Economy

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.
Wednesday, October 15th 2008 - 20:00 UTC
Cost of world crisis: 2% world GDP say Commerce Chambers

The current financial crisis could exact a toll on the world's gross domestic product, an international business group in Belgium said.
Wednesday, October 15th 2008 - 20:00 UTC
Argentina industry fears depreciation of Brazilian currency

Argentina's powerful industrial lobby, warned that the current real exchange rate with Brazil is back to “2001 levels”, when the preambles of the worst economic crisis suffered by the country in a century.