Economy

Economy
Wednesday, March 18th 2009 - 08:18 UTC

Bank of England calls for urgent G-20 “joint commitment” on stimulus plans

BE Governor Mervyn King

Bank of England Governor Mervyn King has issued a rallying cry for joined-up international efforts to pull the global economy out of a “sudden, severe and simultaneous” downturn.

Wednesday, March 18th 2009 - 08:03 UTC

Nobel Prize Krugman says US and EU stimulus packages insufficient

“The United States is not doing enough to fight the crisis, and Europe is doing a bit less...”

The US economist and Nobel Laureate Paul Krugman said Tuesday that Europe and the United States should at least double their fiscal efforts in order to salvage the global economy.

Wednesday, March 18th 2009 - 08:02 UTC

Car sales in Chile plunge 55% in first two months of 2009

Sales of new cars and light trucks in Chile plunged 54.8% in the first two months of 2009 compared to the same period a year ago the country's automotive association ANAC said Tuesday.

Wednesday, March 18th 2009 - 07:43 UTC

IMF forecasts 0.6% global contraction this year

“This is a true global crisis, impacting all parts of the world and countries at different levels of development”.

The International Monetary Fund expects the global economy to contract 0.6% this year, according to forecasts provided on Tuesday by an IMF official in Lisbon.

Tuesday, March 17th 2009 - 14:00 UTC

Uruguay considering reduction of working hours to alleviate crisis

The Uruguayan government is considering reducing working time to lighten the impact of the global financial crisis, local media reported over the weekend.

Tuesday, March 17th 2009 - 13:42 UTC

Bernanke on prime-time anticipated US economic recovery next year

Bernanke: “We’ll see the recession coming to an end probably this year”

US Federal Reserve Chairman Ben Bernanke expects economic recovery in America next year, but has warned that the biggest risk to an upturn is whether there is sufficient political will to mend the financial system.

Tuesday, March 17th 2009 - 09:58 UTC

Mercosur feeling the crunch particularly in trade and credit access

Mercosur headquaters in Montevideo

Mercosur is already feeling the effects of the global crisis in its foreign sector and economic activity, according to a report from the prestigious Argentine consultants Ecolatina.

Monday, March 16th 2009 - 11:08 UTC

Colombian presidential hopeful says time is ready to end US aid

Vice-President Francisco Santos

Colombia’s Vice-President Francisco Santos said the country does not need any longer United States funds to combat the narcotics trade and guerrillas movements because time is up “and we don’t need them”.

Sunday, March 15th 2009 - 15:29 UTC

Pte. Obama and Lula da Silva review global economy

Pte.  Obama, talks with Brazil's President Luiz Inacio Lula da Silva, during their meeting in the Oval Office of the White House

President Barack Obama and Brazilian President Luiz Inacio Lula da Silva discussed the economy, energy and the environment Saturday during their first White House meeting.

Saturday, March 14th 2009 - 14:54 UTC

Paraguay is asking Brazil to pay 16 times more for Itaipú energy

Lugo. “We would like a fair market price, we’re a poor country, and we need the resources”.

Paraguay is a poor country and is fighting for a fair market price for its share of energy generated at South America’s largest hydroelectric dam shared with Brazil. “Somehow we are subsidizing Brazil’s energy”, said Paraguayan president Fernando Lugo in an interview with the Spanish daily El Mundo.

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