Economy

Tuesday, November 25th 2008 - 20:00 UTC
Markets world-wide soar on Citicorp rescue plan effect

The Citicorp rescue effect which had markets soaring in Europe and United States also impacted in Latinamerica. Brazil's Bovespa was up 9.8% on Monday recovering most last week's losses and the Mexican IPC rose 7%.
Tuesday, November 25th 2008 - 20:00 UTC
Fed to inject another 800 b. to unfreeze credit market

The US Federal Reserve is to inject another 800 billion US dollars into the US economy in a further effort to stabilise the financial system. US Treasury Secretary Henry Paulson said the stimulus package aimed to make more lending available to consumers.
Tuesday, November 25th 2008 - 20:00 UTC
Obama readies stimulus plan and budget reform

President-elect Barack Obama has outlined more details of his plans to stimulate the ailing US economy, at the same time as making cuts to the budget. He said budget reform was “imperative” and that the nation could not “sustain a system that bleeds billions of taxpayer dollars” on unneeded projects.
Tuesday, November 25th 2008 - 20:00 UTC
China GDP growth in 2009 “around 7.5%” says World Bank

The World Bank forecasts that China's GDP growth rate will be around 7.5% in 2009, down from 9.4% in 2008 and 11.9% in 2007.China's export growth is likely to be low in 2009 – around 3.5% (in real terms) compared to 11% in 2008.
Tuesday, November 25th 2008 - 20:00 UTC
OECD forecasts unemployment peaks in next two years

The number of unemployed in OECD countries is expected to increase by about 8 million people over the next two years as the most serious recession since the early 1980s takes its toll on economic activity, according to the latest OECD Economic Outlook released on Tuesday.
Monday, November 24th 2008 - 20:00 UTC
US gov. guarantees Citigroup mortgages and injects cash

The US government will guarantee $306bn of Citigroup's problem mortgages and other assets, and will also give the banking giant a $20bn cash injection after a collapse in its share price.
Monday, November 24th 2008 - 20:00 UTC
APEC Lima summit pledges open markets and free trade

The 21 economies, which represent almost two thirds of the world's GDP pledged during a two-day summit in Lima, Peru not to erect new protectionist barriers for the next year, and to re-launch stalled World Trade Organization talks.
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.