Economy

Friday, October 17th 2008 - 20:00 UTC
Melting Arctic sees first vessel through Northwest Passage

The German Institute Alfred Wegener said on Friday that a scientific expedition for the first time was able to navigate the fabled Northwest Passage linking the Atlantic and the Pacific oceans along Arctic waters bordering Russia and North America because they were free of ice
Thursday, October 16th 2008 - 20:00 UTC
Argentine finances need agreement with “holdouts” for 2009

The global financial crisis is likely to delay a deal between Argentina and “holdout” creditors who rejected a 2005 debt swap, leaving the country to rely heavily on domestic sources to confront its financing needs next year.
Thursday, October 16th 2008 - 20:00 UTC
Speaking for EU Sarkozy calls for “new Bretton Woods summit”

All 27 European Union states broadly support the bank rescue plan proposed for the bloc and the holding of a world finance summit, France's president has said.
Thursday, October 16th 2008 - 20:00 UTC
Upbeat message from Bernanke but colleagues talk of recession

The chairman of the US Federal Reserve said on Wednesday the US economy will eventually emerge from the financial crisis with “renewed vigour”, but warns it will not happen quickly.
Thursday, October 16th 2008 - 20:00 UTC
Stiglitz describes financial crisis as a “social problem”

Nobel laureate and renowned economist Professor Joseph Stiglitz described the current financial crisis not as a predominantly economic problem, but as a social one, citing the three million US citizens who have already lost their homes, with another two million expected to lose theirs over the next few months.
Thursday, October 16th 2008 - 20:00 UTC
Brazil fears “unfair” recession caused by financial casino

The leaders of India, Brazil and South Africa criticized rich countries for failing to act quickly to prevent the global financial meltdown. At a summit in New Delhi, they urged Western nations to manage the crisis in a manner that will not hurt their developing economies.
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.