Economy

• Monday, November 24th 2008 - 20:00 UTC

  Asean and Mercosur explore possible trade expansion

  

  Asean and Mercosur representatives are meeting Monday in Brasilia to explore new venues of promoting trade and investments according to a release from the Brazilian Foreign Affairs ministry. This is the first time the two blocks as such meet.

• Monday, November 24th 2008 - 20:00 UTC

  UK pre-budget report: VAT down two points; record borrowing

  

  Britain's Chancellor Alistair Darling has cut VAT but taken borrowing to record levels in moves he says are needed to save the UK from a deep and long-lasting recession. Top earners also face more tax and all National Insurance contributions will rise, he said in his pre-Budget report.

• Sunday, November 23rd 2008 - 20:00 UTC

  Apec: Bush defends free trade agreement

  

  George Bush, the outgoing US president, has continued his defence of free market ideology, despite widespread criticism of it being behind the global economic crisis.

• Saturday, November 22nd 2008 - 20:00 UTC

  Before Peruvian congress China promises aid to Latam

  Chinese President Hu Jintao offered his nation's economic muscle to help Latin America weather global economic turmoil, in a speech on Thursday in Peru that marked another step in Beijing's campaign to raise its profile in the region.

• Friday, November 21st 2008 - 20:00 UTC

  Chile's balanced budget threatened by less copper surplus

  Plummeting prices for copper and molybdenum, Chile's main exports, are expected to have a negative impact on the country's finances and for the first time in six years, in 2009, the country could end with a budget deficit.

• Friday, November 21st 2008 - 20:00 UTC

  OECD 3Q GDP declined 0.1%, first time in 7 years

  Gross domestic product (GDP) in the Organization for Economic Cooperation and Development OECD area declined by 0.1% in the third quarter of 2008, the first fall in seven years, according to preliminary estimates.

• Friday, November 21st 2008 - 20:00 UTC

  RBS shareholders vote on £ 20 billion bail out plan

  Shareholders in Royal Bank of Scotland are to vote on a £20 billion bail-out plan which could put nearly 60% of the company in public hands. RBS, one of the worst hit by the banking turmoil, has called a general meeting in Edinburgh to approve the rescue.

• Friday, November 21st 2008 - 20:00 UTC

  CAP reform cuts subsidies, liberalizes dairy market

  European Union farm ministers have agreed to reform agricultural policy by shifting more subsidies away from production and liberalising the dairy market. The deal on reforming the Common Agricultural Policy came on Thursday after marathon all-night talks.

• Friday, November 21st 2008 - 20:00 UTC

  World economic confidence index falls to 20-year low

  A world economic confidence index released Thursday dropped to its lowest level in 20 years amid further news of heavy losses on global markets and an ongoing crisis among the world's carmakers.

• Friday, November 21st 2008 - 20:00 UTC

  Spanish bank says Latinamerica will avoid global crisis

  

  For the first time a global economic crisis will not hit Latinamerica and in 2009 “the region's economy will experience positive growth” in the range of 2%, according to the president of one of Spain's leading banks.