Economy

Wednesday, November 12th 2008 - 20:00 UTC
UK “very likely” in recession; 11–year high unemployment

Unemployment in the United Kingdom hit an 11-year high as the Bank of England signalled that interest rates could plunge to record lows to lift the economy out of recession which is “very likely” already in recession.
Tuesday, November 11th 2008 - 20:00 UTC
Santander bank announces 7.2 billion Euro rights issue

Spain's banking giant Santander - which owns UK's Abbey, Alliance & Leicester and Bradford & Bingley's savings business - has announced a 7.2 billion Euro rights issue to raise new capital and shore up its capital ratio.
Tuesday, November 11th 2008 - 20:00 UTC
Argentina still planning to repay Paris Club debt

Argentina is still planning to use its foreign exchange reserves to repay defaulted debt to the Paris Club of creditor nations, according to the club's chairman Xavier Musca.
Tuesday, November 11th 2008 - 20:00 UTC
Financial summit is “a promising start” says Lula da Silva

Brazilian President Lula da Silva said on Tuesday in Italy he did not expect major results from the meeting of 20 nations in Washington to discuss the global financial crisis on November 15, but “it's a promising start”.
Tuesday, November 11th 2008 - 20:00 UTC
Cooling of China's imports concerns trade partners

China's trade surplus rose to 35.2 billion US dollars in October, hitting a record for a third month in a row, data shows. The surplus rose 20% from September's 29.36 billion high, according to data from the Customs Department in Beijing.
Monday, November 10th 2008 - 20:00 UTC
Venezuela and Russia strengthen links in mining and finance

Russia and Venezuela have signed 15 co-operative agreements in the financial, industrial, mining, aerospace, energy and communications, which include a joint venture with Russian aluminium giant RusAl building a production facility in Venezuela.
Monday, November 10th 2008 - 20:00 UTC
Argentina's prospects for 2009: flat growth and 20% inflation

The Argentine economy is forecasted to experience in 2009 almost flat growth, inflation above 20%, unemployment closing on two digits and the US dollar in the range of 3.8 to 4 pesos according to the opinion of several economists.
Monday, November 10th 2008 - 20:00 UTC
Further hints of tax cuts in UK to fight recession

Tax cuts could be used to push the United Kingdom out of recession, Prime Minister Gordon Brown has said, amid mounting speculation they will be included in the upcoming Pre-Budget Report.
Sunday, November 9th 2008 - 20:00 UTC
China surprises world with 586 billion USD stimulus package

Beijing announced Sunday a stimulus package equivalent to 586 billion US dollars in its biggest move to cushion the impact of the global financial crisis hitting the world's fourth-largest economy.
Saturday, November 8th 2008 - 20:00 UTC
APEC says risks have shifted to global economic activity

Finance ministers from the Asia-Pacific Economic Cooperation (APEC) grouping pledged to instrument reforms as economies in the region seek to mitigate the impact of global economic crisis.