Economy

Thursday, October 16th 2008 - 20:00 UTC
Stiglitz describes financial crisis as a “social problem”

Nobel laureate and renowned economist Professor Joseph Stiglitz described the current financial crisis not as a predominantly economic problem, but as a social one, citing the three million US citizens who have already lost their homes, with another two million expected to lose theirs over the next few months.
Thursday, October 16th 2008 - 20:00 UTC
Brazil fears “unfair” recession caused by financial casino

The leaders of India, Brazil and South Africa criticized rich countries for failing to act quickly to prevent the global financial meltdown. At a summit in New Delhi, they urged Western nations to manage the crisis in a manner that will not hurt their developing economies.
Thursday, October 16th 2008 - 20:00 UTC
PM Brown's blueprint to reshape financial world order

British Prime Minister Gordon Brown called on Wednesday for an international conference before the end of the year to reshape the financial world order.
Thursday, October 16th 2008 - 20:00 UTC
Mexico lost 10% of international reserves to prop the Peso

The Mexican peso closed trading Wednesday at 12.74 to the US dollar, compared to 12.50 on Tuesday, with a depreciation of 1.8% having oscillated up to 12.82. The central bank on Wednesday morning auctioned 400 million US dollars as had been anticipated by government officials.
Thursday, October 16th 2008 - 20:00 UTC
Brazil Bovespa looses 11.04% and is again below 40.000 points

Brazilian shares plummeted more than 10% on Wednesday, triggering a trading halt, as mounting fears of global recession battered markets worldwide.
Thursday, October 16th 2008 - 20:00 UTC
Uruguay has a “financial shield” of 2 billion USD

Uruguay has a financial protection in the range of two billion US dollars if for some reason the current situation in global markets in the next two years makes it highly difficult to issue sovereign bonds, according to Central Bank sources in Montevideo.
Thursday, October 16th 2008 - 20:00 UTC
Latam: 15 million risk falling back into poverty says Cepal

Almost fifteen million people from Latinamerica and the Caribbean will fall back into poverty in the coming years because of the increase in food prices and a slower economic growth in the region, forecasted the United Nations Latinamerica and Caribbean Economic Commission, Cepal.
Thursday, October 16th 2008 - 20:00 UTC
Swiss government rescues top UBS bank with 65 bn USD

Switzerland is taking steps to strengthen its largest bank, UBS, becoming the latest European government to unveil a banking rescue plan. UBS is raising 6bn Swiss francs (5.3 billion US dollars) from the government.
Thursday, October 16th 2008 - 20:00 UTC
US industrial production record down; inflation flat

United States industrial production posted the biggest monthly decline since 1974 while consumer prices were flat in September, according to reports Thursday. Adding to the gloom a factory index for the Philadelphia region hit an 18-year low this month.
Wednesday, October 15th 2008 - 20:00 UTC
UK September inflation peaks at 16 year high, 5.2%

UK inflation hit a 16-year high of 5.2% in September, with energy bills behind much of the rise, figures have shown. The Consumer Prices Index (CPI) measure was up from 4.7% in August.