Economy

• Wednesday, November 5th 2008 - 20:00 UTC

  Patagonian fungi produces “myco-diesel” from cellulose

  

  A unique fungus that makes diesel compounds directly from cellulose has been discovered living in trees in the Patagonian rainforest. “These are the first organisms that have been found that make many of the ingredients of diesel,” said Professor Gary Strobel from Montana State University. “This is a major discovery.”

• Wednesday, November 5th 2008 - 20:00 UTC

  Uruguay resumes sales of live cattle and sheep to Egypt

  

  Uruguay has resumed live animal sales to Egypt with a first shipment of 12.000 cattle and 40.000 sheep in late October. Egypt for years was an important client of Uruguayan beef and live animals but for several years the market had remained closed.

• Tuesday, November 4th 2008 - 20:00 UTC

  Profits down 34% at Marks & Spencer

  Marks & Spencer's half-year profits have fallen by a third after sales suffered in the toughest conditions to hit the retailer since the early 1990s.

• Tuesday, November 4th 2008 - 20:00 UTC

  World Bank official warns on soaring number of poor in 09

  

  The world financial crisis influenced by the high prices of food and fuel will cause global growth to drop 1 to 2%, together “with the emergence of millions of poor, a new underclass”, according to a top official from the World Bank.

• Tuesday, November 4th 2008 - 20:00 UTC

  Fitch predicts steepest GDP decline in leading countries

  

  In its latest Global Economic Outlook, Fitch Ratings predicts that the world's major advanced economies - US, UK, Euro Zone and Japan - will experience in 2009 the steepest decline in GDP since World War II. In aggregate GDP growth in these countries is expected to be (minus) -0.8% in 2009, compared to an estimated 1.1% for 2008. Tighter credit conditions, consumer retrenchment and falling corporate investment are expected to combine to deliver an unusually synchronised downturn across the advanced economies.

• Tuesday, November 4th 2008 - 20:00 UTC

  FT gives high marks to Latinamerica's banking system

  Latinamerica's financial system has passed the Financial Times test. In an article under the headline of “Latinamerica sidesteps the worst of crisis”, FT correspondents in Sao Paulo and Mexico City elaborate on the region's banking industry and how “by accident and design” in spite of a long history of turbulence, it is weathering the global crisis.
  
  Maybe because of the relatively small size of the system, but definitively because regulations and close monitoring have helped Latinamerican banks stay away “from all those toxic products” that damaged US banks.

• Monday, November 3rd 2008 - 20:00 UTC

  Argentine top model accused of evading 2 million USD in taxes

  

  Argentine international top model Valeria Mazza and husband Alejandro Gravier are under investigation by Argentina's Revenue Service, AFIP, for alleged tax evasion to the tune of two million US dollars, according to the Buenos Aires press.

• Monday, November 3rd 2008 - 20:00 UTC

  Global crisis creates Latam's biggest private bank

  

  Brazilian bank shares soared on Monday after Banco Itau announced the purchase of Unibanco Holdings, a transaction that will create Latin America's biggest private banking firm. The stock transaction is valued in 12.5 billion USD.

• Monday, November 3rd 2008 - 20:00 UTC

  EU in recession: 0.1% growth in 09 and 0.9% in 2010

  

  European Union finance ministers on Monday opened in Brussels two days of talks aimed at coordinating proposals for a new global financial order while prospects for the EU real economy continued to deteriorate.

• Monday, November 3rd 2008 - 20:00 UTC

  IMF says China remains “robust” but '09 is “difficult year”

  

  China's economy will slow but should remain relatively strong and help to support the rest of Asia, the International Monetary Fund said on Monday, predicting a very difficult year for the global economy in 2009.