Economy

Monday, April 21st 2008 - 21:00 UTC
US banks report more write downs and hunt for fresh funds

US banks continue in turmoil reporting lower profits, write-downs and hunting for fresh funds Bank of America reported a 77% drop in profits in the first three months of 2008, hit by trading losses and a 6 billion write-down to cover bad loans. National City Corporation from the Midwest admitted it was looking for 7 billion US dollars.
Saturday, April 19th 2008 - 21:00 UTC
UK's second bank shareholders asked to inject cash

Britain's second largest bank, Royal Bank of Scotland, is to ask shareholders for about £10 billion of extra cash to improve its financial position, reports BBC.
Saturday, April 19th 2008 - 21:00 UTC
Citigroup losses: when bad news becomes good news

New York based Citigroup has suffered a second massive loss and is cutting 9,000 jobs as the credit crisis continues to take its toll on the biggest US bank.
Friday, April 18th 2008 - 21:00 UTC
Aerolineas could be returning to the “Argentine fold”

The Spanish tourism operator Marsans which has a majority stake in Aerolineas Argentinas announced in Buenos Aires the intention of making the flag air carrier “ever more Argentine”, and simultaneously taking advantage of the expertise and opportunities the Spanish group can offer.
Thursday, April 17th 2008 - 21:00 UTC
Twelve month inflation expectations in Argentina soar to 32.8%

Inflation expectations among Argentine consumers for the next twelve months reached 32.8%, the worst since the strong recovery of the country's economy begun in 2002/03, according to the monthly report from the Di Tella University released Wednesday.
Thursday, April 17th 2008 - 21:00 UTC
FAO asks Latam for help to prevent high food prices

The governments of Latin America must act to prevent high global food prices from increasing malnutrition in the region, officials from the UN Food and Agriculture Organization warned this week in Brasilia.
Thursday, April 17th 2008 - 21:00 UTC
China becomes world's second exporter ahead of US

China overtook United States as the world's second exporter of goods in 2007, while Germany remains top of the ranking according to the latest data from the World Trade Organization, WYO.
Thursday, April 17th 2008 - 21:00 UTC
Merrill Lynch posts losses of 6.5 billion in first quarter

Merrill Lynch posted its third straight quarterly loss, its first of 2008, after more write-downs linked to the embattled credit markets. The world's largest brokerage lost 6.5 billion US dollars in write downs on subprime mortgages and other risky assets.
Thursday, April 17th 2008 - 21:00 UTC
Lula da Silva defends bio-fuels and attacks farm subsidies

Brazil's president Luiz Inacio Lula da Silva made an impassioned defense of bio-fuels rejecting that they are responsible for the recent rise in global food prices during the opening ceremony of a United Nations Food and Agriculture Organization, FAO, conference in Brasilia.
Thursday, April 17th 2008 - 21:00 UTC
Chilean Central Bank purchases help to prop US dollar

The dollar closed in Santiago money markets at 456.6 Chilean pesos on Thursday, up from 434.1 Chilean pesos a week ago. This rapid gain comes in the wake of Chile's Central Bank's announcement last week that it would buy 8 billion US dollars over the course of the year.