Economy

Tuesday, November 18th 2008 - 20:00 UTC
Cash strapped Ford and GM sell stakes in Mazda and Suzuki

Troubled US carmaker Ford Motor is selling a 20% stake in Japan's carmaker Mazda Motor. The announcement follows General Motors decision to sell its 3% stake in carmaker Suzuki for 230 million US dollars to raise cash.
Tuesday, November 18th 2008 - 20:00 UTC
As recession advances US wholesale prices fall 2.8% in October

Falling energy costs meant US wholesale prices dropped by 2.8% in October, the biggest one-month decline since records began more than 60 years ago. The larger-than-expected fall was triggered by a 12.8% drop in energy prices, the biggest monthly decline for 22 years.
Tuesday, November 18th 2008 - 20:00 UTC
Two months Xmas leave for crew short Australian Navy

Christmas has come early to Australian sailors after the country's navy ordered an extended two-month holiday in response to staff shortages and a drive to attract and retain sailors with a better work-life balance.
Tuesday, November 18th 2008 - 20:00 UTC
Shareholders unite: Barclays cancels directors' bonuses

Britain's Barclays PLC has said that executive directors will not receive any annual bonus this year as the bank seeks to pacify investors over its £7 billion fundraising. The bank also announced that all members of its board, including chief executive John Varley and investment banking boss Bob Diamond, are to be put up for re-election at its AGM next April.
Tuesday, November 18th 2008 - 20:00 UTC
UK inflation drops fastest rate in 16 years; deflation fears

Inflation in the United Kingdom is dropping at its fastest rate for 16 years thanks to falling fuel prices. The Consumer Prices Index (CPI) slowed to 4.5% in October from 5.2% the previous month.
Monday, November 17th 2008 - 20:00 UTC
Crucial week for the survival of US auto industry

United States president-elect Barack Obama said all parties involved in the US auto industry should come together to formulate an economic survival plan.
Monday, November 17th 2008 - 20:00 UTC
Japan and Hong Kong officially accept they are in recession

Japan's economy has entered its first recession since 2001 after shrinking by 0.1% in the third quarter. The world's second-biggest economy had previous shrunk by 0.9% in the April to June quarter.
Monday, November 17th 2008 - 20:00 UTC
IMF calls for more funding to help with global recovery

The head of the International Monetary Fund says it will need more funding if it is to play a bigger role in aiding a global economic recovery.
Monday, November 17th 2008 - 20:00 UTC
Punta Arenas promotes rhubarb as an alternative crop

Magallanes Region is promoting rhubarb as an alternative crop for local small farmers and garden plots in the south of Chile where climate conditions are described ideal for the plant.
Monday, November 17th 2008 - 20:00 UTC
Magallanes economy recovers dynamism expands 4.7% in Q3

Magallanes Region in the extreme south of Chile had a positive performance of 4.7% in the third quarter of the year breaking with a sliding tendency since the huge methanol complex close to Punta Arenas was forced to cut production because of insufficient supply of Argentine natural gas.