Economy

• Thursday, October 1st 2009 - 15:58 UTC

  UK leading banks accept international-agreed curbs on bonuses

  

  Britain's five biggest banks have signed up to new internationally-agreed curbs on bonuses, it has been announced. Chancellor Alistair Darling welcomed the decision by the banks to accept the principles agreed last week at the G20 summit in Pittsburgh.

• Thursday, October 1st 2009 - 10:52 UTC

  Wealth of US richest 400 down 330 billion USD

  

  The collective wealth of the richest 400 US citizens has fallen by 300 billion US dollars over the past year, according to the latest Forbes 400 rich list. With downturn in the financial markets and wider economy taking its toll, this is an annual decline of 19%.

• Thursday, October 1st 2009 - 08:07 UTC

  Argentina recovering from the global crisis, says World Bank

  

  Argentina's economy is recovering from the global financial crisis in step with the international community, Augusto de la Torre, chief economist of the World Bank, said during a conference in Miami.

• Thursday, October 1st 2009 - 05:35 UTC

  Argentine Catholic Church says human rights are violated by extreme poverty

  

  Primate Cardinal Jorge Bergoglio blasted the Argentine government saying “the social debt violates all the rights of the citizens to develop a full and active life.” Argentina's leading bishop added that “human rights are not only violated by acts of terrorism, but also by extreme poverty”.

• Thursday, October 1st 2009 - 05:33 UTC

  The crisis is still here: IMF warns loan losses could rise forced by unemployment

  

  The International Monetary Fund lowered its estimate for global write-downs for banks and other financial institutions to roughly 3.4 trillion US dollars but warned that loan losses could rise in the face of stubbornly high unemployment and associated delinquencies.

• Wednesday, September 30th 2009 - 13:31 UTC

  Kirchners “surrendered” to the IMF, says leading Argentine economist

  

  Argentina surrendered to the IMF during the last G20 summit having admitted that the international multilateral organization will be monitoring the country’s economic program during the next fiver years, said economist Jose Luis Espert.

• Wednesday, September 30th 2009 - 07:59 UTC

  Britain’s second quarter performance not as bad as expected

  

  The recession in Britain was not as deep as previously feared between April and June, official figures have confirmed. UK output shrank by 0.6% during the quarter - the second upward revision to official figures since July - the Office for National Statistics (ONS) said.

• Wednesday, September 30th 2009 - 07:20 UTC

  World Bank predicts ten million will fall into poverty in Latinamerica

  

  The World Bank forecasts that about ten million people will join the ranks of the poor in Latin America this year as a result of the global economic slowdown, reversing social gains since 2002.

• Wednesday, September 30th 2009 - 07:16 UTC

  Major reshuffle in Spanish bank with strong interests in Latinamerica

  

  Spain's second-largest bank BBVA announced on Tuesday it was replacing its widely-respected CEO but confirmed that its powerful chairman Francisco Gonzalez was staying in place.

• Wednesday, September 30th 2009 - 02:55 UTC

  Latinamerica will need 400 billion USD in new capital next year

  

  Latinamerica will need to borrow 400 billion US dollars next year to compensate the lack of national capital and to help reactivate its economy after the downturn, according to Pamela Cox, World Bank vice-president for Latinamerica.