Economy

Sunday, October 12th 2008 - 20:00 UTC
Talks to consolidate US automakers GM and Chrysler

The Unites States automobile giants General Motors and Chrysler are in talks about a possible merger, according to reports in the US media. Apparently talks have been going on for a month but details of the deal are not clear and neither party has made any direct official comments.
Sunday, October 12th 2008 - 20:00 UTC
Economic reforms for rural China include land transfer and rent

China's Communist Party leaders agreed on a package of rural reforms that could shape the country's economic policy over the coming years. A four-day enclave including President Hu Jintao had approved “major issues” on reform, Xinhua news agency said.

No details were given but it is thought farmers will now have more power to transfer or rent out their land.
Sunday, October 12th 2008 - 20:00 UTC
IMF hails G7 accord as “first big success in coordination”

World financial leaders endorsed on Sunday an action plan announced by the seven leading advanced economies to combat the international financial crisis in what IMF Managing Director Dominique Strauss-Kahn called the “first big success in coordination” to halt the downward spiral in world markets and support the global financial system.
Saturday, October 11th 2008 - 21:00 UTC
IMF: Latam must ensure liquidity and price stability

Latin America's governments will have to watch carefully their financial systems liquidity and try to ensure gains in eliminating inflation, said on Friday Anoop Singh, the International Monetary Fund Director for the region.
Friday, October 10th 2008 - 21:00 UTC
Brazil expects record crop but profit margins are down

Brazilian Agriculture Minister Reinhold Stephanes anticipated a “record 2008/09 grain crop” close to 144.5 million tons which would mark a new record, and discarded that the global financial crisis would have an impact on agriculture on the short term.
Friday, October 10th 2008 - 21:00 UTC
Russian and eBay solutions for bankrupt Iceland

In a surprise move, which reverberated across the international community, Russia issued a four billion Euro state loan to Iceland. The statement on Russia's central bank website reads that the loan maturing in three-four years and an interest rate as low as 30-50 basis points above Libor has been given the green light by Prime Minister Vladimir Putin.
Friday, October 10th 2008 - 21:00 UTC
Flurry of meetings to calm markets and unfreeze credit

Finance ministers from leading industrialised nations have pledged action to tackle the financial crisis after a torrid week on stock markets. The G7 nations said they would take “decisive action and use all available tools”, after a meeting in Washington.

They issued a five-point plan aimed at unfreezing the flow of credit.
Friday, October 10th 2008 - 21:00 UTC
G-7: situation calls for “urgent and exceptional action”

The Group of Seven finance ministers and central governors released on Friday, following their meeting in Washington, the following plan of action to address financial disruptions
Thursday, October 9th 2008 - 21:00 UTC
Brazil/US convene special meeting with emerging economies

Following on a joint initiative from United States and Brazil the Group of 20, or G-20, will be holding an extraordinary meeting next Saturday in Washington to address the current financial global crisis and its impact on emerging economies.
Thursday, October 9th 2008 - 21:00 UTC
US spiraling debt clock in Times Square runs out of digits

United States government's debts have ballooned so badly the National Debt Clock in New York has run out of digits to record the spiraling figure.