Economy

• Thursday, September 11th 2008 - 21:00 UTC

  Peru tries to cool fastest growing regional economy

  

  The Peruvian Central Bank raised on Thursday its benchmark interest rate to 6.5% from 6.25%, the latest of several measures to curb inflation. The announcement followed a release from the Ministry of Economy and Finance saying the economy had expanded in July at an estimated 8.9% boosted y by domestic demand and construction industry.

• Wednesday, September 10th 2008 - 21:00 UTC

  Brazilian economy expanded 6% in the first half of 2008

  

  Brazil's economy expanded 6.1% in the second quarter of 2008 compared to the same period a year ago and 1.6% over the previous quarter, according to the latest release from the Brazilian Geography and Statistics Institute, IBGE. Similarly in the first half of this year Brazil's GDP increased 6% compared to the same period a year ago.

• Wednesday, September 10th 2008 - 21:00 UTC

  China trade surplus hits new record in August: 28.7 b. USD

  China's trade surplus hit a monthly record of 28.7 billion US dollars in August, despite weaker world demand. Other official data showed consumer inflation in the month decreased considerably to a 14 month low of 4.9%.

• Wednesday, September 10th 2008 - 21:00 UTC

  Norway blacklists Rio Tinto over environment concerns

  

  Norway is banning its sovereign wealth fund from investing in Anglo-Australian mining firm Rio Tinto because of environmental concerns. The country's Finance minister Kirsten Halvorsen said the 875 million US dollars stake held by the country's “oil fund” would be sold.

• Wednesday, September 10th 2008 - 21:00 UTC

  Lehman almost KO and no “white knight” on sight

  

  Troubled US investment bank Lehman Brothers has reported a massive third quarter net loss and outlined radical plans to strengthen its finances.

• Tuesday, September 9th 2008 - 21:00 UTC

  Brazil/Argentina bilateral trade to abolish US dollar

  

  Brazilian and Argentine presidents Lula da Silva and Cristina Fernandez de Kirchner signed on Monday an agreement which officially launches the use of their countries currencies for bilateral trade instead of the US dollar.

• Tuesday, September 9th 2008 - 21:00 UTC

  Brazil market slumps and Real declination period forecasted

  Brazil's Bovespa index fell 4.5% on Tuesday and the lowest level in a year as prices for top commodity exports slumped and Finance minister Guido Mantega predicted the currency will extend its steepest monthly decline since 2002.

• Monday, September 8th 2008 - 21:00 UTC

  IMF praises US decision to take over mortgage agencies

  

  The United States government decision to place its leading mortgage agencies into conservatorship “will help support markets and by extension the economic and financial situation” said International Monetary Fund Managing Director Dominique Strauss-Kahn in a Monday release.

• Monday, September 8th 2008 - 21:00 UTC

  Global markets rallied in support of US mortgage move

  

  Global shares rallied on Monday after the US government said it was taking over troubled mortgage lenders Freddie Mac and Fannie Mae. Investors hoped the largest bail-out in US history would prop up the country's housing market and ultimately help to end the credit crunch, analysts said

• Sunday, September 7th 2008 - 21:00 UTC

  US government takes control of mortgage guarantee system

  

  President George Bush announced mortgage giants Freddie Mac and Fannie Mae have been taken over because they posed “an unacceptable risk” to the economy. The two companies account for nearly half of the outstanding mortgages in the US, and have lost billions of dollars during the US housing crash.