Economy

• Friday, October 28th 2011 - 04:42 UTC

  Brazil encouraged by Europe’s plan announcement but wants to look at details

  

  Brazil's government is encouraged by Europe's announcement of a plan to resolve the nagging debt crisis, though more details are needed on the proposal to determine its viability, Brazilian Finance Minister Guido Mantega said Thursday.

• Thursday, October 27th 2011 - 23:34 UTC

  Euro zone largest bank profits down as bad loans in Spain keep growing

  

  The Euro zone's biggest bank Santander said it expected bad loans in Spain to keep on growing as Spaniards, blighted by unemployment and heavy mortgage debt, fall into arrears on payments.

• Thursday, October 27th 2011 - 23:31 UTC

  China ready to support Euro rescue fund and held stabilize global markets

  

  French president Nicolas Sarkozy conferred with his Chinese counterpart Hu Jintao as European policy makers seek to build support for an enlarged rescue fund designed to resolve the region’s sovereign-debt crisis.

• Thursday, October 27th 2011 - 23:22 UTC

  Obama upbeat with the EU deal and improved performance of the US economy

  

  President Barack Obama said on Thursday that European Union leaders have laid “a critical foundation” to solve the Euro zone debt crisis with their deal announced Wednesday evening.

• Thursday, October 27th 2011 - 20:09 UTC

  Wall Street growing insider trading scandal catches another big fish

  

  Ex-Goldman Sachs director Rajat Gupta has turned himself in to the FBI and pleaded not guilty in court to securities fraud before being freed on a 10 million dollars bail.

• Thursday, October 27th 2011 - 15:50 UTC

  Brazilian central bank suggests ‘moderate’ cuts to interest rates

  

  Brazil’s central bank said slowing global growth will have a large enough disinflation impact and allow policy makers to carry out “moderate” cuts to interest rates.

• Thursday, October 27th 2011 - 15:43 UTC

  Argentine insurance companies ordered to repatriate foreign investments

  

  In a further attempt to ease the pressure on the dollar and decrease the outflow of the Central Bank's foreign currency reserves, the Argentine government ordered insurance companies to repatriate their foreign investments.

• Thursday, October 27th 2011 - 06:05 UTC

  EU leaders reach a deal on Greek debt and boosting bailout fund to 1.4 trillion

  

  European Union leaders announced an agreement early Thursday in Brussels on debt crisis measures including a hard-fought deal with private sector investors to write down Greek bonds by 50%.

• Thursday, October 27th 2011 - 05:58 UTC

  World Bank forecasts Latam growth of 3.5% to 4% this year and 4% in 2012

  

  Latin America’s economy is forecasted to grow between 3.5% and 4% this year, which is less than previous estimates before the current global financial crisis, said World Bank representative for the region, Pamela Cox.

• Thursday, October 27th 2011 - 05:52 UTC

  In anticipation of global crisis World Bank extends 260m loan to Uruguay

  

  The World Bank Board approved a 260 million dollars loan to support the Uruguayan government’s reform program in order to consolidate growth with social equity and provide a line of financing to address the impact of the current uncertainty in global economic affairs.