Cuba’s Housing Institute has created as specific site in the web to facilitate the search and paper-work for people interested in the interchange of homes, reported the broadcasting station Reloj. The sale and purchase of real estate in Cuba is illegal.
Profits of the top 500 Chinese corporations in 2008 exceeded that of their United States counterparts. Gains for the full year in 2008 totalled 1.21 trillion Yuan (177.17 billion US dollars), much more than the 98.9 billion USD from the top 500 US firms in the same period.
The Group of 20 finance ministers have pledged to maintain stimulus measures such as extra government spending and low interest rates to boost the global economy.
Argentine farmers marked on Friday the end of an eight-day sales boycott with rallies and marches promising to “keep fighting” in support of aid for peers suffering from the worst drought in decades and to eliminate the current export tariffs system which distorts production and threatens several crops.
Leading economist Nouriel Roubini who predicted the global financial crisis said Friday in Italy that he expects a slow recovery for advanced economies, but emerging economies may experience a quicker more robust growth.
United States job cuts in August reached 216,000 pushing the unemployment rate up to 9.7%, the highest since 1983, according to the Bureau of Labour Statistics. Since the start of the recession in December 2007, the US economy has shed 6.9 million jobs, the department said.
The Bank of England on Friday held interest rates at 0.5% as expected, but expanded its quantitative easing program by £50 billion to £175 billion. In a letter to the chancellor Alistair Darling, Bank of England governor Mervyn King said the move was essential to meet the central bank’s long term inflation target of 2% or 1% either side.
The European Central Bank declared Thursday that the economic contraction in Europe is coming to an end and kept interest rates on hold at 1%. However, the ECB's president, Jean-Claude Trichet, warned the recovery will be bumpy, especially in the face of high unemployment in Europe which is now 9.5%.
Uruguay’s retail inflation jumped an unexpected 1.23% in August, the highest in the last 14 months, totalling 5.11% in eight months and 7.28% in the last twelve months. If the tendency is confirmed during the last four months of 2009, the consumer prices index would be above the Central Bank’s upper target of 7%.
If Argentina compiles with its homework and has good relations with international financial organizations, “credit is granted overnight” said Olivier Blanchard, the International Monetary Fund Economic Counselor and Director of the IMF Research Department during his visit to Buenos Aires for a two day conference on monetary policies.