Economy

• Tuesday, November 4th 2008 - 20:00 UTC

  Fitch predicts steepest GDP decline in leading countries

  

  In its latest Global Economic Outlook, Fitch Ratings predicts that the world's major advanced economies - US, UK, Euro Zone and Japan - will experience in 2009 the steepest decline in GDP since World War II. In aggregate GDP growth in these countries is expected to be (minus) -0.8% in 2009, compared to an estimated 1.1% for 2008. Tighter credit conditions, consumer retrenchment and falling corporate investment are expected to combine to deliver an unusually synchronised downturn across the advanced economies.

• Tuesday, November 4th 2008 - 20:00 UTC

  FT gives high marks to Latinamerica's banking system

  Latinamerica's financial system has passed the Financial Times test. In an article under the headline of “Latinamerica sidesteps the worst of crisis”, FT correspondents in Sao Paulo and Mexico City elaborate on the region's banking industry and how “by accident and design” in spite of a long history of turbulence, it is weathering the global crisis.
  
  Maybe because of the relatively small size of the system, but definitively because regulations and close monitoring have helped Latinamerican banks stay away “from all those toxic products” that damaged US banks.

• Monday, November 3rd 2008 - 20:00 UTC

  Argentine top model accused of evading 2 million USD in taxes

  

  Argentine international top model Valeria Mazza and husband Alejandro Gravier are under investigation by Argentina's Revenue Service, AFIP, for alleged tax evasion to the tune of two million US dollars, according to the Buenos Aires press.

• Monday, November 3rd 2008 - 20:00 UTC

  Global crisis creates Latam's biggest private bank

  

  Brazilian bank shares soared on Monday after Banco Itau announced the purchase of Unibanco Holdings, a transaction that will create Latin America's biggest private banking firm. The stock transaction is valued in 12.5 billion USD.

• Monday, November 3rd 2008 - 20:00 UTC

  EU in recession: 0.1% growth in 09 and 0.9% in 2010

  

  European Union finance ministers on Monday opened in Brussels two days of talks aimed at coordinating proposals for a new global financial order while prospects for the EU real economy continued to deteriorate.

• Monday, November 3rd 2008 - 20:00 UTC

  IMF says China remains “robust” but '09 is “difficult year”

  

  China's economy will slow but should remain relatively strong and help to support the rest of Asia, the International Monetary Fund said on Monday, predicting a very difficult year for the global economy in 2009.

• Sunday, November 2nd 2008 - 20:00 UTC

  US regulators seize 17th bank of 2008; 117 with “problem”

  Freedom Bank of Bradeton, Florida, in the United States became the 17th US bank to be seized by regulators in 2008, as the heaviest housing slump since the days of the “Great Depression” of the 1930 continues to trigger heaving losses.

• Saturday, November 1st 2008 - 20:00 UTC

  After massive package, Japan lowers rate to 0.3%

  

  The Bank of Japan has cut its main interest rate from 0.5% to 0.3% - its first reduction for seven years. The move followed a global wave of rate cuts to contain the financial crisis. Japan has the lowest interest rates in the developed world.

• Saturday, November 1st 2008 - 20:00 UTC

  EU October inflation down anticipates further rate cut

  

  European inflation edged down in October according to data released Friday helping to pave the way for the European Central Bank to deliver another hefty rate cut next week.

• Friday, October 31st 2008 - 20:00 UTC

  Chinese relief: iron ore market turns into buyer's market

  

  Iron ore miners face the prospect of the first price cut in seven years as steel production in China and elsewhere plunges amid the global downturn. The iron ore market has turned from a seller's market to a buyer's market, according to traders