Economy
Economy feedLatinamerican poor to reach 189 million (9 million more) because of recession
The current global crisis will cause the number of poor people in Latin America to rise by nine million to 189 million this year, the UN Economic Commission for Latin America and the Caribbean (CEPAL) said in a report presented in Santiago de Chile.
“Lack of political stability” weighs on Argentina’s credit ratings
Contentious politics and a lack of political stability are the main factors weighing on the outlook for Argentina’s credit ratings, Moody’s Investors Services said on Thursday.
US banks “too big to fail” could be dismantled under new legislation
A key US House of Representatives committee has voted to give the government the power to take apart banks that are “too big to fail”. The bill would give a proposed new council of regulators the right to dismantle firms whose scale could hurt the economy - even if they are healthy.
US construction industry and housing market remain stagnant
Construction of new homes in the United States fell sharply last month, showing potential weakness in the economy’s recovery, while consumer prices rose slightly more than expected.
Brazil, Peru and Uruguay in “boom phase recovery”
The Economic Climate Index (ECI) in Latin America, (developed in partnership between the German Ifo Institute and Brazil’s Getulio Vargas Foundation) rose to 5.2 from 4.0 points between July and October 2009, exceeding for the first time since January 2008, the average of the last ten years (5.1 points).
Cuban greetings for 2010: tighten your belts, it’s bad and it’s getting worse
Cuba is going through one of its cyclical “hard moments” but this time the lack of foreign currency is forcing draconian cuts in food subsidies, public utilities and other services taken for granted. The media repeatedly calls on the population to “tighten belts” because in 2010 restrictions are “for worse”.
Brazil, Mexico and Chile out of recession beginning 2010, says OECD
The Brazilian economy will experience a robust growth in 2010 and 2011, in the range of 4.5%, while Mexico will recover from deep recession beginning next year with a GDP expansion of 2.7% and 3.9% in 2011, according to the Organization for Economic and Development Cooperation, OECD.
OECD warns UK jobless could reach 9.5% by 2011
United Kingdom’s jobless rate could soar to 9.5% in two years’ time, even after the economy begins to recover, a leading economic body has warned.
Brazil/Argentina agree trade differences should not influence political relation
Brazil and Argentina ended Wednesday in Brasilia a full day of talks at presidential level without reaching a clear agreement on trade disputes that have caused disruptions to the bilateral relation.
Brazil unveils tax on ADR to help contain appreciation of the Real
Brazil took another step on Wednesday aimed at containing the appreciation of its currency, unveiling a 1.5% tax on certain trades involving American Depository Receipts, ADR, issued by Brazilian companies. Finance minister Guido Mantega said the tax will be charged when foreign investors convert ADRs for Brazilian companies into receipts for shares issued locally.
