The chairman of one of the world's leading banks headquartered in London, HSBC, Stephen Green has said that the current financial rules must be fundamentally revised as they had deepened the financial crisis.
The global economic crisis is expected to lead to a dramatic increase in the number of people joining the ranks of the unemployed, working poor and those in vulnerable employment, the International Labour Office (ILO) said in its annual Global Employment Trends report released on Thursday.
China admitted the global financial crisis has had a rather big impact on its economy and Russia warned of over relying on the US dollar as a reserve currency, at the major World Economic Forum meeting in Davos, Switzerland.
Holders of 15.1 billion pesos (4.3 billion US dollars) of Argentine local debt agreed to swap the securities for longer-term bonds in an exchange the government set up to help cover its growing financing needs.
US carmaker Ford reported this week the biggest full-year loss in its history, but said it still was not going to ask for government loans. Ford said its net loss for the fourth quarter of 2008 was 5.9 billion dollars, and 14.6 billion for the whole year.
Uruguay's trade deficit trebled during the first eleven months of 2008 compared to the same period in 2007, although November registered a slight ease in the imports' strong annual impetus, according to the latest release from the Central Bank.
Uruguay mutton and lamb exports totaled 19.647 tons in the first ten months of 2008, mainly to Mercosur, European Union and the Middle East, according to reports from the country's National Meat Institute.
Germany's cabinet sealed a multi-billion stimulus package on Tuesday aimed at hauling Europe's biggest economy out of what is feared could be its worst slump for six decades.
US President Barack Obama has called for urgent action on his 825 billion US dollars economic recovery plan, saying the American people expect it. Republican lawmakers are increasingly vocal in opposing the bill, complaining it is too expensive and unworkable.
Two law firms have filed a class action lawsuit in the United States against Spain's Banco Santander and one of its subsidiaries to recover money lost in an alleged $50 billion Ponzi scheme orchestrated by U.S. financier Bernard Madoff.