Economy

• Wednesday, August 3rd 2011 - 06:53 UTC

  China Dagong agency downgrades US credit rating from A+ to A with negative outlook

  

  Chinese rating agency Dagong Global Credit Rating Co. said Wednesday it has cut the credit rating of the United States from A+ to A with a negative outlook after the U.S. federal government announced that the country's debt limit would be increased.

• Wednesday, August 3rd 2011 - 00:31 UTC

  Brazil announces 16bn dollars plan to prop industry and weaken the Super Real

  

  A package of tax breaks and incentives unveiled Tuesday by Brazilian president Dilma Rousseff represent a good start to help local companies overcome competitive challenges presented by adverse local and global economic factors, but still fall short of what's needed, Brazilian industrial leaders said.

• Wednesday, August 3rd 2011 - 00:10 UTC

  China says there’s no way of escaping dollar dominance… in the short term

  

  United States' debt woes still threaten the global economy despite the last-minute deal struck by the White House and political party leaders, China's main official newspaper said on Tuesday, adding there was no short-term escape from the dominance of the dollar.

• Tuesday, August 2nd 2011 - 21:44 UTC

  US consumers cut spending in June for the first time in two years

  

  US consumer spending unexpectedly fell in June to post the first decline in nearly two years as incomes barely increased, a government report showed, suggesting economic growth could remain subdued in the third quarter.

• Tuesday, August 2nd 2011 - 21:37 UTC

  Wall Street fears possible downgrade of US rating in spite of vote on debt ceiling

  

  Wall Street dropped on worries about a possible downgrade of the United States' top credit rating and signs of economic weakness even as the US Congress passed on Tuesday a bill to avoid a debt default.

• Tuesday, August 2nd 2011 - 21:29 UTC

  Emergency bells ringing in Europe: Italy and Spain in the Euro danger zone

  

  Financial market pressure on Italy intensified on Tuesday, sucking Europe's second biggest debtor nation deeper into the Euro area danger zone and prompting emergency consultations in Rome and among European capitals.

• Tuesday, August 2nd 2011 - 15:46 UTC

  Geithner admits battle over debt limit has damaged confidence in the US economy

  

  US Treasury Secretary Timothy Geithner said he is not sure whether the bitterly fought debt agreement to be considered by the US Senate will avoid a downgrade of the U.S. top-tier credit rating.

• Tuesday, August 2nd 2011 - 07:27 UTC

  With hours before default deadline, US Senate votes on debt ceiling package

  

  US House of Representatives has passed by 269 votes to 161 a last-gasp deal to avoid a federal debt default. The bill is expected to be approved by the Senate and signed into law by President Barack Obama on Tuesday.

• Tuesday, August 2nd 2011 - 07:14 UTC

  Salaries in Argentina averaged a 27.6% increase in the last twelve months

  

  Salaries in Argentina averaged an increase of 27.6% in the last twelve months to June, boosted mainly by agreements in the private sector, reported Monday the country’s National Statistics Institute, Indec.

• Tuesday, August 2nd 2011 - 07:07 UTC

  Brazil’s trade surplus more than doubles in July over a year ago

  

  Brazil’s trade surplus more than doubled in July from a year ago fuelled by higher commodity prices in spite of the over-valued Super Real that is having an impact on manufactured goods exports and promotes the import of ‘cheap’ products.