Economy

Thursday, October 9th 2008 - 21:00 UTC
Latam pumps billions to ensure liquidity and prop currencies

Latin-American countries moved quickly this week to face the global financial crisis and came out with a battery of measures pumping billions of US dollars to try and contain the threat of recession.
Thursday, October 9th 2008 - 21:00 UTC
IMF ready for the rescue with seven recommendations

The International Monetary Fund (IMF) has activated an emergency finance mechanism to help countries hit by the financial crisis. IMF chief Dominique Strauss-Khan said the lending procedure would allow the IMF to react quickly to support countries facing funding problems.
Wednesday, October 8th 2008 - 21:00 UTC
Lack of credit is forcing US car dealerships to close

The financial crisis is hurting automotive dealers across United States and could contribute to an estimated 700 dealerships closing this year, the US National Automobile Dealers Association Chairwoman Annette Sykora said on Tuesday.
Wednesday, October 8th 2008 - 21:00 UTC
Latam markets plunge and growth forecasts downgraded

Latinamerican markets finished sharply lower on Tuesday under pressure from the slide on Wall Street, falling commodity prices and uncertainty about the future. Growth forecasts have also been downgraded.
Wednesday, October 8th 2008 - 21:00 UTC
Great Britain announces bank rescue plan

The British government has announced plans to partially nationalise the country's major banks, in a package using up to £50bn ($87.5bn) of taxpayers' money.
Wednesday, October 8th 2008 - 21:00 UTC
US dollar soars in Chile and closes trading at 612 pesos

With no end in sight for the global financial and confidence crisis, plus the price of commodities falling, the US dollar is breaking new records in Chile having closed trading on Wednesday at 612 Chilean pesos.
Wednesday, October 8th 2008 - 21:00 UTC
Germany, France and Italy spear EU 0.2% contraction in 2Q

The economy of the euro zone contracted 0.2% in the second quarter after growing 0.7% the previous quarter, according to the latest EU data, which confirmed earlier estimates.
Wednesday, October 8th 2008 - 21:00 UTC
Coordinated interest slash fails to defeat markets gloom

Stocks fell sharply on Wednesday as co-ordinated global interest rate cuts by major central banks failed to dispel the gloom engulfing world markets. On Wall Street, the Dow Jones ended 189.01 points lower, or 2%, at 9,258.1 despite having risen in earlier trade.
Wednesday, October 8th 2008 - 21:00 UTC
Commodities windfalls are over for Latam, says IMF

Latin American economies are facing an awkward combination of slowing activity, more difficult external conditions, and still-high inflation. After four years of strong output growth, the pace eased in most economies of the region during the first half of 2008, largely because of moderating exports, according to the IMF World Economic Outlook.
Wednesday, October 8th 2008 - 21:00 UTC
Brazil and Mexico sell bank reserves to support currencies

Latin American stocks and currencies fell during another day of volatile trading on Wednesday on fears of a global slowdown. Several central banks had to intervene to cool the demand for US dollars.