Economy

Thursday, November 6th 2008 - 20:00 UTC
ECB admits further rate cuts; claims of “too little, too late”

The European Central Bank cut interest rates by 50 basis points to 3.25% on Thursday and signalled another reduction was possible next month, as inflation pressures ease and the Euro zone faces its first recession.
Thursday, November 6th 2008 - 20:00 UTC
IMF: support efforts “take time”; fiscal stimulus needed

The International Monetary Fund World Economic Outlook (WEO) says prospects for global growth have deteriorated over the past month and will slow from 5% in 2007 to 3.75% this year and just over 2% in 2009.
Wednesday, November 5th 2008 - 20:00 UTC
Dramatic drop in maritime transport of commodities, says UNCTAD

A United Nations report released Tuesday shows that international seaborne trade surged to record levels last year but has since declined because of the financial crisis, jeopardizing the health of many developing countries, especially those that depend on commodities.
Wednesday, November 5th 2008 - 20:00 UTC
China, Taiwan sign landmark trade and transport agreements

China and Taiwan signed this week landmark agreements to improve direct trade and transport links, following the highest-level Chinese visit in decades. The agreements are set to triple the number of weekly direct passenger flights and allow cargo shipments between ports in China and Taiwan. They also aim to improve the postal service and food safety.
Wednesday, November 5th 2008 - 20:00 UTC
Patagonian fungi produces “myco-diesel” from cellulose

A unique fungus that makes diesel compounds directly from cellulose has been discovered living in trees in the Patagonian rainforest. “These are the first organisms that have been found that make many of the ingredients of diesel,” said Professor Gary Strobel from Montana State University. “This is a major discovery.”
Wednesday, November 5th 2008 - 20:00 UTC
Uruguay resumes sales of live cattle and sheep to Egypt

Uruguay has resumed live animal sales to Egypt with a first shipment of 12.000 cattle and 40.000 sheep in late October. Egypt for years was an important client of Uruguayan beef and live animals but for several years the market had remained closed.
Tuesday, November 4th 2008 - 20:00 UTC
Profits down 34% at Marks & Spencer

Marks & Spencer's half-year profits have fallen by a third after sales suffered in the toughest conditions to hit the retailer since the early 1990s.
Tuesday, November 4th 2008 - 20:00 UTC
World Bank official warns on soaring number of poor in 09

The world financial crisis influenced by the high prices of food and fuel will cause global growth to drop 1 to 2%, together “with the emergence of millions of poor, a new underclass”, according to a top official from the World Bank.
Tuesday, November 4th 2008 - 20:00 UTC
Fitch predicts steepest GDP decline in leading countries

In its latest Global Economic Outlook, Fitch Ratings predicts that the world's major advanced economies - US, UK, Euro Zone and Japan - will experience in 2009 the steepest decline in GDP since World War II. In aggregate GDP growth in these countries is expected to be (minus) -0.8% in 2009, compared to an estimated 1.1% for 2008. Tighter credit conditions, consumer retrenchment and falling corporate investment are expected to combine to deliver an unusually synchronised downturn across the advanced economies.
Tuesday, November 4th 2008 - 20:00 UTC
FT gives high marks to Latinamerica's banking system

Latinamerica's financial system has passed the Financial Times test. In an article under the headline of “Latinamerica sidesteps the worst of crisis”, FT correspondents in Sao Paulo and Mexico City elaborate on the region's banking industry and how “by accident and design” in spite of a long history of turbulence, it is weathering the global crisis.

Maybe because of the relatively small size of the system, but definitively because regulations and close monitoring have helped Latinamerican banks stay away “from all those toxic products” that damaged US banks.