Economy

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.
Monday, November 3rd 2008 - 20:00 UTC
Argentine top model accused of evading 2 million USD in taxes

Argentine international top model Valeria Mazza and husband Alejandro Gravier are under investigation by Argentina's Revenue Service, AFIP, for alleged tax evasion to the tune of two million US dollars, according to the Buenos Aires press.
Monday, November 3rd 2008 - 20:00 UTC
Global crisis creates Latam's biggest private bank

Brazilian bank shares soared on Monday after Banco Itau announced the purchase of Unibanco Holdings, a transaction that will create Latin America's biggest private banking firm. The stock transaction is valued in 12.5 billion USD.
Monday, November 3rd 2008 - 20:00 UTC
EU in recession: 0.1% growth in 09 and 0.9% in 2010

European Union finance ministers on Monday opened in Brussels two days of talks aimed at coordinating proposals for a new global financial order while prospects for the EU real economy continued to deteriorate.
Monday, November 3rd 2008 - 20:00 UTC
IMF says China remains “robust” but '09 is “difficult year”

China's economy will slow but should remain relatively strong and help to support the rest of Asia, the International Monetary Fund said on Monday, predicting a very difficult year for the global economy in 2009.
Sunday, November 2nd 2008 - 20:00 UTC
US regulators seize 17th bank of 2008; 117 with “problem”

Freedom Bank of Bradeton, Florida, in the United States became the 17th US bank to be seized by regulators in 2008, as the heaviest housing slump since the days of the “Great Depression” of the 1930 continues to trigger heaving losses.
Saturday, November 1st 2008 - 20:00 UTC
After massive package, Japan lowers rate to 0.3%

The Bank of Japan has cut its main interest rate from 0.5% to 0.3% - its first reduction for seven years. The move followed a global wave of rate cuts to contain the financial crisis. Japan has the lowest interest rates in the developed world.