Stories for May 7th 2009
European central banks lost 40 billion USD with gold sales
The decision by central banks across Europe to sell gold reserves over the last ten years has left them 40 billion US dollars worse-off, the Financial Times reported Thursday.
IMF forecasts “relatively good” performance for Latam economy
Economic activity in Latin America and the Caribbean (LAC), sharply affected by the global economic crisis, is expected to contract by 1.5% in 2009, from about 4.5% growth in 2008, before rebounding next year, according to the latest forecast for the region by the International Monetary Fund.
Brazilian and Argentine manufacturers reach markets agreement
Brazilian and Argentine manufacturers reach a tentative understanding to privilege the two countries markets and exports which should help overcome the ongoing trade dispute among Mercosur main partners.
Sterling highly sensitive to quantity easing programs
The British pound fell sharply just after midday Thursday following the announcement from the Bank of England (BoE) that it was expanding its quantitative easing program by a further £50 billion. The move to expand QE from the original £75 billion to £125 billion sent sterling down against a host of currencies including the dollar and the euro.
Bank of England to pump additional £ 50 billion to the economy
The Bank of England has held interest rates unchanged at their record low of 0.5% but stepped up its program to boost the economy with injections of new money. It is the second month in a row that rate-setters have held the cost of borrowing as attention turns to the results of its scheme of quantitative easing (QE) - effectively printing money - to ease credit conditions in the ailing economy.
ECB follows US, UK, Japan and announces quantitative easing
The European Central Bank is to embark on its own quantitative easing program in response to the sharpest economic slowdown in Europe since the Second World War, it was announced Thursday. The news follows similar measures in the UK, US and Japan over the past few months.
Ghost nets and lost fishing gear hurting marine environment
Large amounts of fishing gear lost at sea or abandoned by fishers are hurting the marine environment, impacting fish stocks through “ghost fishing” and posing a hazard to ships, according to a new report jointly produced by the UN Food and Agriculture Organization (FAO) and UN Environment Programme (UNEP).
Ministers meet to advance creation of South American development bank
Economy and Finance ministers from seven South American countries are scheduled to meet Friday in Buenos Aires to advance in the creation of the Bank of the South, a financial institution to fund infrastructure and development projects in the region.
Sao Paulo, Santiago best cities for business in Latinamerica
Business journal América Economía last week ranked Santiago as the second best city in Latin America for business, just behind Sao Paulo and ahead of Miami, Mexico City, and Buenos Aires.
Canadian scientists complete genetic sequence of H1N1
A team of Canadian scientists have completed the genetic sequencing of three H1N1 viruses taken from Mexico, Nova Scotia and Ontario, the first complete sequencing of the human swine flu, it was announced Wednesday.
