Economy

Thursday, December 4th 2008 - 20:00 UTC
ECB lowers rate to 2.5%, but cautions about further cuts

European Central Bank President Jean Claude Trichet said on Thursday cutting interest rates too low or too fast could leave policy makers with few options to respond to a deepening recession.
Wednesday, December 3rd 2008 - 20:00 UTC
Ten Latam countries concentrate 9.6% of world cellular lines

Ten Latinamerican countries concentrate 388 million cellular phone lines, which is equivalent to 9.6% of the world's total 4.02 billion on service according to a release from multinational consultants Everis.
Wednesday, December 3rd 2008 - 20:00 UTC
Chile's “Exponaval” expects to sponsor 500 m USD in deals

Chilean president Michelle Bachelet officially opened Tuesday in Valparaiso the 2008 edition of the Exponaval fair, South America's most important naval industries event with the participation of 32 foreign delegations and 130 companies and organizations linked to maritime activities.
Wednesday, December 3rd 2008 - 20:00 UTC
“Technical recession” forecasted for Brazil early 2009

The Brazilian economy could suffer a contraction during two consecutive quarters at the end of 2008 and beginning of 2009, thus suffering a “technical recession” according to a report form Morgan Stanley released in New York.
Wednesday, December 3rd 2008 - 20:00 UTC
German auto industry heading for worst year since 1990

The German auto industry's leading trade group said Wednesday it expects 2009 car sales to be the worst since the reunification of the country in 1990 as the global financial crisis takes its toll on consumers and economic growth.
Wednesday, December 3rd 2008 - 20:00 UTC
Paraguay favours scrutinizing legality of foreign debt

Paraguay announced this week it has a “sincere” desire to study in depth “the origin and legality of its foreign debt” over the last decades, when the landlocked country was ruled by the Colorado party.
Wednesday, December 3rd 2008 - 20:00 UTC
Congress watchdog critical of US bail-out plan implementation

The 700 billion dollars bail-out of the US banking system is being carried out without adequate oversight, according to the General Accounting Office (GAO). The Congressional watchdog says that the US Treasury is failing to monitor whether banks have complied with requirements on executive pay.
Wednesday, December 3rd 2008 - 20:00 UTC
UK mortgage market receives £ 1 billion to stem repossessions

British Primer Minister Gordon Brown has moved to stem growing repossessions with a £1 billion package to allow struggling homeowners to defer mortgage payments for up to two years.
Tuesday, December 2nd 2008 - 20:00 UTC
Another black Monday for the stock markets calendar

Wall Street suffered one of its worst days Monday, slicing 680 points off the Dow Jones industrial average as fears of a recession, or even worse, were confirmed by the latest data. Not only did stocks end their last week's five-day winning streak, they erased more than half the gains and the Standard & Poor's 500 stock index one of the broadest market gauges, lost nearly 9%.
Tuesday, December 2nd 2008 - 20:00 UTC
Brazilian industrial production slides 1.7% during October

Brazilian industrial production fell in October as the global financial meltdown sent shock waves through Latin America's largest economy, the government said Tuesday.It was the largest drop since Decemeber 2006.