Economy

Tuesday, June 16th 2009 - 13:12 UTC
ECB anticipates further write downs: 283 billion USD by end of 2010

The European Central Bank (ECB) warned on Monday that the crisis facing the banking sector is not over, despite unprecedented government efforts to support banks.
Tuesday, June 16th 2009 - 13:06 UTC
Spanish banks downgraded; Madrid announces 99 billion Euros rescue fund

Moody's Investors Service on Monday cut the senior ratings of 25 Spanish banks, citing expectations of further capital pressures. As well as broader economic pressures, the banks' asset quality indicators continue to point towards a further significant deterioration, Moody's said.
Tuesday, June 16th 2009 - 11:09 UTC
Lula da Silva promises to teach lessons how to address an economic crisis

President Lula da Silva said that Brazil is overcoming the current global crisis and is in a position to teach other countries how to address the adverse economic situation.
Tuesday, June 16th 2009 - 10:59 UTC
The US dollar still “all mighty” for some time to come

The dollar has risen after Russian finance minister Alexei Kudrin said it would not be replaced as the world's reserve currency in the near future. Earlier in the week, Russian President Dmitry Medvedev and Chinese central bank governor Zhou Xiaochuan had both questioned the dollar's status.
Tuesday, June 16th 2009 - 10:56 UTC
US government proposes sweeping reforms to financial regulation

The US government is planning a major overhaul of the system of financial regulation to avoid future crises. The broad outlines of the plan were revealed on Monday by US Treasury Secretary Tim Geithner and White House economic adviser Larry Summers.
Tuesday, June 16th 2009 - 10:49 UTC
Mrs. Kirchner underlines “job-creation” capacity of her administration

Argentine president Cristina Fernandez de Kirchner in the midst of a tough battle to retain power in Congress in this month’s mid term election took the political debate to Switzerland where she addressed the annual meeting of the International Labour Organization, (ILO).
Monday, June 15th 2009 - 13:35 UTC
Argentina is “waging economic warfare” on the Falklands

The Falkland Islands government has accused Argentina of waging a campaign of “economic warfare” against it, according to an article in the Sunday edition of The Guardian by Robert Booth.
Monday, June 15th 2009 - 13:12 UTC
With four million unemployed, no room for immigrants

“The Spanish economy can’t take any more migrant labour” said Spanish Labour Minister Celestino Corbacho in an interview with one of Madrid’s main Sunday newspapers.
Monday, June 15th 2009 - 12:54 UTC
World economy must remain in Intensive Care, says G8

The world's largest economies are beginning to stabilise but still face major risks amid an ongoing global recession, according to G8 finance ministers. At a meeting in Italy of G8 nations, the ministers said stock markets were rising, interest rates more stable, and consumer confidence was returning.
Monday, June 15th 2009 - 07:45 UTC
Cuban Oil: Havana’s Potential Geo-Political Bombshell

As the US President Barack Obama administration slowly inches towards normalizing its relations with Cuba, pressure is mounting on the new president to lift the decades-old, and universally acknowledged, anachronistic embargo.