Economy

Thursday, October 30th 2008 - 20:00 UTC
Fed swap lines with Brazil, Mexico, South Korea and Singapore

The US Federal Reserve agreed on Wednesday to provide 30 billion US dollars each to the central banks of Brazil, Mexico, South Korea and Singapore, expanding its effort to unfreeze money markets to emerging nations for the first time.
Thursday, October 30th 2008 - 20:00 UTC
US economy shrinks 0.3%; crisis effects reaching jobs market

The United States economy shrank at an annualised rate of 0.3% between July and September, according to figures from the Commerce Department. GDP figures were better than expected, although they show the sharpest contraction of the economy since 2001.
Thursday, October 30th 2008 - 20:00 UTC
Brazil leaves rates unchanged in spite of inflation fears

Brazil's central bank left the basic SELIC rate unchanged for the first time in six months on Wednesday. The Copom monetary council led by Henrique Meirelles voted unanimously to keep the benchmark interest rate ”for the moment'' at a two-year high of 13.75%.
Thursday, October 30th 2008 - 20:00 UTC
Argentine bank stabilizes Peso but uncertainty prevails

Argentina's peso closed Thursday trading at 3.39 to the US dollar, similar to Wednesday when the Central bank intervened with a billion US dollars in support of the local currency to stem a two-week slide sparked by concern the country will default.
Thursday, October 30th 2008 - 20:00 UTC
Favourable 2009 beef export prospects for Brazil and Argentina

Beef exports are forecast to rise nearly 2% during 2009 as gains by Brazil, Argentina and the United States outweigh downturns in Australian and New Zealand shipments according to the US Cattle network
Thursday, October 30th 2008 - 20:00 UTC
Chile's stock market looses 9.57% in Oct.; Peso down 26% in 08

Chile's stock market climbed 1.93% on Thursday but finished the turbulent October 9.57% down. As with most global markets Chile's bounced back following on a better performance in Wall Street and the Sao Paulo Bovespa index.
Thursday, October 30th 2008 - 20:00 UTC
EU business and consumer confidence falls to 15-year low

Business and consumer confidence in the 15 nations of the Euro zone fell to a 15-year low in October, the European Commission said Thursday, as a credit crunch hits consumer spending and forces companies to shed jobs.
Wednesday, October 29th 2008 - 20:00 UTC
Latam markets follow on W. Street and Fed's expected cut

Major Latinamerican markets recovered strongly Tuesday as investors in the region and on Wall Street set aside worries about global recession to take part in a buying spree convinced that the Fed would announce further interest rate cuts on Wednesday.
Wednesday, October 29th 2008 - 20:00 UTC
Regional meeting of UN agencies in Latin America

Environmental cooperation, the impact of the global financial crisis on United Nations efforts to slash poverty and the role of women in tackling climate change will be on the agenda when Deputy Secretary-General Asha-Rose Migiro heads to Seoul for an official visit to the Republic of Korea (ROK).
Wednesday, October 29th 2008 - 20:00 UTC
Fed cuts rate to 1%; deflation could become major threat

The United States Federal Reserve cut on Wednesday the key interest rate from 1.5% to 1% in a widely expected move with the purpose of promoting “a return to moderate economic growth”.