Economy

Tuesday, February 24th 2009 - 20:00 UTC
Free fall: US shares down to lowest since October 1997

US shares have fallen sharply on concerns about the government's latest attempts to shore up the banks. The Dow Jones Industrial Average on Monday closed down 250.9 points, or 3.41%, at 7,114.8, its lowest since October 1997.
Tuesday, February 24th 2009 - 20:00 UTC
Implementation of Chilean stimulus plan boosts Peso

The Chilean peso surged on Tuesday following the announcement the government would sell US dollars on the local market to finance a massive fiscal stimulus package. The peso closed at 603.30/603.80 per dollar compared to Monday's 624.00/624.50 per dollar.
Tuesday, February 24th 2009 - 20:00 UTC
World Bank downgrades Latam 2009 growth to 0.3%

Latinamerican growth will plunge strongly this year to 0.3% forecasted Pamela Cox, World Bank vice-president for Latinamerica and the Caribbean. Last September the WB forecast was 2.7%, in January it was down to 1% and now 0.3%.
Monday, February 23rd 2009 - 20:00 UTC
Scathing attack on banking practice from Soros and Volcker

Investor George Soros and President Barack Obama advisor, Paul Volcker described the current global meltdown as more severe than when the great Depression with the financial system effectively disintegrated and with the experts “not quite knowing what's going on”.
Monday, February 23rd 2009 - 20:00 UTC
European leaders agree to regulate all financial markets

European leaders in Berlin have agreed on the need to regulate all financial markets including hedge funds and underlined that a global solution was needed to the current financial crisis.
Sunday, February 22nd 2009 - 20:00 UTC
World's main iron ore producer optimistic about China demand

Brazilian mining giant Vale do Rio Doce, the world's biggest iron ore producer, expects to ship a record-high 30 million tonnes of iron ore to China in the first quarter of 2009, it said on Friday.
Sunday, February 22nd 2009 - 20:00 UTC
Saab under creditors protection plans to cut ties with GM

Swedish car maker Saab Automobile Friday was granted protection from its creditors so that it can be reorganized and said it will seek to separate from its owner, General Motors Corp.
Sunday, February 22nd 2009 - 20:00 UTC
Swiss banking secrecy release limited to 8 US clients

Banking details of eight US clients of Switzerland's UBS bank have been sent to US authorities despite a Swiss court order blocking the move reported the Tribune de Geneve. But a request with a greater list of names seems doomed according to Swiss officials.
Saturday, February 21st 2009 - 20:00 UTC
Germany approves 50 billion Euro stimulus plan

Germany has approved a 50 billion Euro stimulus plan aimed at boosting Europe's largest economy. The plan was approved by the upper house of parliament, which represents Germany's 16 state governments.
Saturday, February 21st 2009 - 20:00 UTC
Eurozone economies slow sharply in fourth quarter

Economies in the Eurozone, the group of 16 countries that use the Euro, shrank by 1.5 per cent in the last quarter of 2008. This is the region's third quarterly contraction in a row and represents the Eurozone's sharpest slump since the euro was created in 1999.