Economy

• Saturday, August 6th 2011 - 08:21 UTC

  Unasur ready for potential balance of payments deficit caused by the North’s crisis

  

  The Union of South American nations (Unasur), meeting in Peru Friday the region is well-positioned to withstand a sharper global downturn but want to insulate their economies further from a crisis of confidence they blame on Europe and the United States.

• Saturday, August 6th 2011 - 08:10 UTC

  The unthinkable has happened: S&P downgrades the US credit rating

  

  One of the top credit rating agencies, Standard & Poor's, has downgraded the United States' top-notch AAA rating for the first time ever. S&P cut the long-term US rating by one notch to AA+ with a negative outlook, citing concerns about budget deficits.

• Friday, August 5th 2011 - 20:06 UTC

  China calls for global cooperation to solve dollar and euro debt problems

  

  China's Foreign Minister called on Friday for more global cooperation to resolve US and Euro area debt problems as stock markets around the world tumbled on fears another financial storm may be developing.

• Friday, August 5th 2011 - 18:50 UTC

  Argentina blasts US and EU: only way out of crisis is expanding public spending

  

  Argentina's Deputy Economy Minister Roberto Feletti criticized the fiscal austerity measures being implemented in Europe and the US, saying those policies will only hurt the global economy.

• Friday, August 5th 2011 - 18:44 UTC

  US payroll data comes as a relief, but markets fear recession ‘round the corner’

  

  US job growth accelerated more than expected in July as private employers stepped up hiring, a development that could ease fears the economy was sliding into a fresh recession.

• Friday, August 5th 2011 - 08:14 UTC

  Unasur Finance ministers meet in Peru to address the glut of US dollars

  

  Unasur Finance ministers struggling to stop economic harm from several years of US dollar decline will seek to agree on a coordinated response when they meet Friday in Lima.

• Friday, August 5th 2011 - 08:05 UTC

  Developed countries “will try to pass the crisis down on us”, claims CFK

  

  Argentine President Cristina Fernández de Kirchner (CFK) referred to plummeting global markets and blasted developed countries for the potential consequences of the crisis. Economy minister Amado Boudou said Argentina was closely following events with concern.

• Friday, August 5th 2011 - 07:47 UTC

  Obama administration confident Geithner will remain in his job

  

  President Barack Obama’s senior advisers are confident Treasury Secretary Timothy Geithner will remain in his job even though he hasn’t made his intentions public, an administration official said.

• Friday, August 5th 2011 - 07:42 UTC

  Black Thursday in US and Europe turns into black Friday in Asia

  

  Asian stock markets have slumped on Friday, extending a global equity sell-off after Wall Street had its worst day in more than two years. Japan's main Nikkei 225 index shed 3.4% to 9,329.75. South Korea lost 4.2%, Australia slid 2.4% and China's Shanghai SE Composite Index was down 2%.

• Friday, August 5th 2011 - 07:39 UTC

  Latam markets suffer some of their worst losses since 2009

  

  Latin America’s main stock exchanges suffered strong losses on Thursday much in line with plunging world markets and reflecting contagion of growing uncertainties that the fragile global recovery is again on the verge of a recession.