Economy

Monday, February 16th 2009 - 20:00 UTC
Japan's economy contracts 3.3% in last quarter of 2008

Japan's economy shrank at its sharpest pace in over three decades in the final quarter of 2008. The global financial storm and languishing overseas demand dealt a stunning blow to the export-driven economy and the world's second largest.
Monday, February 16th 2009 - 20:00 UTC
CBI says British economy will shrink 3.3% this year

The British government will have to borrow almost £100 billion more than previously forecast as it tries to bring a deeper-than-expected UK recession under control, business leaders warned.
Monday, February 16th 2009 - 20:00 UTC
UK financial watchdog admits “risk assessment” errors

The head of Britain's Financial Services Authority (FSA) has admitted that the watchdog did not focus enough on the excessive risks being taken by banks.
Sunday, February 15th 2009 - 20:00 UTC
Ecuador defers (”illegitimate) bonds' interest payments

Ecuador won't pay bondholders 135 million US dollars in interest while it decides whether to default on a significant percentage of its foreign debt, deemed “illegitimate” by in audit, said on Saturday Finance minister Maria Elisa Viteri.
Saturday, February 14th 2009 - 20:00 UTC
Spain faces worst recession in half a century

Spain's economy shrank by the most in more than 15 years in the fourth quarter in what may become the worst recession in half a century pushing the unemployment rate to the highest in Europe.
Saturday, February 14th 2009 - 20:00 UTC
Lloyds Banking Group pre-tax losses stun UK markets

Shares in UK's Lloyds Banking Group, the company formed after its merger with HBOS, have tumbled after it said HBOS losses would be worse than expected.
Saturday, February 14th 2009 - 20:00 UTC
US stimulus package approved, but it's not bipartisan

US President Barack Obama welcomed on Saturday Congress's approval of his 787 billion US dollars economic stimulus package. He described it as a “historic step” and “major milestone on our road to recovery”, and is expected to sign the bill into law early next week.
Saturday, February 14th 2009 - 20:00 UTC
G7 pledge to work together and warn against protectionism

The Group of Seven industrialized nations meeting in Italy are pledging to work together to revive the global economy, while warning against protectionist measures.
Friday, February 13th 2009 - 20:00 UTC
Euro zone industrial production plunges 12% in December

European industrial production dropped the most on record in December, pointing to a deepening economic slump in the fourth quarter. Output in the Euro region fell 12% from the year- earlier month after an 8.4% decline in November, the European Union's statistics office in Luxembourg said on Thursday
Friday, February 13th 2009 - 20:00 UTC
Chile cuts benchmark lending rate 2.5 percentage points

Chile's central bank cut its benchmark lending rate by a steep 2.5 points to 4.25%, citing declining inflation and slow economic growth. The rate cut is larger than the 1 to 1.5 points expected by the market.