Economy

• Friday, December 11th 2009 - 07:54 UTC

  S&P downgrades Spain’s credit outlook to negative from stable

  

  Spain has had its credit outlook cut to negative from stable by the ratings agency Standard & Poor's. The agency said Spain faced a deeper deterioration in public finances and a longer period of economic weakness than it had previously expected.

• Friday, December 11th 2009 - 07:51 UTC

  US extends bail-out fund until October next year “to assist American families”

  

  US Treasury Secretary Timothy Geithner has announced that the 700 billion US dollars financial bail-out fund will be extended until October next year.

• Friday, December 11th 2009 - 07:47 UTC

  Bank of England leaves rates and QE program unchanged

  

  The Bank of England has held UK interest rates at the record low of 0.5% in a widely-expected move. It also announced no changes to its program of pumping newly-created money into the economy - so-called quantitative easing (QE).

• Friday, December 11th 2009 - 07:44 UTC

  UK Chancellor warned about spending cuts and budget deficit targets

  

  United Kingdom Chancellor Alistair Darling was warned he must find £36 billion in new spending cuts if the British Government is to meet its commitment to halve the budget deficit over the next four years.

• Friday, December 11th 2009 - 07:42 UTC

  Weak dollar helps US October exports rise 2.6%, highest level in almost a year

  

  The United States trade deficit unexpectedly narrowed in October as exports rose to their highest level in almost a year, official figures have shown. The deficit fell to 32.9 billion US dollars, 7.6% lower than September's downwardly revised 35.7 billion

• Thursday, December 10th 2009 - 13:24 UTC

  Idle capacity and low inflation allow Brazil to keep basic rate unchanged

  

  Brazil’s central bank kept the benchmark Selic interest rate at a record low for the third straight meeting as inflation remains below target. The bank’s eight-member board, led by President Henrique Meirelles, voted unanimously on Wednesday to keep the overnight rate at 8.75%.

• Thursday, December 10th 2009 - 11:42 UTC

  Global food prices on the rise four months running, cautions FAO

  

  Global food prices are on the ascent again with the United Nations Food and Agriculture Organisation (FAO) Food Price Index – a food basket composed of cereals, oilseeds, dairy, meat and sugar – registering four straight monthly rises.

• Thursday, December 10th 2009 - 07:39 UTC

  Mercosur considering “sovereign fund” as protection against weak US dollar

  

  Fearful of the continued depreciation of the US dollar vis-á-vis other global currencies, Mercosur country members admitted one of the possibilities under consideration for the management of international foreign reserves is the creation of a kind of sovereign fund.

• Wednesday, December 9th 2009 - 14:41 UTC

  Mercosur summit committed to advance trade negotiations with Europe

  

  Mercosur is committed to advance trade negotiations with the European Union and expects to have drafted a viable position when leaders from Latinamerica and the Caribbean meet with their European Union counterparts next May for the Madrid summit.

• Wednesday, December 9th 2009 - 14:29 UTC

  Venezuelan top private bankers help to calm markets and depositors

  

  A two-week banking crisis in Venezuela seems to be settling down following President Hugo Chavez announcement that private banks will be respected but new rules to make the system more transparent and production-geared will begin to be enforced.