Economy

Sunday, February 22nd 2009 - 20:00 UTC
Saab under creditors protection plans to cut ties with GM

Swedish car maker Saab Automobile Friday was granted protection from its creditors so that it can be reorganized and said it will seek to separate from its owner, General Motors Corp.
Sunday, February 22nd 2009 - 20:00 UTC
Swiss banking secrecy release limited to 8 US clients

Banking details of eight US clients of Switzerland's UBS bank have been sent to US authorities despite a Swiss court order blocking the move reported the Tribune de Geneve. But a request with a greater list of names seems doomed according to Swiss officials.
Saturday, February 21st 2009 - 20:00 UTC
Germany approves 50 billion Euro stimulus plan

Germany has approved a 50 billion Euro stimulus plan aimed at boosting Europe's largest economy. The plan was approved by the upper house of parliament, which represents Germany's 16 state governments.
Saturday, February 21st 2009 - 20:00 UTC
Eurozone economies slow sharply in fourth quarter

Economies in the Eurozone, the group of 16 countries that use the Euro, shrank by 1.5 per cent in the last quarter of 2008. This is the region's third quarterly contraction in a row and represents the Eurozone's sharpest slump since the euro was created in 1999.
Saturday, February 21st 2009 - 20:00 UTC
Neo-liberal paradigm collapsed” in 2008 says Uruguay

Uruguay's economy expanded 10.6% last year compared to 2007, said the government in an official state of the country address to Congress. The report also underlines that with the triggering of last year's international crisis, ”the neo-liberal (economic) paradigm collapsed”.
Friday, February 20th 2009 - 20:00 UTC
FBI tracks Sir Allen Stanford and finds him in Virginia

Virginia have served Texan billionaire Sir Allen Stanford with civil legal papers from the US financial watchdog, the SEC.
Friday, February 20th 2009 - 20:00 UTC
US Justice blocks consolidation of meat industry

Brazil's JBS, the world's largest beef producer and owner of JBS-Swift, said on Friday it had abandoned its attempt to takeover of US meat company National Beef Packing Company LLC.
Thursday, February 19th 2009 - 20:00 UTC
Five EU members in breach of 3% GDP deficit rule

The European Commission has taken disciplinary steps to tackle swelling budget deficits in six EU countries.
Thursday, February 19th 2009 - 20:00 UTC
Telecoms innovation, dynamo for global recovery says UN

The global financial crisis could provide entrepreneurial opportunities for budding information and communication technology (ICT) businesses, which in turn can power economic recovery, according to a new United Nations report.
Thursday, February 19th 2009 - 20:00 UTC
Stanford failure panic spreads to Peru and Venezuela

Peru and Venezuela have become the latest countries to intervene in local banks controlled by the Stanford group as it faces fraud accusations. Peru's securities regulator suspended local operations of the Stanford Financial Group for 30 days.