Economy

• Sunday, October 9th 2011 - 09:40 UTC

  IDB has 3bn dollars reserve fund in the event of a major global crisis

  

  The Inter American Development Bank, IDB, has a special reserve for emergency loans of 3 billion dollars “in the event of a major global financial crisis”, said Roberto Vellutini, IDB Vice-president following meetings in Paraguay.

• Sunday, October 9th 2011 - 07:23 UTC

  World Bank calls on Germany to take stronger political leadership in Euro crisis

  

  The World Bank has called on Germany to take a stronger political leadership role in Europe in order to end the Euro zone debt crisis.

• Sunday, October 9th 2011 - 07:20 UTC

  Chilean controversial Patagonia mega-dam project to be appealed at Supreme Court

  

  A Chilean appeals court in Puerto Montt voted 3 to 1 to reject seven lawsuits brought against the proposed controversial HidroAysén hydroelectric mega-dam approved by the Chilean government on May 9 of this year.

• Saturday, October 8th 2011 - 08:39 UTC

  Brazil’s inflation above target and at its highest annually since May 2005

  

  Annual inflation in Brazil hit a six-year high in September, government data showed on Friday. The benchmark IPCA consumer price index rose 7.31% in the 12 months through September -- above the official target range ceiling of 6.5% for the sixth straight month and the highest 12-month rate since May 2005.

• Saturday, October 8th 2011 - 08:20 UTC

  Chronicle of a foretold cut: Fitch downgrades Italy and Spain’s credit rating

  

  Fitch cut on Friday Italy's sovereign credit rating by one notch and Spain's by two, citing a worsening of the Euro zone debt crisis and a risk of fiscal slippage in both countries. Fitch cut Italy's rating to A+ from AA- and lowered Spain to AA- from AA+.

• Saturday, October 8th 2011 - 08:16 UTC

  Moody’s downgrades 12 UK finance firms on fears BoE will not rescue weak banks

  

  Moody's has downgraded the credit rating of 12 UK financial firms including Lloyds TSB, RBS, Nationwide and Santander UK. The ratings agency said it now believed the government was less likely to support firms that got into trouble.

• Friday, October 7th 2011 - 22:21 UTC

  Predominance of Chinese demand rattles Chile’s economic prospects

  

  Even when the price of copper, Chile’s number one export, only begun to recover Friday of continued consecutive falls, in September and the first week of October the red metal reached its lowest level in 14 months.

• Friday, October 7th 2011 - 18:08 UTC

  IMF tells Latam to be prepared for a “triple shock”, in the worst of scenarios

  

  Latin American policy makers must be prepared to use interest rate cuts and consider fiscal measures to protect their economies in the event that the global economy stalls, the International Monetary Fund said.

• Friday, October 7th 2011 - 18:04 UTC

  US September job figures bring sigh of relief to markets

  

  US employment grew more than expected in September and job gains for the prior months were revised higher, according to a government report, released Friday, that could ease fears the economy was heading into recession.

• Friday, October 7th 2011 - 17:59 UTC

  Argentina confident it can cope with a “global contraction”

  

  Argentina has the ability to sustain its economic growth amid a slowdown in the global economy, thanks to domestic demand and trade with other South American nations, said Deputy Economy Minister Roberto Feletti.