Economy

Wednesday, October 8th 2008 - 21:00 UTC
Great Britain announces bank rescue plan

The British government has announced plans to partially nationalise the country's major banks, in a package using up to £50bn ($87.5bn) of taxpayers' money.
Wednesday, October 8th 2008 - 21:00 UTC
US dollar soars in Chile and closes trading at 612 pesos

With no end in sight for the global financial and confidence crisis, plus the price of commodities falling, the US dollar is breaking new records in Chile having closed trading on Wednesday at 612 Chilean pesos.
Wednesday, October 8th 2008 - 21:00 UTC
Germany, France and Italy spear EU 0.2% contraction in 2Q

The economy of the euro zone contracted 0.2% in the second quarter after growing 0.7% the previous quarter, according to the latest EU data, which confirmed earlier estimates.
Wednesday, October 8th 2008 - 21:00 UTC
Coordinated interest slash fails to defeat markets gloom

Stocks fell sharply on Wednesday as co-ordinated global interest rate cuts by major central banks failed to dispel the gloom engulfing world markets. On Wall Street, the Dow Jones ended 189.01 points lower, or 2%, at 9,258.1 despite having risen in earlier trade.
Wednesday, October 8th 2008 - 21:00 UTC
Commodities windfalls are over for Latam, says IMF

Latin American economies are facing an awkward combination of slowing activity, more difficult external conditions, and still-high inflation. After four years of strong output growth, the pace eased in most economies of the region during the first half of 2008, largely because of moderating exports, according to the IMF World Economic Outlook.
Wednesday, October 8th 2008 - 21:00 UTC
Brazil and Mexico sell bank reserves to support currencies

Latin American stocks and currencies fell during another day of volatile trading on Wednesday on fears of a global slowdown. Several central banks had to intervene to cool the demand for US dollars.
Tuesday, October 7th 2008 - 21:00 UTC
Lehman Brothers CEO took home 300 million USD in pay

The head of failed United States investment bank Lehman Brothers told Congress on Monday that he took home about 300 million US dollars in pay and bonuses over the past eight years.
Tuesday, October 7th 2008 - 21:00 UTC
Brazil hardest hit by Monday's carnage in Latam markets

Latin American stocks plunged Monday, led by a stunning 15% intraday drop in Brazilian shares, on concern about a world recession that could devastate the region's commodities-based economies.
Tuesday, October 7th 2008 - 21:00 UTC
DJI below 10.000 mark and FTSE 100 falls to 4.589

Wall Street's Dow Jones Industrial Average fell as much as 800 points to trade below the 10,000 mark Monday as nervousness over the credit crisis spread after the US government's 700 billion USD bailout and interventions in Europe only seemed to add to investor anxiety.
Tuesday, October 7th 2008 - 21:00 UTC
Confidence crisis and investor panic tsunami hits world

Asian stock markets early Tuesday opened down sharply amid investor panic that global government action might not be enough to stem the financial crisis.