Economy

• Friday, May 7th 2010 - 00:47 UTC

  Greek Contagion Threatens South Europe and UK Banks Warns Rating Agency

  

  Banks in the United Kingdom and Europe risk their credit ratings being damaged because of “contagion” from Greece's debt crisis, a ratings agency has warned. Moody's said banking systems faced “very real, common threats” if doubts were raised about their governments' abilities to pay debts. It referred specifically to UK, Irish, Italian, Portuguese and Spanish banking systems.

• Friday, May 7th 2010 - 00:40 UTC

  IMF Chief to visit Latin America, “Region Brimming with Energy and Promise”

  

  IMF Managing Director Dominique Strauss-Kahn will travel to Brazil and Peru from May 25-28 to meet with government leaders, leading figures from the private sector, and with students and academics as part of efforts to engage more closely with stakeholders in the region.

• Thursday, May 6th 2010 - 05:35 UTC

  Brazil Announces Financial Institution to Promote and Finance Exports

  

  Brazil on Wednesday announced long-awaited measures to boost exports at a time when the trade surplus in Latin America's largest economy is shrinking rapidly on a yearly basis. The government will create a lender, named EXIM Brasil, to help finance exports.

• Thursday, May 6th 2010 - 03:00 UTC

  Bad Signal: Spanish Government and Opposition Remain on Collision Course

  

  The Spanish government and opposition made on Wednesday an attempt to join forces against the country's economic crisis amid international concern that Spain could be heading for a Greek-style meltdown.

• Thursday, May 6th 2010 - 02:59 UTC

  Uruguay’s April Annualized Inflation above the 7% Target

  

  Uruguay’s April consumer inflation reached its highest level in thirteen months and for the second month running was above the 7% annual target, according to the latest report from the Statistics Institute.

• Wednesday, May 5th 2010 - 21:28 UTC

  Fresh Volcanic Ash Cloud Delay Hundreds of Flights in Scotland and Ireland

  

  Thousands of passengers are facing long delays after airports in Scotland and Ireland closed because of a fresh cloud of volcanic ash from Iceland. Flights have been grounded in Glasgow, Prestwick and Derry since 0700 BST, while the airspace over Dublin, Belfast and Edinburgh has also since closed.

• Wednesday, May 5th 2010 - 06:35 UTC

  Greek Aid Package Hard to Sell: Stock Markets World Wide Fall Sharply

  

  Stock markets fell sharply Tuesday as concerns about high levels of European government debt continue to shake investor confidence. The Euro fell to a 13-month-low against the dollar, dropping to 1.3004, after earlier slipping below the 1.30 mark.

• Wednesday, May 5th 2010 - 06:33 UTC

  Australia Raises Interest Rate for the Sixth Time in Eight Months

  

  Australia's central bank has raised interest rates for the sixth time in eight months as the country's economy continues to recover. The target interest rate is now at 4.5%—up from 3% in October last year.

• Wednesday, May 5th 2010 - 06:28 UTC

  EU Anticipates Further Regulation for Credit Rating Agencies

  

  A European Commissioner has warned it may be necessary to further regulate the role of credit rating agencies. Michel Barnier, in charge of revamping financial services, told the European Parliament he had been surprised by the rapid deterioration of Greece's rating.

• Wednesday, May 5th 2010 - 06:14 UTC

  China’s Tightens Credit, Pushes Stock Markets to their Lowest in Seven Months

  

  China's stocks fell on Tuesday sending the benchmark index to the lowest in seven months, on concern ordering banks to set aside more reserves won't be enough to avert asset bubbles in the world's third-largest economy.