Economy

Economy
Thursday, January 14th 2010 - 12:04 UTC

A Greek “headache” for the European Central Bank and interest rates

“Peripheral” nations budget deficits haunt ECB president Jean Claude Trichet

The Euro-zone is facing one of its most serious internal crises ever as European Central Bank (ECB) governors meet on Thursday, with fiscal problems in Greece and other members of the bloc pushing interest rate issues to the background.

Thursday, January 14th 2010 - 12:00 UTC

Brazil elected to board of directors of Bank for International Settlements

Brazil’s Central bank president Henrique Meirelles

Brazil’s Central bank president Henrique Meirelles was elected to the board of directors of the Bank for International Settlements, a further sign of the country's increasing clout in the world economy.

Thursday, January 14th 2010 - 11:56 UTC

Germany experienced during 2009 the largest ever decline in 60 years

Federal Statistics Office President Roderich Egeler.

Germany's largely export-driven economy recorded its biggest-ever decline since World War II in 2009: 5%. The country also breached the EU's deficit limit.

Thursday, January 14th 2010 - 11:54 UTC

No end on sight to US budget deficit: one trillion USD in fiscal 2010

The once all mighty US dollar rapidly eroding

United States registered its largest December budget deficit on record as higher unemployment reduced revenue and the government spent money to help the economy recover.

Thursday, January 14th 2010 - 09:58 UTC

Brazil’s main private bank forecasts “aggressive” policy to counter inflation

Ana Cristina da Costa, Bradesco chief asset management economist

Brazil will boost interest rates to as high as 13% next year as policy makers become more “aggressive” to ensure the global economic recovery doesn’t fuel faster inflation, according to Bradesco Asset Management

Thursday, January 14th 2010 - 09:55 UTC

Uruguay with the fourth highest inflation in the region last year

A fall in international demand and in the price of commodities helped contain inflation in Latinamerica with the exception of Venezuela.

Uruguay’s inflation in 2009 was on target, 5.9%, but nevertheless it was the highest in Latinamerica behind Venezuela, Jamaica and Argentina, according to data from Uruguay’s central bank. Overall the global slowdown impacted on the region with lower inflation rates.

Thursday, January 14th 2010 - 04:53 UTC

Mrs. Kirchner resuscitates ghosts from the 2001/02 default crisis

Redrado the “squatter”; Judge Griesa, the “serial embargo judge”, Judge Sarmiento, “the delivery kid” and Cobos the “conspirator”, according to the Argentine president

Argentine president Cristina Fernandez de Kirchner on Wednesday again attacked the opposition and called for “reflection” from all those sectors involved in the dispute over Central Bank reserves to avoid repeating the “errors of the past”.

Thursday, January 14th 2010 - 03:05 UTC

UK economy could be crawling out of recession, according to latest data

The economy shrank 4.8% in 2009, the worst since 1921

The UK economy grew in the fourth quarter of 2009 for the first time since the summer of 2008, according to forecasts published Wednesday.

Wednesday, January 13th 2010 - 12:16 UTC

Argentine central bank reserves dispute adds another player: New York Judge

Judge Thomas Griesa placed an embargo on Argentine Central Banks accounts in the US

Argentina’s central bank reserves dispute suffered an expected escalation when on Tuesday Judge Thomas Griesa from New York State placed an embargo on Argentine central bank accounts held in the United States, following a lawsuit filed by investment funds (or “vulture funds”).

Wednesday, January 13th 2010 - 08:26 UTC

Chavez keeps his word and closes shops for price rises following devaluation

Venezuelans crowd outside shops (Photo AP)

Venezuelan government inspectors backed by soldiers have shut more than 70 shops in Caracas and other cities accused of trying to cash in on last week's currency devaluation. Soldiers have been on the streets to check prices as people queue to buy imports, fearing prices could rise.

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