Economy

Wednesday, November 12th 2008 - 20:00 UTC
Petrobras admits cash strapped to develop ambitious expansion

Brazilian government managed oil company Petrobras announced on Tuesday that net income rose 96% in the third quarter thanks to a stronger US dollar and increased production. However this did not prevent shares from sliding 14% on Wednesday trading because of falling oil prices and the expanding global financial crisis.
Wednesday, November 12th 2008 - 20:00 UTC
Paulson changes focus of bail out plan to spur liquidity

The 700 billion US dollars bail-out package has already “clearly helped stabilise” the financial system, US Treasury Secretary Henry Paulson said on Wednesday but he also warned there were still many challenges ahead and market turbulence was likely to continue for some time.
Wednesday, November 12th 2008 - 20:00 UTC
UK “very likely” in recession; 11–year high unemployment

Unemployment in the United Kingdom hit an 11-year high as the Bank of England signalled that interest rates could plunge to record lows to lift the economy out of recession which is “very likely” already in recession.
Tuesday, November 11th 2008 - 20:00 UTC
Santander bank announces 7.2 billion Euro rights issue

Spain's banking giant Santander - which owns UK's Abbey, Alliance & Leicester and Bradford & Bingley's savings business - has announced a 7.2 billion Euro rights issue to raise new capital and shore up its capital ratio.
Tuesday, November 11th 2008 - 20:00 UTC
Argentina still planning to repay Paris Club debt

Argentina is still planning to use its foreign exchange reserves to repay defaulted debt to the Paris Club of creditor nations, according to the club's chairman Xavier Musca.
Tuesday, November 11th 2008 - 20:00 UTC
Financial summit is “a promising start” says Lula da Silva

Brazilian President Lula da Silva said on Tuesday in Italy he did not expect major results from the meeting of 20 nations in Washington to discuss the global financial crisis on November 15, but “it's a promising start”.
Tuesday, November 11th 2008 - 20:00 UTC
Cooling of China's imports concerns trade partners

China's trade surplus rose to 35.2 billion US dollars in October, hitting a record for a third month in a row, data shows. The surplus rose 20% from September's 29.36 billion high, according to data from the Customs Department in Beijing.
Monday, November 10th 2008 - 20:00 UTC
Venezuela and Russia strengthen links in mining and finance

Russia and Venezuela have signed 15 co-operative agreements in the financial, industrial, mining, aerospace, energy and communications, which include a joint venture with Russian aluminium giant RusAl building a production facility in Venezuela.
Monday, November 10th 2008 - 20:00 UTC
Argentina's prospects for 2009: flat growth and 20% inflation

The Argentine economy is forecasted to experience in 2009 almost flat growth, inflation above 20%, unemployment closing on two digits and the US dollar in the range of 3.8 to 4 pesos according to the opinion of several economists.
Monday, November 10th 2008 - 20:00 UTC
Further hints of tax cuts in UK to fight recession

Tax cuts could be used to push the United Kingdom out of recession, Prime Minister Gordon Brown has said, amid mounting speculation they will be included in the upcoming Pre-Budget Report.