Economy

Economy
Thursday, October 15th 2009 - 12:03 UTC

Dow Jones closest at its highest since October 2008: 10.015

Early March stocks hit a 12-year low before staging their comeback.

The Dow Jones Industrial Average has topped the 10,000 mark for the first time in a year. World markets were boosted by the news that US bank JP Morgan Chase reported a better-than-expected profit in the July-to-September quarter. The Dow closed up 144.8 at 10,015.86, its highest since October 2008.

Thursday, October 15th 2009 - 11:58 UTC

Bovespa index at new high, having advanced 76% so far this year

China and strong demand for commodities boosting Brazilian market

Brazil's Bovespa stocks index and currency, the Real, extended recent rallies Wednesday to end at fresh highs not seen in more than a year. The main Sao Paulo stocks index ended 2.4% higher at a 16-month high of 66,201 points.

Thursday, October 15th 2009 - 11:55 UTC

Argentina’s annual inflation estimated by private consultants in 14%

Economy minister Boudou has promised to restore credibility to official statistics

Argentine inflation was 0.7% in September according to the official controversial Statistics office, Indec. The figure released Wednesday as has been happening for years was disputed by private consultants that estimate an average between 0´9% and 1.3%.

Thursday, October 15th 2009 - 07:47 UTC

China’s super rich linked to real estate and massive urbanization

Electric car producer Wang Chuanfu, the richest man in 2009

The super rich from China seem to have put the credit crunch behind them as the average wealth of China’s richest 1,000 people grew 30% in the past 12 months, surpassing the boom of 2007, according to a report released this week in Shanghai.

Thursday, October 15th 2009 - 03:16 UTC

UK unemployment predicted to continue soaring over 3 million

Worst jobs market in a generation for school leavers and newly qualified students

United Kingdom unemployment is still on course to soar above three million despite better-than-expected jobless figures, experts have warned. Official data showed unemployment rising to 2.47 million in the three months to August, an increase of 88,000 on the quarter to May

Thursday, October 15th 2009 - 03:13 UTC

China’s reserves reach 2.273 trillion USD, including 800 billion US bonds

Central banker Zhou Xiaochuan promotes creating new world currency

China’s foreign-exchange reserves, the world’s biggest, climbed about 141 billion US dollars in the third quarter to a record 2.273 trillion USD, the People’s Bank of China said Wednesday on its Web site.

Thursday, October 15th 2009 - 02:56 UTC

Latinamerican banks sound and safe, according to S&P ratings

No juggling with derivatives

Latinamerican banks will see second quarter gains despite the economic crisis due to a greater dependency on deposits rather than loans, Standard & Poor's ratings agency said.

Wednesday, October 14th 2009 - 06:19 UTC

UK rates to remain low for years amid tax rises and spending cuts

Sterling en route to be equivalent to less than 1 Euro, says CEBR

UK interest rates will stay low for years amid tax rises and spending cuts, according to an economic forecast. The Centre for Economics and Business Research (CEBR) believes the rate will remain at its current 0.5% level until 2011 and not reach 2% until 2014.

Wednesday, October 14th 2009 - 03:49 UTC

UK September’s weaker inflation surprises and triggers doubts about recovery

Bank of England with greater margin for quantitative easing

Inflation in Britain has sunk faster than expected to hit a five-year low last month, official figures showed. The Consumer Prices Index (CPI) for September stood at 1.1% - down from August's 1.6% - as hikes in household energy bills in 2008 compared with unchanged bills for the same month this year.

Tuesday, October 13th 2009 - 11:10 UTC

Abu Dhabi one of many buyers of Santander Brazil IPO

The Aabar fund also holds a 9.1% stake in Germany’s Daimler-Benz

Publicly listed Abu Dhabi fund Aabar Investments PJSC which is the biggest shareholder in Daimler AG, invested 328 million US dollars in Banco Santander (Brasil) SA by buying shares in its initial public offering.

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