Economy

Economy
Monday, September 7th 2009 - 14:12 UTC

Cuban government joins the internet sales-auction-exchange business

It’s illegal to buy a home in Cuba but no longer to exchange housing

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.

Monday, September 7th 2009 - 14:08 UTC

China’s top 500 corporations outperformed the US top 500, says Beijing

However leaders admit Chinese corporations are still lacking

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.

Sunday, September 6th 2009 - 18:33 UTC

G20 vow to keep spending high

Darling said he hoped banks would now not be rewarded for reckless behaviour (Photo AFP)

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.

Saturday, September 5th 2009 - 13:17 UTC

Argentine farmers end eight day boycott promising to “keep fighting”

Nestor Roulet said farmers are angry and the government continues to provoke

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.

Saturday, September 5th 2009 - 13:06 UTC

Leading economist Roubini warns of “U shaped” or “W shaped” recovery

Economic growth to remain low for “two to three” years anticipated Roubini

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.

Saturday, September 5th 2009 - 06:28 UTC

US unemployment at record 9.7%, but some signs job cuts are easing

Most losses were seen in the construction and manufacturing industries

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.

Saturday, September 5th 2009 - 06:09 UTC

Bank of England expands quantitative easing by £ 50 billion to £ 175 billion

The bank warns lending to business has fallen and spreads on bank loans remain elevated

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.

Friday, September 4th 2009 - 12:57 UTC

Recovery on sight, but bumpy road ahead, warns ECB chief

Trichet warns about unemployment and calls for prudence and caution

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%.

Friday, September 4th 2009 - 09:09 UTC

In spite of August surge, Uruguay expects 2009 inflation to be below 7%

Power and fuel supplied by government monopolies mostly responsible for August unexpected 1.23%

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%.

Thursday, September 3rd 2009 - 13:27 UTC

Once Argentina “has done its homework”, IMF liquidity support comes overnight

IMF Chief Economist Blanchard message was clear and straight

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.

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