Economy

Tuesday, August 5th 2008 - 21:00 UTC
Europe largest bank suffers 28% fall in half year profits

Europe's largest bank HSBC has warned that conditions in financial markets are at their toughest “for several decades” after suffering a 28% fall in half-year profits. HSBC saw profits drop by 3.9 billion to 10.2 billion US dollars in the first six months of the year, as its North American arm made a 2.8 billion loss.
Tuesday, August 5th 2008 - 21:00 UTC
US June inflation hits 0.8%, highest since February 1981

Consumer spending in the United States slowed in June, while inflation in June was the highest since 1981. Inflation-adjusted spending fell 0.2% in June, according to the US Commerce Department.
Tuesday, August 5th 2008 - 21:00 UTC
China says “no need for more aggressive control” of inflation

China policies in support of small and labor intensive enterprises are taking effect and there is “no need for more adjustment measures”, said on Monday a high ranking Chinese member of the Communist party.
Tuesday, August 5th 2008 - 21:00 UTC
Uruguay July inflation eases, but above 2008 target

Uruguay's July consumer prices index CPI marked 0.45%, the lowest since last April, accumulating 5.91% in the first seven months of 2008 which, according to analysts makes it difficult to keep to the original Central Bank estimates of 3 to 7% for the twelve months.
Tuesday, August 5th 2008 - 21:00 UTC
Appreciation of the Real threatens Brazilian economy

Brazil's Minister of Economy warned Tuesday that the sustained appreciation of the local currency Real against the US dollar has reached “a limit” and if the Real continues to advance, “it could ruin our external accounts”.
Tuesday, August 5th 2008 - 21:00 UTC
Falling crude prices drive commodities to sharp fall

Commodities fell sharply Monday as another big drop in crude prices prompted traders to shed copper, corn and other hard assets as alternative investments.
Tuesday, August 5th 2008 - 21:00 UTC
Argentine president tough stance scares investors

Investors are bailing out of Argentine assets in response to tough talking President Cristina Fernández de Kirchner who since a press conference on Saturday has been defending her government's actions over a now defeated agricultural tax and inflation statistics.
Tuesday, August 5th 2008 - 21:00 UTC
Fed admits high inflation but leaves rates unchanged, 2%

The Federal Reserve decided on Tuesday to keep the key interest rate unchanged at 2% in support of a slowing economy threatened by inflationary pressures and the ongoing housing contraction and high fuel prices.
Saturday, August 2nd 2008 - 21:00 UTC
Car industry downturn: GM reports losses of 15.5 b USD

General Motors reported on Friday a net three-month loss of 15.5 billion US dollars as North American sales fell by 20%. GM took a 3.3 billion charge for buying out the contracts of 19,000 hourly workers who left at the end of June.
Saturday, August 2nd 2008 - 21:00 UTC
US unemployment rising hits four year high in July: 5.7%

The United States unemployment rate increased to a four-year high in July according to a Labor Department report issued Friday which shows 5.7% of the US workforce is out of a job, a slight increase from June.