Economy

Saturday, December 20th 2008 - 20:00 UTC
Big Three rescue loan brings relief but is no handout

Citing imminent danger to the US economy, President Bush ordered Friday an emergency bailout of the US auto industry Friday, offering 17.4 billion USD in rescue loans and demanding tough concessions from the deeply troubled carmakers and their workers.
Saturday, December 20th 2008 - 20:00 UTC
Brazilian beef exports in November drop by 33%

Brazil beef exports dropped 33% during November following a significant contraction in global demand because of the world recession, according to the industry.
Saturday, December 20th 2008 - 20:00 UTC
Global contraction in 2009, first time in decades says IIF

The global economy likely will contract next year for the first time in decades as the credit crunch bites, according to the Institute of International Finance (IIF), a Washington-based association representing more than 375 of the world's major banks and financial institutions.
Saturday, December 20th 2008 - 20:00 UTC
Ecuadorean bankers concern about “financial stability”

Members of Ecuador's private banking sector expressed concern Friday that recent government financial decisions and overall policies, together with the global crisis, are putting the country's financial system in jeopardy.
Friday, December 19th 2008 - 20:00 UTC
Uruguay's record wheat crop nightmare for farmers' pockets

Uruguay expects this year its largest wheat harvest on record, 1.3 million tons including 900.000 for export, according to a report from the Agriculture Ministry Planning and Policies Office, OPYPA.
Thursday, December 18th 2008 - 20:00 UTC
Hedge fund fraud king with house arrest and electronic tag

Bernard Madoff, the hedge fund boss accused of a 50 billion US dollars fraud, has put up 10 million bail and in effect been placed under house arrest. Mr Madoff turned up at New York's federal court to sign some papers but did not answer reporters' questions.
Thursday, December 18th 2008 - 20:00 UTC
Rescue plan discussions for British icons Jaguar-Land Rover

British car manufacturer Jaguar Land Rover is in discussions with the government over a state bail out, Peter Mandelson has announced.
Wednesday, December 17th 2008 - 20:00 UTC
IMF calls leders for more interventionist actions

Governments around the globe need to take widespread interventionist action to stimulate stock markets and prevent further economic declines, the International Monetary Fund has said.
Wednesday, December 17th 2008 - 20:00 UTC
British pound moving closer to parity with the Euro

The British pound moved ever closer to parity with the Euro on Wednesday amid growing expectations of more deep cuts in UK interest rates. Minutes of the Bank of England's latest meeting revealed rate-setters considered even larger cuts than the 1% move two weeks ago, bringing rates to 2% and equalling the all-time low.
Tuesday, December 16th 2008 - 20:00 UTC
Ecuador announces second bond interest payment default

Ecuador announced it is defaulting on a second bond payment, interest on 650 million US dollars in Global 15 bonds due through 2015. The announcement comes three days after President Rafael Correa said the country would not make a similar 30.6 million USD payment on Global 12 bonds.