Economy

Friday, August 7th 2009 - 07:02 UTC
ECB says recession is “bottoming out” and predicts positive growth in 2010

The European Central Bank (ECB) has said on Thursday it expects to see growth returning to the global economy next year as it kept interest rates on hold at 1%. However economic activity is likely to remain weak this year.
Friday, August 7th 2009 - 03:38 UTC
Bank of England pumps an additional £ 50 billion to the economy

The Bank of England’s Monetary Policy Committee decided on Thursday to maintain the official bank rate paid on commercial bank reserves at 0.5% and voted to boost the money supply with an additional £ 50 billion to £ 175 billion to aid the flagging UK economy. The announced program is expected to take another three months to be completed.
Thursday, August 6th 2009 - 16:38 UTC
Argentina tries to replace Colombia as supplier of vehicles to Venezuela

Argentina's car and car part manufacturers will travel to Venezuela next week to attempt to capitalize on Venezuela decision to cancel imports from neighboring Colombia. The trade mission will be led by Argentine President Cristina Fernandez de Kirchner, the Production Minister said in a press release Wednesday.
Thursday, August 6th 2009 - 16:17 UTC
Soaring bad debts at Lloyds Banking Group but “worst is over”

Lloyds Banking Group which has been partly nationalized by the British government blamed soaring bad debt charges of £13.4 billion on reckless lending at HBOS, but predicted the worst is over.
Thursday, August 6th 2009 - 16:14 UTC
China appeases peasants with partly subsidized new pension scheme

The Chinese government is to introduce a new pension scheme for the country's hundreds of millions of rural workers. The minister for social security announced that a trial scheme would be extended across China by October.
Wednesday, August 5th 2009 - 12:39 UTC
Lula da Silva boasts Brazil now advises the IMF

President Lula da Silva said that Brazil is climbing out, and strengthened, from the deep global financial crisis and underlined that “Brazil is now advising the International Monetary Fund, IMF”.
Tuesday, August 4th 2009 - 10:44 UTC
Argentina pays bond and seeks to return to global capital markets

Argentina paid creditors a total of 2.25 billion dollars on government-issued debt Monday, as it sought to shed the last vestiges of its 2001 default and return to the financial mainstream. Economy Minister Amado Boudou said the payment, or coupon, had been made to holders of dollar-denominated Boden 2012 bonds -- meeting a debt obligation that aims to boost confidence.
Tuesday, August 4th 2009 - 10:34 UTC
US July Ford, Subaru and Hyundai sales up; GM Chrysler down

United States vehicle sales were mixed in July, with Ford seeing sales rise compared to a year earlier while both Chrysler and GM posted a fall. Asian car manufacturers also saw varied US sales, with Subaru and Hyundai sales up while Honda and Toyota both posted falls year-on-year.
Tuesday, August 4th 2009 - 09:33 UTC
Two UK main banks report combined half year profits of £ 6 billion

British banks Barclays and HSBC have shrugged off the near-collapse of the financial system to report combined half-year profits of almost £6 billion. The duo - which both avoided taxpayer support at the height of last autumn's crisis - posted profits of nearly £3 billion each, mainly due to strong investment banking results.
Tuesday, August 4th 2009 - 09:15 UTC
Protecting UK bank savers from the credit crisis reached £ 21 billion

The cost of protecting United Kingdom savers during the credit crisis has been revealed by the body set up to compensate victims of banking collapses.