Economy

• Thursday, October 11th 2012 - 04:09 UTC

  S&P cuts Spain’s credit rating to BBB minus just above junk territory

  

  Standard & Poor's cut Spain's sovereign credit rating to BBB-minus, just above junk territory, citing a deepening economic recession that is limiting the government's policy options to arrest the slide.

• Wednesday, October 10th 2012 - 09:39 UTC

  One in eight people worldwide suffer from chronic hunger, says FAO

  

  One in eight people worldwide still suffers from chronic hunger, the UN's food agency said on Tuesday, describing the figure as “unacceptable” and warning that the fight against hunger was slowing down.

• Wednesday, October 10th 2012 - 09:29 UTC

  With hunger, the only acceptable number is ”zero”

  

  By Jose Graziano da Silva, Director General of the UN Food and Agriculture Organization - Achieving the first Millennium Development Goal (MDG) of halving the prevalence of hunger in the world by 2015 is still within reach, but a strong, sustained acceleration of efforts is needed. Progress made in the fight against hunger since the middle of the last decade has lost steam, and it is time to regain momentum.

• Wednesday, October 10th 2012 - 09:07 UTC

  IMF estimates Argentina 2012 growth below government target but above private forecasts

  

  Argentina will grow 2.6% in 2012 according to the IMF latest World Economic Outlook, which is below the 3.4% estimated by President Cristina Fernandez administration for this year’s budget.

• Wednesday, October 10th 2012 - 08:49 UTC

  ‘Hour of reckoning’ speech for Cameron’s future at Tory conference

  

  Britain must cut its budget deficit and fix its economy or face long-term decline, Conservative Prime Minister David Cameron will say on Wednesday, seeking to convince voters that his austerity plan is the only way forward.

• Wednesday, October 10th 2012 - 08:13 UTC

  Foreign exchange clamp forces Argentine province to pay dollar bonds in pesos

  

  The foreign exchange clamp in Argentina is reaching the provinces, one of which at least was unable to honor maturing bonds in dollars and made the payment in Argentine Pesos.

• Wednesday, October 10th 2012 - 08:05 UTC

  Argentine security forces reject government offer and continue conflict

  

  Argentina Coast and Border Guards voted on Tuesday to continue with the eight day conflict after they considered ‘insufficient’ the government’s reply to their demands of higher salary and improved working conditions.

• Tuesday, October 9th 2012 - 21:21 UTC

  Australia becomes world’s 12th economy ahead of Spain, Korea and Mexico

  

  Australia has become the world's 12th biggest economy as it continues to out-grow recession-ravaged parts of Europe. New figures from the IMF confirmed Australia had replaced Spain as the 12th biggest economy as measured by GDP at market exchange rates.

• Tuesday, October 9th 2012 - 21:07 UTC

  World Bank further lowers China’s growth prospect as Euro zone and US falter

  

  World Bank has lowered its growth forecast for China citing weak demand for its exports and lower investment growth. The bank said it expects China's economy to grow by 7.7% this year, down from its projection of 8.2% in May.

• Tuesday, October 9th 2012 - 20:34 UTC

  Economic downturn in Spain: Red Cross to make first ever public appeal

  

  The Red Cross is to make its first ever public appeal in Spain to help those affected by the economic crisis. It will ask Spanish people to donate money to help 300.000 of the most vulnerable people.