Economy

Tuesday, October 7th 2008 - 21:00 UTC
Fed next move to unclog financial system: lower rates

Faced with worst economic and financial market crisis since 1929, Federal Reserve Chairman Ben Bernanke on Tuesday sent a strong signal that officials may lower interest rates against a backdrop of waning price pressures.
Tuesday, October 7th 2008 - 21:00 UTC
Chile's first monthly trade deficit in six years

The Chilean economy experienced an unexpected trade deficit in September, the first negative month in six years according to the latest release from the Central Bank. The misbalance was 318 million US dollars; a year ago it was a surplus of 1.37 billion US dollars.
Tuesday, October 7th 2008 - 21:00 UTC
Australian markets react to sharp cut in interest rate

Australia's central bank surprised financial market by cutting its key interest rate a full percentage point from 7% to 6%. The bank said the sharp cut was justified given the prospects for growth, even though inflation is currently above target.
Tuesday, October 7th 2008 - 21:00 UTC
Space engineer named to unclog “toxic” banking mess

Neel Kashkari, 35, a United States Assistant Secretary of the Treasury, was named on Tuesday interim head of the Office of Financial Stability by US Treasury Secretary Henry Paulson. The office will run the 700 billion US dollars financial bailout program signed into law Friday.
Monday, October 6th 2008 - 21:00 UTC
UK fuel poverty expected to reach 3.5 m households

British government attempts to tackle rising energy bills were accused of being in “meltdown” as the latest figures showed a million more households slipped into fuel poverty in 2006.
Monday, October 6th 2008 - 21:00 UTC
Irish “bail-out” rash rapidly extending to rest of Europe

Germany offered a blanket bank deposit guarantee on Sunday in a bid to contain the spreading credit crisis as European officials clinched deals to rescue Germany's Hypo Real Estate and recapitalize two other European banks.
Monday, October 6th 2008 - 21:00 UTC
Refugee numbers increasing by millions warns UN

The world's poor and uprooted people are increasingly at risk as the world struggles with a combination of adverse economic, social and political trends that threaten to trigger even greater displacement in the future, the top United Nations refugee official warned on Monday.
Sunday, October 5th 2008 - 21:00 UTC
Mega yacht with missile shield for Chelsea's Abramovich

The owner of Britain's Chelsea football club, Roman Abramovich, is having a new £200m mega-yacht built, complete with a missile detection system to protect him against pirates and terrorists, reports The Times.
Saturday, October 4th 2008 - 21:00 UTC
Europe agrees on “flexible” targets but no US bail-out plan

Europe's biggest economies agreed on Saturday to work together to support financial institutions, but without forming a joint bail-out fund. French President Nicolas Sarkozy hosted the meeting of the leaders of Britain, Germany and Italy in Paris.
Saturday, October 4th 2008 - 21:00 UTC
Australia clears way for Billiton takeover of Rio Tinto

BHP Billiton proposed 114 billion US dollars hostile bid for rival mining giant Rio Tinto has been cleared by Australia's competition watchdog.