Economy

Wednesday, September 10th 2008 - 21:00 UTC
China trade surplus hits new record in August: 28.7 b. USD

China's trade surplus hit a monthly record of 28.7 billion US dollars in August, despite weaker world demand. Other official data showed consumer inflation in the month decreased considerably to a 14 month low of 4.9%.
Wednesday, September 10th 2008 - 21:00 UTC
Norway blacklists Rio Tinto over environment concerns

Norway is banning its sovereign wealth fund from investing in Anglo-Australian mining firm Rio Tinto because of environmental concerns. The country's Finance minister Kirsten Halvorsen said the 875 million US dollars stake held by the country's “oil fund” would be sold.
Wednesday, September 10th 2008 - 21:00 UTC
Lehman almost KO and no “white knight” on sight

Troubled US investment bank Lehman Brothers has reported a massive third quarter net loss and outlined radical plans to strengthen its finances.
Tuesday, September 9th 2008 - 21:00 UTC
Brazil/Argentina bilateral trade to abolish US dollar

Brazilian and Argentine presidents Lula da Silva and Cristina Fernandez de Kirchner signed on Monday an agreement which officially launches the use of their countries currencies for bilateral trade instead of the US dollar.
Tuesday, September 9th 2008 - 21:00 UTC
Brazil market slumps and Real declination period forecasted

Brazil's Bovespa index fell 4.5% on Tuesday and the lowest level in a year as prices for top commodity exports slumped and Finance minister Guido Mantega predicted the currency will extend its steepest monthly decline since 2002.
Monday, September 8th 2008 - 21:00 UTC
IMF praises US decision to take over mortgage agencies

The United States government decision to place its leading mortgage agencies into conservatorship “will help support markets and by extension the economic and financial situation” said International Monetary Fund Managing Director Dominique Strauss-Kahn in a Monday release.
Monday, September 8th 2008 - 21:00 UTC
Global markets rallied in support of US mortgage move

Global shares rallied on Monday after the US government said it was taking over troubled mortgage lenders Freddie Mac and Fannie Mae. Investors hoped the largest bail-out in US history would prop up the country's housing market and ultimately help to end the credit crunch, analysts said
Sunday, September 7th 2008 - 21:00 UTC
US government takes control of mortgage guarantee system

President George Bush announced mortgage giants Freddie Mac and Fannie Mae have been taken over because they posed “an unacceptable risk” to the economy. The two companies account for nearly half of the outstanding mortgages in the US, and have lost billions of dollars during the US housing crash.
Sunday, September 7th 2008 - 21:00 UTC
Uruguay's 07/08 sheep farm exports 320 million USD

Uruguay's 2007/08 wool export increased 8.2% in value totaling 60 million kilos while sheep farming exports reached 320 million US dollars (up 8.4%). China remains as Uruguay's main wool client, according to a release from the Uruguayan Wool Secretariat, SUL.
Saturday, September 6th 2008 - 21:00 UTC
Brazil's inflation easing but Central Bank not convinced

Brazil's consumer prices index in August increased at its slowest pace in 11 months, 0.28% following on a significant drop in food prices according to the latest release from the Brazilian Geography and Statistics Institute, IBGE.