The US economy unexpectedly shrank at an annualised rate of 0.1% in the fourth quarter of 2012, initial official estimates indicate. If confirmed, it would be the first contraction logged by the US economy since the 2009 global recession. The world's largest economy grew 3.1% in July to September.
The once-booming Brazilian economy created the fewest new jobs in a decade during 2012 as struggling manufacturing industries and mining companies hired fewer workers, according to Labour ministry data. Latinamerica’s leading economy added 1.3 million payroll jobs last year, the worst result since 2003 and way below the 2 million jobs created in 2011.
The Alliance of the Pacific, Chile, Peru, Colombia and Mexico have agreed to liberalize 90% of products traded between the group before the end of March 31, a decision which runs counter to the growing protectionism implemented by some of the region’s largest economies on the Atlantic.
The International Monetary Fund’s board of directors was informally briefed on the economic situation in Argentina, which has refused to undergo an annual assessment since 2006.
The World Trade Organization decided to implement two dispute resolution panels, one to probe accusations of unfair trade practices against Argentina by the US, the EU and Japan and another regarding Argentina’s claim that US-sanctioned measures affect their meat and lemons exports.
British Trade Minister Lord Green has welcomed a trade delegation from the Government of the state of Sao Paulo who are in the UK to present eight Public Private Partnership (PPP) infrastructure projects, worth 20 billion dollars, to British potential contractors.
Hydrocarbons exploration company Borders and Southern Petroleum announced on Monday that the development of its gas condensate discovery in the Falkland Islands is commercially viable. B&S made its Darwin (East-West) discovery in April and has been carrying out tests to determine the nature of its find.
Leaders from the European Union and the Community of Latinamerican and Caribbean States concluded on Sunday a two-day summit with pledges of boosting bilateral trade and while few concrete details were released, the two economic blocs expressed a clear wish for stronger ties.
Argentine president Cristina Fernandez downplayed immediate discussions for the trade and cooperation agreement between EU and Mercosur arguing that the South American block should elaborate and discuss new proposals to be presented to the Europe Union on the last quarter of this year.
The first summit of the Community of Latinamerican and Caribbean States, CELAC, the brain child of president Hugo Chavez, paid tribute to the Venezuelan leader who is recovering from cancer surgery in Havana, Cuba, the country that on Monday will be receiving the group’s chair from Chile.