Economy

Tuesday, January 20th 2009 - 20:00 UTC
British banking sector suffers devastating share losses

The bloodbath in the British banking sector continued apace on Tuesday as Lloyds Banking Group joined Royal Bank of Scotland in suffering further devastating share losses.
Tuesday, January 20th 2009 - 20:00 UTC
Record December inflation fall opens the way for deflation

United Kingdom deflation fears were heightened after official figures released on Tuesday showed the annual rate of inflation fell at its fastest pace in December since the recession of the early 1990s.
Monday, January 19th 2009 - 20:00 UTC
UK unemployment forecasted to soar to 3.4 million

The United Kingdom unemployment will soar to 3.4 million as the financial crisis deepens, experts predicted ahead of official figures set to show the scale of the jobs crisis rocking the economy.
Monday, January 19th 2009 - 20:00 UTC
Euro zone economy in recession will begin to recover in 2010

The Euro zone economy will shrink 1.9% in 2009 and grow by only 0.4% n 2010, the European Commission has forecast. The Commission said in a statement that the whole European Union was facing a “deep and protracted recession”.
Monday, January 19th 2009 - 20:00 UTC
Arab economic summit in Kuwait to address global recession

The global economic crisis has cost Arab countries 2,500 billion US dollars in the last four months alone, according to Kuwait's foreign minister.
Saturday, January 17th 2009 - 20:00 UTC
Argentine unions: supermarkets index for wage increases

The head of Argentina's powerful General Labour Confederation, Hugo Moyano said this week that when collective wage bargaining opens unions will seek salary hikes higher than the official inflation rate of 7.2% announced by the state-run INDEC statistics office.
Friday, January 16th 2009 - 20:00 UTC
Citigroup to split and more fresh aid for Bank of America

The struggling US banking giant Citigroup has announced plans to split the firm in two, as it reported a quarterly loss of 8.29 billion US dollars. It said it would realign into two new firms, Citicorp and Citi Holdings.
Friday, January 16th 2009 - 20:00 UTC
Spain admits 2009 recession deepest in half a century

Spain faces its deepest recession in half a century admitted Finance Minister Pedro Solbes anticipating the economy will contract 1.6% this year. In July, the minister had predicted a 1% expansion.
Thursday, January 15th 2009 - 20:00 UTC
Chinese slowdown, serious risk for the global economy

A severe economic slowdown in China is one of the biggest risks faced by the world this year, the World Economic Forum (WEF) has warned. The WEF report said a hard landing for China's economy could create domestic social tensions and put stress on the global financial system.
Thursday, January 15th 2009 - 20:00 UTC
Calderon willing to address NAFTA issues with Obama

Mexican President Felipe Calderon said he is willing to cooperate with incoming US president Barack Obama to address aspects of the North American Free Trade Agreement, NAFTA, which links the economies of the United States, Mexico and Canada and has boosted trade several times.