Brazil metalworkers unions from the country's powerhouse, Sao Paulo state, have agreed to salary and working hours cuts in an attempt to save 16.300 jobs, according to industry sources.
Spanish pulp company ENCE confirmed to Uruguayan officials that they are freezing the construction of the one million plus tons plant project in Punta Pereira until they find an associate, but discarded any chances of abandoning the whole operation, reports the Montevideo press.
The Argentine economy expanded 4.9% in the last quarter of 2008 compared to the same period a year earlier and dropped 0.3% from the 2008 third quarter. This would mean the slowest expansion in five years, according to the latest figures released by the controversial Statistics Institute, Indec
Robert Mundell, the Nobel Laureate whose research helped set the foundation for the creation of the Euro, said the US and Europe should cooperate to prevent exchange-rate swings from worsening the global recession.
Japan's economy shrank at its sharpest pace in over three decades in the final quarter of 2008. The global financial storm and languishing overseas demand dealt a stunning blow to the export-driven economy and the world's second largest.
The British government will have to borrow almost £100 billion more than previously forecast as it tries to bring a deeper-than-expected UK recession under control, business leaders warned.
The head of Britain's Financial Services Authority (FSA) has admitted that the watchdog did not focus enough on the excessive risks being taken by banks.
Ecuador won't pay bondholders 135 million US dollars in interest while it decides whether to default on a significant percentage of its foreign debt, deemed illegitimate by in audit, said on Saturday Finance minister Maria Elisa Viteri.
Spain's economy shrank by the most in more than 15 years in the fourth quarter in what may become the worst recession in half a century pushing the unemployment rate to the highest in Europe.
Shares in UK's Lloyds Banking Group, the company formed after its merger with HBOS, have tumbled after it said HBOS losses would be worse than expected.