, welcomed members of the Foreign Press Association on board the world of alliances and other topics regarding today's aviation industry.

• Wednesday, October 19th 2011 - 07:11 UTC

  Argentina’s economy still roaring at full speed, say official stats

  

  Argentina’s monthly economic activity index (EMAE) climbed 8.6% in August, compared to the same month of 2010 and 0.6% over July, Indec the national statistics bureau reported Tuesday.

• Wednesday, October 19th 2011 - 06:58 UTC

  The Guardian reports Germany and France agreed on 2 trillion Euros rescued fund

  

  The Guardian newspaper reported on Tuesday that France and Germany had agreed to boost a euro zone financial rescue fund to two trillion Euros pushing US stocks and the Euro higher despite doubts about whether there was such an agreement.

• Wednesday, October 19th 2011 - 06:55 UTC

  Spain’s leading banker says “obligatory” recapitalization could further weaken banking system

  

  Spain’s Banco Santander SA Chairman Emilio Botin warned of the risks of an “obligatory, indiscriminate” recapitalization of European banks without a final resolution of the sovereign debt crisis.