Economy

Economy
Wednesday, October 21st 2009 - 12:43 UTC

The world on wheels: China reports record sales of cars

Sales are expected to reach 12 million this year

Chinese annual car production has topped 10 million for the first time as carmakers boost output to meet growing demand, state media has said. The 10 millionth car produced this year rolled off the First Automobile Works Group assembly line in Changchun, the official Xinhua News Agency reported.
In September sales soared 78% compared to a year ago totalling 1.33 million units.

Wednesday, October 21st 2009 - 10:28 UTC

Bank of England governor attacks banking industry failure to reform

Mervyn King: never has so much (taxpayers’) money been owed by so few to so many

Bank of England Governor Mervyn King has launched an attack on the banking industry's failure to reform despite “breathtaking” levels of taxpayer support. The Governor warned the public would be paying for the financial crisis “for a generation”.

Tuesday, October 20th 2009 - 11:36 UTC

Argentine economy shows sluggish recovery fourth month running

The last quarter could show a positive difference boosted by exports to Brazil

Argentine economic activity in September and for the fourth month running showed signs of a slight recovery, according to the latest index from private consultants Orlando J Ferreres & Asociados, OJF, released Monday.

Tuesday, October 20th 2009 - 08:03 UTC

Lula da Silva promises a million new formal jobs in 2009

In September Brazilian jobs lost because of the recession were recovered

President Lula da Silva said Brazil would end this year with a million new formal jobs and in 2010 the economy will expand 5%. Speaking at his program “Breakfast with the President”, Lula da Silva announced that 252.000 jobs had been created in September which means 2009 will end “with a million new formal jobs”.

Tuesday, October 20th 2009 - 07:54 UTC

Brazil to slap tax on foreign capital inflow “to avoid speculation”

Finance Minister Guido Mantega made the announcement Monday: the Real has gained 35% and the Bovespa index 80% since beginning of this year

Brazil will impose a 2% tax on purchases by foreign investors of Real-denominated, fixed-income securities and on purchases of stocks. The measures are being taken “to avoid an excess speculation in the stock market and in capital markets” said Finance minister Guido Mantega told reporters Monday in Sao Paulo.

Tuesday, October 20th 2009 - 07:35 UTC

Chinese economy performing better than expected

Although exports are down, Chinese domestic demand is helping to boost the rest of the world economy

The Chinese economy grew above 7% in the first nine months of the year and is poised to surpass the 8% expansion target for this year, according to a top official from the financial sector speaking in Beijing.

Saturday, October 17th 2009 - 10:29 UTC

US federal deficit hits all time high record of 1.42 trillion US dollars, 10% of GDP

The United States federal deficit is at an all-time high, 1.42 trillion US dollars for fiscal year 2009, which ended September 30. However it was lower than forecasted In August, 1.58 trillion and much less than in May 1.84 trillion US dollars.

Saturday, October 17th 2009 - 10:27 UTC

US criticizes China’s Yuan “rigidity” and reserves accumulation

US manufacturers claim the Yuan is undervalued between 20% and 40%

The US Treasury has criticised China for what it described as the lack of flexibility of the Chinese currency, the Yuan. It also criticised the rapid build-up of China's foreign exchange reserves in a report to the US Congress.

Saturday, October 17th 2009 - 10:26 UTC

UK Revenue looking into tax affaire of 27 Members of Parliament

Controversy extends to failure on paying capital gains tax

The tax affairs of 27 British Members of Parliament are being investigated following inspections of their taxpayer-funded expenses payouts, it has emerged. It follows a warning from the head of HM Revenue and Customs Dave Hartnett in July that politicians would be placed under increased scrutiny in the wake of the exposure of their claims.

Saturday, October 17th 2009 - 05:29 UTC

Geithner committed to keep the US dollar as a reserve currency

US needs to control inflation and finances in order said the Treasury Secretary

United States Treasury Secretary Timothy Geithner said the dollar's role as a reserve currency carries special responsibilities, including the need to control inflation and get the nation's finances in order. In an interview on CNBC television, Geithner was asked about the dollar's recent decline and what the Treasury was doing to guard its value.

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