Economy

Economy
Friday, November 13th 2009 - 08:04 UTC

US and Japan record low interest rates funding global “carry trades”

Guru-economist Nouriel Roubini has warned about the risks and consequences of carry trade

The International Monetary Fund said that record low US interest rates are funding global “carry trades” and the dollar is still overvalued as concerns mount that new financial imbalances are forming.

Thursday, November 12th 2009 - 13:27 UTC

Record for gold on renewed economic recovery optimism

No short term ceiling for the steady rising bullion

The gold rally resumed once more on Wednesday as prices rose more than 15 US dollars an ounce, spurred on by the US dollar’s seemingly endless decline, which continued as renewed optimism over the economic recovery led to dollar selling.

Thursday, November 12th 2009 - 13:23 UTC

Chilean gold production expected to triple by 2015

One of the world’s ten largest producers

A study conducted by Chile's National Copper Commission (COCHILCO) reports that the country will most likely triple its gold production within the next five years.
The opening of new mines in Chile's north will take production from an annual level of 39 tons to nearly 110 tons, said the report.
This would make Chile one of the world’s 10 largest producers.

Thursday, November 12th 2009 - 10:49 UTC

China’s strong economic data fuel annual growth prospect of 8%

Activity in factories and workshops increased 16.1% last month

The latest economic data from China suggests that industrial production grew year on year at a level faster than expected. Retail sales also rose by more than analysts had predicted, while consumer prices continued to fall.

Thursday, November 12th 2009 - 10:42 UTC

Three candidates to challenge US dollar as dominant reserve currency

The US dollar was involved in 90% of all forx transactions in 2005

A new report from researchers at the International Monetary Fund sees at least three candidates that could eventually challenge the US dollar's role as the world's dominant reserve currency: the Euro, the Yen and the Chinese Yuan.

Thursday, November 12th 2009 - 10:30 UTC

Argentine church calls government to improve “social cohesion and bring peace”

Cardinal Jorge Bergoglio recalled John Paul II inspirational mediation in 1978/79

The Argentine Catholic Church called Wednesday on the government to improve “social cohesion and bring peace” to Argentines. At a conference headed by Cardinal Jorge Bergoglio to mark the 25th anniversary of a peace treaty between Argentina and Chile mediated by Pope John Paul II, the cardinal claimed the government “has the obligation to resolve all its controversies by the use of peaceful methods.”

Thursday, November 12th 2009 - 09:29 UTC

Argentine government monthly report: “signs of slow recovery”

Cabinet Chief Anibal Fernandez addressing congress

Argentina’s cabinet chief Aníbal Fernández reported there were signs of “a slow recovery” in the economy, during his monthly address to the Congress. “The usual soothsayers were wrong in their predictions,” he said, claiming that GDP fell less abruptly in Argentina than in Peru, Chile or even Brazil.

Thursday, November 12th 2009 - 09:25 UTC

US dollar role as reserve currency “intact” but Yuan becoming an alternative

Robert Zoellick warned the US needs to tackle its huge deficit

World Bank President Robert Zoellick said that the dollar's role as a reserve currency is intact, but the United States cannot take it for granted and needs to tackle its huge fiscal deficit.

Wednesday, November 11th 2009 - 11:23 UTC

Argentina Seeks to Resolve Defaulted Debt Issues, While “Vulture Funds” Are Determined to Undermine

The Argentine government recently announced a plan to offer a debt swap to investors still holding US$20 billion (plus interest) in unpaid bonds from the country’s 2001 debt default.

Wednesday, November 11th 2009 - 11:20 UTC

UK risks loosing AAA sovereign credit rating because of budget deficit

PM Brown said he has a credible plan to halve deficit over the next few years

The United Kingdom is the developed nation most at risk of losing its AAA sovereign credit rating because of the budget deficit and virtually no margin left in the event of another downturn, Fitch warned Tuesday.

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