Economy

Tuesday, April 21st 2009 - 08:10 UTC
Debt levels of US banks overshadow quarterly profits

Concerns about debt levels at Bank of America have overshadowed its better than expected profits for the first three months of 2009. The US largest bank set aside 13.4 billion US dollars to cover credit losses, from the fourth quarter's 8.5 billion.
Monday, April 20th 2009 - 06:41 UTC
UK crucial budget battle anticipated for next Wednesday

British Chancellor of the Exchequer Alistair Darling is attempting to boost confidence in the UK economy ahead of Wednesday's crucial Budget statement, despite claims the UK faces the longest recession since the Second World War.
Saturday, April 18th 2009 - 08:03 UTC
Mexico inaugurates new IMF flexible credit line with record 47 billion USD

The International Monetary Fund on Friday approved a previously agreed 47 billion US dollars line of credit for Mexico, the first country to qualify for the new lending facility for strong-performing emerging economies. However Mexican authorities have stated they intend to treat the one-year arrangement as precautionary and do not intend to draw on the line.
Saturday, April 18th 2009 - 05:32 UTC
Top economist says UK economy “could have started a recovery”

There are signs the British economy may already have started a recovery, according to economist David Miles. He is due to join the Bank of England's rate-setting body next June.
Saturday, April 18th 2009 - 03:55 UTC
Emergency credit aid for Brazil’s ailing meatpacking industry

Brazil's government will offer a ten billion Reales credit line from BNDES, the National Development Bank to support activities in agribusiness, Finance Minister Guido Mantega announced. He added the funds would go mostly to support Brazil’s ailing meatpacking sector and would be offered at an annual interest rate of 11.25%.
Saturday, April 18th 2009 - 03:48 UTC
Citibank first quarter pleasant surprise for banking sector

Citigroup reported on Friday its first quarterly net profit in nearly two years, the latest US bank to see an improvement in its performance. It made a profit of 1.6 billion US dollars compared with a loss of 5.1 billion a year earlier. Revenues rose 99% to 24.8 billion.
Friday, April 17th 2009 - 10:45 UTC
US Fed “Beige Book” tries to send “stabilizing message”

United States economic activity weakened in March, but there were some signs of stabilisation, the Federal Reserve said in its influential Beige Book. The report, used to set US interest rates, said “overall economic activity contracted further or remained weak”.
Friday, April 17th 2009 - 10:40 UTC
Stimulating domestic demand and unemployment, China’s priorities

Annual growth in China's GDP slowed in the first quarter of 2009 to 6.1%, said the National Bureau of Statistics. This is the weakest growth since quarterly records began in 1992, but some analysts see signs of a recovery, reports BBC.
Friday, April 17th 2009 - 08:48 UTC
IMF predicts 2009 as “an awful year” but all are aware it’s a “global crisis”

The head of the International Monetary Fund, Dominique Strauss-Kahn, said Thursday that 2009 is essentially a lost year for the world economy, with millions of people at risk of being thrown back into poverty.
Friday, April 17th 2009 - 07:30 UTC
US second largest shopping mall owner files for bankruptcy protection

General Growth Properties, United States second-largest shopping mall owner filed for Chapter 11 bankruptcy protection on Thursday after failing to reach an out of court consensus on how to restructure its 27 billion US dollars debt. The Chicago based corporation which owns more than 200 malls in 44 states said shoppers at its malls will not be affected by its bankruptcy filing.