Economy

Monday, December 22nd 2008 - 20:00 UTC
China reacts to negative Nov: fifth rate cut in 3 months

China cut interest rates for a fifth time in three months on Monday in its latest efforts to rev up the economy. The one-year lending rate will drop by 0.27 percentage points to 5.31% and the deposit rate by the same amount to 2.25%, the People's Bank of China said on its Web site.
Sunday, December 21st 2008 - 20:00 UTC
Latam's six year sustained growth grinds to a halt

After six years of strong performance, Latin American and Caribbean economies will slow considerably next year as the global economic meltdown takes its toll on the region and unemployment rises, a United Nations agency for economic development announced last Friday.
Sunday, December 21st 2008 - 20:00 UTC
UK ministers consider £ 500 million loan to Jaguar Land Rover

The British cabinet is weighing up a direct loan worth hundreds of millions of pounds to ailing car maker Jaguar Land Rover it was reported over the weekend in the London press. Business Secretary Lord Mandelson could approve a £500 million loan to the company, which employs around 15,000 people in the UK, the Sunday Times claimed.
Saturday, December 20th 2008 - 20:00 UTC
Big Three rescue loan brings relief but is no handout

Citing imminent danger to the US economy, President Bush ordered Friday an emergency bailout of the US auto industry Friday, offering 17.4 billion USD in rescue loans and demanding tough concessions from the deeply troubled carmakers and their workers.
Saturday, December 20th 2008 - 20:00 UTC
Brazilian beef exports in November drop by 33%

Brazil beef exports dropped 33% during November following a significant contraction in global demand because of the world recession, according to the industry.
Saturday, December 20th 2008 - 20:00 UTC
Global contraction in 2009, first time in decades says IIF

The global economy likely will contract next year for the first time in decades as the credit crunch bites, according to the Institute of International Finance (IIF), a Washington-based association representing more than 375 of the world's major banks and financial institutions.
Saturday, December 20th 2008 - 20:00 UTC
Ecuadorean bankers concern about “financial stability”

Members of Ecuador's private banking sector expressed concern Friday that recent government financial decisions and overall policies, together with the global crisis, are putting the country's financial system in jeopardy.
Friday, December 19th 2008 - 20:00 UTC
Uruguay's record wheat crop nightmare for farmers' pockets

Uruguay expects this year its largest wheat harvest on record, 1.3 million tons including 900.000 for export, according to a report from the Agriculture Ministry Planning and Policies Office, OPYPA.
Thursday, December 18th 2008 - 20:00 UTC
Hedge fund fraud king with house arrest and electronic tag

Bernard Madoff, the hedge fund boss accused of a 50 billion US dollars fraud, has put up 10 million bail and in effect been placed under house arrest. Mr Madoff turned up at New York's federal court to sign some papers but did not answer reporters' questions.
Thursday, December 18th 2008 - 20:00 UTC
Rescue plan discussions for British icons Jaguar-Land Rover

British car manufacturer Jaguar Land Rover is in discussions with the government over a state bail out, Peter Mandelson has announced.