Economy

• Wednesday, March 25th 2009 - 07:56 UTC

  China suggests new global reserve currency to replace US dollar

  

  China's central bank has called for a new global reserve currency run by the International Monetary Fund to replace the US dollar. Central bank governor Zhou Xiaochuan did not explicitly mention the dollar, but said the crisis showed the dangers of relying on one currency.

• Wednesday, March 25th 2009 - 07:54 UTC

  Geithner, Bernanke reject suggestions to replace the US dollar as global currency

  

  Unites States Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke dismissed on Tuesday suggestions by leading emerging economies that the global economy move away from using the dollar as the main reserve currency.

• Tuesday, March 24th 2009 - 13:43 UTC

  Brazil’s future as emerging power “linked to regional situation”

  

  Brazil’s future as an emerging power is closely linked to the regional situation according to President Lula da Silva’s international affairs advisor Marco Aurelio García.

• Tuesday, March 24th 2009 - 13:28 UTC

  Obama’s chief economic advisor slams back at Krugman

  

  US President Barack Obama's chief economic adviser Monday beat back recent criticism, from liberal economist Paul Krugman over the administration's latest bank rescue plan, telling CNN Krugman was too quick to pass judgment.

• Tuesday, March 24th 2009 - 13:26 UTC

  EC expected to act on countries swelling budget deficits

  

  The European Commission is expected to set deadlines on Tuesday for France, Greece, Ireland, Spain and the UK to rein in their swelling budget deficits. Under EU rules, countries are expected to keep their budget shortfalls below 3% of gross domestic product (GDP).

• Tuesday, March 24th 2009 - 13:19 UTC

  WTO forecasts 9% drop in global trade volume in 2009

  

  Global trade will experience its biggest annual drop in more than 40 years this year, the World Trade Organization said Monday. In its annual trade outlook, the WTO said that the economic recession will cut the desire for the countries to do business with one another in 2009, slicing the actual volume of exports by 9%.

• Monday, March 23rd 2009 - 22:44 UTC

  Positive reaction to US plan to buy one trillion USD in toxic assets

  

  United States announced Monday details of a plan to buy up to one trillion US dollars worth of toxic assets to help repair banks' balance sheets. The “Public-Private Investment Programme” will purchase the troubled mortgages and securities that have been at the root of the credit crunch.

• Monday, March 23rd 2009 - 13:30 UTC

  UK auto industry calls for “scarappage scheme”

  

  British Business Secretary Lord Mandelson said that UK motor companies will survive “if they take the right decisions” despite another huge monthly fall in car production. Official figures showed the number of cars made in the UK last month fell 59% compared with February 2008, while commercial vehicle production slumped by 71.6%.

• Monday, March 23rd 2009 - 08:25 UTC

  US to announce Monday plan for purchase of banks’ toxic assets

  

  A key adviser within US President Barack Obama's administration says she is “incredibly confident” the US economy will recover within 12 months. Christina Romer, head of the White House's economic advice council, told Fox TV “we will be seeing signs the economy is turning around”.

• Monday, March 23rd 2009 - 07:53 UTC

  Banking system losses in the US keep mounting: 32 billion in fourth quarter

  

  United States banks lost 32.1 billion US dollars in the last quarter of 2008 - even worse than the 26.2 billion originally reported, US federal regulators say.