Economy

Saturday, January 24th 2009 - 20:00 UTC
Unemployment in Spain reaches 13.9%, highest in 9 years

Unemployment in Spain during 2008 increased by 1.2 million, a 66.4% jump over 2007 taking the official rate to 13.9% which is the highest in 9 years according to the latest figures released by the country's Statistics Institute, INE.
Friday, January 23rd 2009 - 20:00 UTC
EU reintroduces export subsidies for dairy produce

The European Union has reintroduced export subsidies for dairy produce, arguing that the economic downturn has put many European farms at risk. The maximum refund for butter has been set at 500 Euros (£469; $650) per ton and the maximum for skimmed milk powder is 200 euros per ton. The last time such refunds were given to dairy farmers was in June 2007.
Friday, January 23rd 2009 - 20:00 UTC
Britain in recession and fears of prolonged contraction

Britain has officially entered recession after figures showed the worst economic output since 1980, sparking fears of a deep and prolonged contraction. The economy shrank by a worse-than-expected 1.5% in the final three months of 2008, according to the Office for National Statistics (ONS).
Friday, January 23rd 2009 - 20:00 UTC
Roubini says UK recession with last 18 to 24 months

UK's recession will last between one and a half and two years, a leading economist has warned. That is the estimate of Nouriel Roubini, professor of economics at New York University, and one of the few people to predict the credit crunch.
Thursday, January 22nd 2009 - 20:00 UTC
Brazil targets growth and cuts basic rate one full point

Brazil's Central bank reduced its benchmark SELIC interest rate a full point to 12.75% on Wednesday, its biggest cut since December 2003. Policy makers slashed the Selic rate by 1 percentage point to its lowest level since March 2007, when Brazil was still enjoying a boom that ended abruptly with the global economic crisis late last year.
Thursday, January 22nd 2009 - 20:00 UTC
Chile: Billiton defers copper expansion project, axes 2.000 jobs

The world's largest diversified mining corporation, Anglo-Australian BHP Billiton announced on Wednesday 6.000 job cuts, 2.000 of which at operations in copper mines in Chile following the decision to defer expansion projects.
Thursday, January 22nd 2009 - 20:00 UTC
It's official: China's growth in last quarter down to 6.8%

China's economic growth slowed to 9% last year, its lowest rate of growth for seven years (6.8% in the last quarter). The world's third-largest economy was hit hard by the global financial crisis that led to a fall in orders for Chinese exports.
Thursday, January 22nd 2009 - 20:00 UTC
Toyota breaks GM 77-year reign as top-selling car firm

United States carmaker General Motors sold fewer vehicles than Toyota last year, ending GM's 77-year reign as the world's top-selling car firm. GM said it sold 8,350,000 vehicles in 2008, while Toyota said sales totalled 8,972,000 vehicles.
Wednesday, January 21st 2009 - 20:00 UTC
Former KGB spy buys London Evening Standard

Russian ex-KGB agent turned businessman Alexander Lebedev announced Wednesday the purchase of the London Evening Standard newspaper for the sum of £1.
Wednesday, January 21st 2009 - 20:00 UTC
Strong global growth only in two to three years says IMF

The International Monetary Fund will sharply cut growth forecasts this month and the world will not return to strong growth for two or three years, IMF Managing-Director Dominique Strauss-Kahn said on Wednesday.