Economy

Thursday, February 26th 2009 - 23:00 UTC
Obama unveils 3.6 trillion 2010 budget; 250 billion for banks

President Barack Obama has unveiled a 3.6 trillion US dollars budget for 2010, aiming to pull the US out of financial crisis. Obama predicted the budget deficit for the current year will be 1.75 trillion US dollars, which is 12.3% of annual output and the biggest since World War II.
Wednesday, February 25th 2009 - 20:00 UTC
Chile's oil company ENAP reports net loss of a billion USD

Chile's government owned oil and gas corporation, ENAP reported a net loss of 958 million US dollars in 2008 after the company's refinery unit lost money on purchasing imported crude oil.
Wednesday, February 25th 2009 - 20:00 UTC
US/Japan agree to stimulate demand and defend the dollar

President Barack Obama and Japanese Prime Minister Taro Aso have agreed to work together to stimulate economic demand and fight protectionism. At a meeting in Washington they also pledged to co-operate in diplomatic efforts over North Korea, a White House statement said. Mr Aso was the first foreign leader to be received by the US president.
Wednesday, February 25th 2009 - 20:00 UTC
Merril Lynch losses trigger executive bonuses investigation

Merrill Lynch & Co lost 15.84 billion US dollars in the fourth quarter, a regulatory filing showed, more than 500 million higher than the loss previously estimated by Bank of America Corp.
Wednesday, February 25th 2009 - 20:00 UTC
UK Jan car production plummets 58.7% over a year ago

United Kingdom car production for January fell 58.7% against the same month the previous year, latest figures show. A total of 61,404 cars were manufactured in January 2009, the Society of Motor Manufacturers and Traders said.
Wednesday, February 25th 2009 - 20:00 UTC
Argentina's industrial output falls; first time since 2002

Argentina's January industrial production fell 4.4% from a year ago, the first decline since October 2002, and 6.1% from a month earlier, in seasonally adjusted terms said the government this week.
Tuesday, February 24th 2009 - 20:00 UTC
Free fall: US shares down to lowest since October 1997

US shares have fallen sharply on concerns about the government's latest attempts to shore up the banks. The Dow Jones Industrial Average on Monday closed down 250.9 points, or 3.41%, at 7,114.8, its lowest since October 1997.
Tuesday, February 24th 2009 - 20:00 UTC
Implementation of Chilean stimulus plan boosts Peso

The Chilean peso surged on Tuesday following the announcement the government would sell US dollars on the local market to finance a massive fiscal stimulus package. The peso closed at 603.30/603.80 per dollar compared to Monday's 624.00/624.50 per dollar.
Tuesday, February 24th 2009 - 20:00 UTC
World Bank downgrades Latam 2009 growth to 0.3%

Latinamerican growth will plunge strongly this year to 0.3% forecasted Pamela Cox, World Bank vice-president for Latinamerica and the Caribbean. Last September the WB forecast was 2.7%, in January it was down to 1% and now 0.3%.
Monday, February 23rd 2009 - 20:00 UTC
Scathing attack on banking practice from Soros and Volcker

Investor George Soros and President Barack Obama advisor, Paul Volcker described the current global meltdown as more severe than when the great Depression with the financial system effectively disintegrated and with the experts “not quite knowing what's going on”.