Economy

Saturday, August 2nd 2008 - 21:00 UTC
Car industry downturn: GM reports losses of 15.5 b USD

General Motors reported on Friday a net three-month loss of 15.5 billion US dollars as North American sales fell by 20%. GM took a 3.3 billion charge for buying out the contracts of 19,000 hourly workers who left at the end of June.
Saturday, August 2nd 2008 - 21:00 UTC
US unemployment rising hits four year high in July: 5.7%

The United States unemployment rate increased to a four-year high in July according to a Labor Department report issued Friday which shows 5.7% of the US workforce is out of a job, a slight increase from June.
Saturday, August 2nd 2008 - 21:00 UTC
Oracles turned sour: credit rating agencies on the bench

Credit rating agencies could be banned or prosecuted under a draft European Union law aimed at making them more accountable for the advice they give. Firms that rate debt investments, such as Fitch, Moody's and Standard & Poor's, have been criticized for their role in the sub-prime mortgage crisis.

The new law would replace a voluntary code of conduct.
Saturday, August 2nd 2008 - 21:00 UTC
Russia plans trading company to control cereal exports

Russia is to form a state grain trading company that will control the majority of the country's cereal exports, it has been reported.
Friday, August 1st 2008 - 21:00 UTC
US economy picks up but Governors give different picture

The US economy has been boosted by the government's 168 billion stimulus package, according to the US Treasury Secretary Henry Paulson. Official figures showed that gross domestic product (GDP) rose at an annual rate of 1.9% between April and June, up from 0.9%.
Friday, August 1st 2008 - 21:00 UTC
Euro zone inflation at its fastest; unemployment 7.3%

Inflation in the Euro zone accelerated to its pace in more than 16 years in July, 4.1% from 4% in June, according to the European Union statistics office in Luxembourg. A separate report showed unemployment was 7.3% in June.
Friday, August 1st 2008 - 21:00 UTC
Argentina and Brazil try to mend fences following WTO talks

Mercosur must do its utmost to find a common position and talk as an only voice said Brazil's Foreign Affairs minister Celso Amorim following the aftermath of the recent Doha round effort in Geneva where Brazil and Argentina stood on different sides.
Friday, August 1st 2008 - 21:00 UTC
LAN Chile's profits up 7.4% in spite of rising cost of fuel

Compared with this time last year, Chile-based LAN Airlines has seen a 7.4% increase in profits – despite the rising cost of gas, which accounts for 36% of the company's overall costs.
Friday, August 1st 2008 - 21:00 UTC
Argentine gov. planning review of farm export taxes

The Argentine government is re-drafting modifications to the grains and oilseeds exports tax system with the purpose of raising the levy on soy but reducing it for wheat and corn, according to reports in the Buenos Aires media.
Friday, August 1st 2008 - 21:00 UTC
Brazil's Embraer record sales and doubles profits

Brazilian aircraft manufacturer Embraer this week that profits more than doubled in the second quarter, driven by strong sales of midsize commercial jets and the company's new, popular executive jets.