Economy

Friday, January 30th 2009 - 20:00 UTC
Topsy-turvy: US economy contracts 3.8%, below forecast

The US economy shrank at an annual rate of 3.8% in the last quarter of 2008, according to the latest report from the US Commerce Department. This is the worst performance of the US economy since 1982.
Friday, January 30th 2009 - 20:00 UTC
Ban Ki-moon urges Davos leader to forge “”Green New Deal”

Secretary-General Ban Ki-moon called on the world's business and other leaders to use the current economic crisis to launch a global “Green New Deal” that creates jobs and fights climate change by investing in renewable energy and technological development.
Friday, January 30th 2009 - 20:00 UTC
Bankers at Davos call for a review of financial rules

The chairman of one of the world's leading banks headquartered in London, HSBC, Stephen Green has said that the current financial rules must be “fundamentally revised” as they had deepened the financial crisis.
Thursday, January 29th 2009 - 20:00 UTC
Unemployment reveals impact of crisis on real economy

The global economic crisis is expected to lead to a dramatic increase in the number of people joining the ranks of the unemployed, working poor and those in vulnerable employment, the International Labour Office (ILO) said in its annual Global Employment Trends report released on Thursday.
Thursday, January 29th 2009 - 20:00 UTC
Davos: China admits crisis; Russia cuts defence outlays

China admitted the global financial crisis has had “a rather big impact” on its economy and Russia warned of over relying on the US dollar as a reserve currency, at the major World Economic Forum meeting in Davos, Switzerland.
Thursday, January 29th 2009 - 20:00 UTC
Argentina swaps 4.3 bn USD local debt for long term bonds

Holders of 15.1 billion pesos (4.3 billion US dollars) of Argentine local debt agreed to swap the securities for longer-term bonds in an exchange the government set up to help cover its growing financing needs.
Thursday, January 29th 2009 - 20:00 UTC
Record losses in Ford but “no need” for government aid

US carmaker Ford reported this week the biggest full-year loss in its history, but said it still was not going to ask for government loans. Ford said its net loss for the fourth quarter of 2008 was 5.9 billion dollars, and 14.6 billion for the whole year.
Thursday, January 29th 2009 - 20:00 UTC
Uruguay's trade deficit trebles in Jan-Nov. 2008

Uruguay's trade deficit trebled during the first eleven months of 2008 compared to the same period in 2007, although November registered a slight ease in the imports' strong annual impetus, according to the latest release from the Central Bank.
Thursday, January 29th 2009 - 20:00 UTC
Uruguay lamb exports reach 19.647 tons to October 2008

Uruguay mutton and lamb exports totaled 19.647 tons in the first ten months of 2008, mainly to Mercosur, European Union and the Middle East, according to reports from the country's National Meat Institute.
Wednesday, January 28th 2009 - 20:00 UTC
Germany agrees on Merkel's “most difficult decision”

Germany's cabinet sealed a multi-billion stimulus package on Tuesday aimed at hauling Europe's biggest economy out of what is feared could be its worst slump for six decades.