Economy

Friday, August 5th 2011 - 08:05 UTC
Developed countries “will try to pass the crisis down on us”, claims CFK

Argentine President Cristina Fernández de Kirchner (CFK) referred to plummeting global markets and blasted developed countries for the potential consequences of the crisis. Economy minister Amado Boudou said Argentina was closely following events with concern.
Friday, August 5th 2011 - 07:47 UTC
Obama administration confident Geithner will remain in his job

President Barack Obama’s senior advisers are confident Treasury Secretary Timothy Geithner will remain in his job even though he hasn’t made his intentions public, an administration official said.
Friday, August 5th 2011 - 07:42 UTC
Black Thursday in US and Europe turns into black Friday in Asia

Asian stock markets have slumped on Friday, extending a global equity sell-off after Wall Street had its worst day in more than two years. Japan's main Nikkei 225 index shed 3.4% to 9,329.75. South Korea lost 4.2%, Australia slid 2.4% and China's Shanghai SE Composite Index was down 2%.
Friday, August 5th 2011 - 07:39 UTC
Latam markets suffer some of their worst losses since 2009

Latin America’s main stock exchanges suffered strong losses on Thursday much in line with plunging world markets and reflecting contagion of growing uncertainties that the fragile global recovery is again on the verge of a recession.
Friday, August 5th 2011 - 01:43 UTC
China takes over South Africa’s Standard Bank network in Argentina

Industrial and Commercial Bank of China Ltd (ICBC) announced Friday it would buy stakes in Standard Bank Argentina and another two institutions from Standard Bank Group Ltd for about 600 million dollars as it expands into South America as part of its global strategy that includes Europe, India and Pakistan.
Thursday, August 4th 2011 - 22:18 UTC
Bank of England adopts ‘wait and see’ attitude amid world turbulence

The Bank of England left its main interest rate at a record low 0.50% on Thursday for the 29th month in a row amid weak economic growth in Britain and a debt crisis in the Euro-zone. The quantitative easing QE program was also left stand-by at £200 billion.
Thursday, August 4th 2011 - 20:20 UTC
Euro zone resumes bond purchases amid fears of growing crisis contagion

European Central Bank (ECB) announced Thursday it will offer a fresh round of loans to banks (*) in light of continuing fears about the Euro-zone debt crisis. ECB president Jean Claude Trichet said that economic uncertainty was “particularly high”'.
Thursday, August 4th 2011 - 19:37 UTC
US Senate breakthrough for trade agreements with Korea, Colombia and Panama

The United States Senate leaders ended an impasse over stalled free-trade agreements, agreeing to vote after the August recess on benefits for workers who lose their jobs because of overseas competition, which opens the way for the approval of pending agreements with Korea, Colombia and Panama.
Thursday, August 4th 2011 - 19:32 UTC
Argentina manufacturers demand similar ‘Brazilian package’ to prop industry

Following on the steps of her Brazilian peer who this week unveiled an ambitious plan to prop industry, Argentine President Cristina Fernandez de Kirchner met with the country’s leading business and corporate representatives and promised her government would take all the necessary measures to defend the market from the massive influx of outer region imported goods.
Thursday, August 4th 2011 - 19:21 UTC
US gross national debt equivalent to 100% of GDP, first time since 1947

The United States gross debt shot up 238 billion dollars to reach 100% of GDP after the government's debt ceiling was lifted, Treasury figures showed. On Tuesday, the Treasury had to add more than 200 billion of commitments immediately after President Barack Obama signed into law an increase in the debt ceiling.