Economy

• Wednesday, October 15th 2008 - 20:00 UTC

  Krugman: no return to Marx but to Franklin Roosevelt

  Paul Krugman, who won this year's Nobel Prize for economics, told CNBC that the Treasury Department's move to inject banks with 250 billion US dollars is better than the original bailout plan.

• Wednesday, October 15th 2008 - 20:00 UTC

  Nobel praise for PM Brown financial rescue plan

  

  In an article titled “Gordon does Good” published Monday in the New York Times the Princeton University scholar lavished praise on Brown for his timely action against the ongoing financial turmoil.

• Tuesday, October 14th 2008 - 20:00 UTC

  Japan's Nikkei joins other Asian markets strong rebound

  

  Financial markets in Asia have risen sharply, with Japan's Nikkei gaining 10% in early trading Tuesday, and Sydney up 5%. The gains came after Wall Street shares rocketed 11% on Monday as investors welcomed fresh moves to deal with the worldwide financial crisis. Japan was closed Monday because of a national holiday.

• Tuesday, October 14th 2008 - 20:00 UTC

  Positive contagion lifts Latam to one day record-gains

  

  Latinamerican equities staged on Monday a powerful rebound from last week's crash, with Brazil's Bovespa soaring 14% and Mexico's IPA 11.1%, its highest one day gain this year and since 1998.

• Tuesday, October 14th 2008 - 20:00 UTC

  Soros: market fundamentalism out, serious recession in

  

  British-Hungarian financier and philanthropist George Soros warned in an interview with Budapest's Nepszabadsag newspaper that it is too early to say if markets will stabilize after last week's panic and described the current situation as the crisis of a lifetime.

• Tuesday, October 14th 2008 - 20:00 UTC

  US unveils plan to purchase 250 billion USD stake in banks

  

  The US government announced a 250 billion US dollars plan to purchase stakes in a wide variety of banks in an effort to restore confidence in the sector. President George W Bush said the move would help to return stability to the US banking sector and ultimately help preserve free markets.

• Monday, October 13th 2008 - 20:00 UTC

  UK rescue plan to support four of the largest banks

  Up to £50bn of taxpayers' cash is to be injected into four of Britain's biggest banks through the government's rescue package, the BBC has learned. Royal Bank of Scotland (RBS), HBOS, Lloyds TSB and Barclays is to sell off shares, the majority of which the government is expected to buy.

• Monday, October 13th 2008 - 20:00 UTC

  Asian test of weekend financial decisions reacting positively

  Asian markets have reacted positively to efforts by world leaders to end the recent financial turmoil. Sydney's benchmark index leapt 5.5%, as markets in South Korea and Singapore opened up around 3%. Tokyo's market was closed for a public holiday.
  
  EU leaders earlier said no big bank would be allowed to fail, as they agreed a plan to tackle the crisis.

• Monday, October 13th 2008 - 20:00 UTC

  Argentine “soy king”: export duties makes farming “non viable”

  

  Argentina's “Soy King”, Gustavo Grobocopatel warned that if export taxes remain averaging 35%, and commodities don't recover prices of early 2008, next year many people will be going bankrupt because with current costs oilseeds production “is not viable”.

• Monday, October 13th 2008 - 20:00 UTC

  Bush critic and trade expert Nobel Prize for Economics

  

  United States economist Paul Krugman, a well-known critic of the President George Bush administration for policies that he argues led to the current financial crisis, won the 2008 Nobel Prize for economics on Monday.