Economy

Monday, May 12th 2008 - 21:00 UTC
HSBC writes off U$S 3.2 billion, totaling 15.6 billion

Europe's biggest bank HSBC has written off 3.2 billion US dollars in the first three months of 2008 as a result of its exposure to the US sub-prime market. The write downs, which are lower than the total written off in the final quarter of 2007, are in line with what the bank had predicted.
Monday, May 12th 2008 - 21:00 UTC
World record rice production in 2008, but prices climbing

Rice production in Asia, Africa and Latin America will reach record highs in 2008, but prices could also continue to soar in the short term, the United Nations Food and Agriculture Organization (FAO) reported on Monday.
Monday, May 12th 2008 - 21:00 UTC
China faces strongest inflation is almost 12 years

China's consumer prices increased to a 12 year high in April pushed by food prices and in spite of government pledges to tackle inflation. Annual inflation rose to 8.5% from 8.3% in March with food costs 22.1% higher in April from a year earlier, driven mainly by demand for pork.
Monday, May 12th 2008 - 21:00 UTC
Uruguay divided over “invasion” of Argentine farmers

The Kirchners' administrations policy of heavily taxing Argentine farmers is having a very positive effect for neighboring Uruguay where a growing number of the most efficient farmers are now established, but some locals are not so convinced.
Sunday, May 11th 2008 - 21:00 UTC
Conflict fears make Argentine savers opt for US dollars

Seven out of ten Argentines with savings in the banking system have been changing their options from local pesos to US dollars or other currencies or assets, fearing the consequences of the unresolved farmers' conflict could lead to a run on the banks and the government's response of freezing assets, according to some Argentine media.
Sunday, May 11th 2008 - 21:00 UTC
Third US bank failure in 2008; regulators to increase staff

The United States ANB Financial National Association Arkansas based banks have been closed by the Office of the Comptroller of the Currency after discovering “unsafe and unsound” business practices there. The Federal Deposit Insurance Corporation has named a receiver.
Saturday, May 10th 2008 - 21:00 UTC
Argentina's inflation is April doubles the Kirchner's index

The April Consumer Prices Index, CPI, in Argentina registered a 0.8% increase according to an official release from the questioned Statistics and Census Office, Indec. The index is half what private analysts were estimating and is bound to re-ignite the controversy about the alleged manipulation of Indec by the Kirchners' administrations.
Saturday, May 10th 2008 - 21:00 UTC
Salmon and livestock removed from Chaiten volcano range

Chile will begin moving 3.5 million salmon from farms in the range of the Chaitén volcano that has been erupting for over a week and spewing ashes as far as Buenos Aires, Santiago and the South Atlantic.
Friday, May 9th 2008 - 21:00 UTC
Euro zone and Bank of England leave rates unchanged

The European Central Bank kept on Thursday interest rates for the 15-nation Euro bloc steady at 4% amid increasing signs that economic growth is winding down. ECB signaled that it was not in a rush to cut rates, as it forecast inflation would stay “high for a protracted period of time”.
Friday, May 9th 2008 - 21:00 UTC
Citigroup wants to sell U$S 400 billion of assets in three years

The United States banking giant Citigroup announced it wants to sell 400 billion US dollars of assets over the next three years as part of its bid to return to profit. It has 500 billion US dollars of “legacy assets” that it wants to reduce to 100 billion