Economy

Wednesday, November 19th 2008 - 20:00 UTC
Spain slipping into 12-month recession says Central Bank

Spain is likely to slip into recession in the fourth quarter and stay there during 2009, Bank of Spain governor Miguel Angel Fernandez Ordonez said on Wednesday in Madrid.
Wednesday, November 19th 2008 - 20:00 UTC
US consumer prices drop 1% and building permits to '69 level

United States consumer prices dropped by a record 1% in October compared with the previous month, as fuel costs kept falling for a third month in a row. Fuel prices were not the only reason for the record drop, as core prices, which exclude food and energy, fell for the first time since 1982.
Tuesday, November 18th 2008 - 20:00 UTC
Brazil, Argentina want higher Mercosur tariffs for imports

Mercosur senior members, Argentina and Brazil agreed to sponsor an increase in the common external tariff (AEC) on several products from third countries, during a meeting Monday of the Bilateral Trade Monitoring Committee held in Buenos Aires
Tuesday, November 18th 2008 - 20:00 UTC
PM Brown says “fiscal action” to help families is on the way

Britain's Prime Minister Gordon Brown promised “real help for families and businesses” to battle recession as he paved the way for tax cuts to be announced next week.
Tuesday, November 18th 2008 - 20:00 UTC
Paulson cools bailout funds waiting for Obama administration

United States Treasury Secretary Henry Paulson said that what remains of the 700 billion USD bail out plan authorized by Congress will be left for unforeseen emergencies and to help the incoming President elect Barack Obama administration.
Tuesday, November 18th 2008 - 20:00 UTC
Financial pyramids force Colombia into state of emergency

Colombia, a country that has adjusted to living with four decades of guerrilla warfare and drug cartels declared a 30 day state of emergency Monday to crack down on illegal investment schemes that lured millions of people with promises of high payouts, only to collapse amid rioting.
Tuesday, November 18th 2008 - 20:00 UTC
Cash strapped Ford and GM sell stakes in Mazda and Suzuki

Troubled US carmaker Ford Motor is selling a 20% stake in Japan's carmaker Mazda Motor. The announcement follows General Motors decision to sell its 3% stake in carmaker Suzuki for 230 million US dollars to raise cash.
Tuesday, November 18th 2008 - 20:00 UTC
As recession advances US wholesale prices fall 2.8% in October

Falling energy costs meant US wholesale prices dropped by 2.8% in October, the biggest one-month decline since records began more than 60 years ago. The larger-than-expected fall was triggered by a 12.8% drop in energy prices, the biggest monthly decline for 22 years.
Tuesday, November 18th 2008 - 20:00 UTC
Two months Xmas leave for crew short Australian Navy

Christmas has come early to Australian sailors after the country's navy ordered an extended two-month holiday in response to staff shortages and a drive to attract and retain sailors with a better work-life balance.
Tuesday, November 18th 2008 - 20:00 UTC
Shareholders unite: Barclays cancels directors' bonuses

Britain's Barclays PLC has said that executive directors will not receive any annual bonus this year as the bank seeks to pacify investors over its £7 billion fundraising. The bank also announced that all members of its board, including chief executive John Varley and investment banking boss Bob Diamond, are to be put up for re-election at its AGM next April.