Economy

Economy
Thursday, December 17th 2009 - 05:56 UTC

Fed confirms most special liquidity facilities to expire by February 2010

Inflation is expected “to remain subdued for some time”

The Federal Reserve has decided to keep US interest rates on hold at between 0% and 0.25%, --as had been widely expected--, and anticipated that most of the special liquidity facilities will expire on February 1, 2010.

Wednesday, December 16th 2009 - 23:25 UTC

UK record: one in five working age people economically inactive

Unemployment rate has now reached a 13-year high of 7.9%.

Youth unemployment in the United Kingdom has reached a record high as the jobless total nudged 2.5 million, the worst total since the mid-1990s. The number of 16 to 24-year-olds out of work was 952,000 in the three months to October, a quarterly rise of 6,000 and the highest figure since records began in 1992.

Wednesday, December 16th 2009 - 07:38 UTC

Moody’s warns about deterioration of sovereign triple-A ratings

Pierre Cailleteau, Moody's global head of sovereign ratings

Sovereign debt risk is rising globally, particularly in the United States and United Kingdom, which must outline plans to manage public debt or face ratings deterioration as soon as 2011, Moody's global head of sovereign ratings said this week.

Wednesday, December 16th 2009 - 05:48 UTC

Spain tops “misery index” that combines unemployment rate and budget deficit

EU predicts Spain’s unemployment to reach 20% and budget deficit 10.1% of GDP

Spain tops a new “misery index” that combines unemployment rates with budget deficits, according to forecasts from Moody’s Investors Service. Ireland appears in fourth place on the sovereign-risk outlook for 2010, behind Spain, Latvia and Lithuania.

Wednesday, December 16th 2009 - 05:34 UTC

UK cuts defence programs to fund new equipment for Afghanistan

Defence Secretary Bob Ainsworth announced the purchase of 22 Chinnok choppers.

British Defence Secretary Bob Ainsworth announced Tuesday a package of cutbacks in core defence programmes to fund £900 million of new equipment for troops in Afghanistan over the next three years.

Wednesday, December 16th 2009 - 05:29 UTC

UK November inflation rose to 1.9%, pushed by fuel prices

On the bright side food and non alcoholic drink prices have not risen so sharply

Higher petrol prices in the United Kingdom pushed inflation upward for the second month in a row in November, official figures have revealed. The Consumer Prices Index (CPI) rose to 1.9% last month from 1.5% in October, said the Office for National Statistics (ONS).

Wednesday, December 16th 2009 - 05:26 UTC

Poland delays adoption of the Euro until 2015

The original target anticipated by Prime Minister Donald Tusk was 2012

Poland's adoption of the Euro in 2015 is very realistic and more likely than in 2014, but it isn't a target date, Deputy Finance Minister Ludwik Kotecki told reporters.

Wednesday, December 16th 2009 - 04:11 UTC

Soybeans bumper crop forecasted in Mercosur countries

The total harvest could reach 123 million tons compared to 97 million last season

A soy bean bumper crop in South America in early 2010 will ease world reserves of grains, currently at very low levels, and will also have an impact on international prices according to Oil World.

Tuesday, December 15th 2009 - 14:12 UTC

Rio Tinto Alcan planning a 2.5 billion USD aluminium smelter in Paraguay

Sandeep Biswas from Rio Tinto Alcan made the announcement in Asunción

Rio Tinto Alcan, a unit of global mining giant Rio Tinto said on Monday it could invest up to 2.5 billion US dollars in a potential aluminium smelter in Paraguay. Rio Tinto Alcan said it had begun negotiations on a possible power purchase agreement for the potential smelter.

Tuesday, December 15th 2009 - 14:07 UTC

S&P lowers Mexico’s foreign currency debt rating to BBB

President Felipe Calderón reshuffles cabinet

Mexico’s credit rating was cut one level by Standard & Poor’s after tumbling oil output and the worst recession since the 1930s swelled the budget deficit.

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