Economy

Thursday, December 11th 2008 - 20:00 UTC
Rio Tinto slashing drastically jobs and capital spending

The world's third-largest mining firm Rio Tinto is eliminating 14.000 jobs and cutting investment drastically as part of plans to reduce debt by 10 billion USD by the end of next year.
Wednesday, December 10th 2008 - 20:00 UTC
Record low for UK £ vs the Euro as recession advances

The British pound has hit a record low against the Euro amid more economic gloom for the United Kingdom. At its low point one pound bought just under Euros 1.14, its weakest-ever showing against the single currency.
Wednesday, December 10th 2008 - 20:00 UTC
Chinese exports drop 2.2% in November and imports 19.1%

China has reported a fall in exports for the first time in seven years as a result of the global economic downturn. Exports declined in November from the same period a year ago for the first time since June 2001, data show.
Wednesday, December 10th 2008 - 20:00 UTC
IMF report exposed Spain's long term vulnerability

Spain could become stalled in protracted weak growth and high unemployment unless it undertakes reforms to raise productivity and cut costs, the International Monetary Fund said in a report published on Wednesday.
Tuesday, December 9th 2008 - 20:00 UTC
World Bank predicts oil at 75 USD and high food prices

The recent sharp declines in oil and food prices mark the end of what has been the most historic commodity price boom of the past century, says the World Bank in its report “Commodities at the crossroads”.
Tuesday, December 9th 2008 - 20:00 UTC
Global trade expected to contract for the first time since 1982

The World Bank Global Economic Prospects 2009 predicts that global GDP growth will slip from 2.5% in 2008 to 0.9% in 2009 and world trade will contract by 2.1% next year, something not seen since 1982. Developing country growth is expected to decline from a resilient 7.9% in 2007 to 4.5% in 2009 with growth in rich countries next year most likely negative.
Tuesday, December 9th 2008 - 20:00 UTC
Brazil wants WTO agreement on July consensus

Brazilian Foreign Minister Celso Amorim warned on Tuesday that global trade talks would fail if members of the World Trade Organization tried to revise positions they had reached last July.
Tuesday, December 9th 2008 - 20:00 UTC
Chinese steelmakers demand 82% cut in iron ore prices

China the world's largest steel producer is seeking iron ore suppliers cut prices to meet the falling international price of steel which has dropped to 1994 levels, according to an official with China Iron and Steel Association (CISA), reports China's official news agency Xinhua.
Tuesday, December 9th 2008 - 20:00 UTC
Brazilian surprise: 3Q annual expansion reaches 6.8%

Brazil expanded at an annual 6.8% in the third-quarter, but the country was still hit hard by the global financial crisis and that has left investors wondering if Latinamerica's largest economy will avoid a further slide in growth.
Monday, December 8th 2008 - 20:00 UTC
November deflation in Chile, first time in 26 months

With fuel costs plunging Chile had in November its first month of deflation in 26 months with prices falling 0.1%, according to the latest release from the National Statistics Institute. The consumer prices index of October had been 0.9%.