Economy

Economy
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.

Thursday, September 3rd 2009 - 13:23 UTC

Uruguay’s economic policy and Mercosur links set to change predicts Moody’s

Mujica and Lacalle have different approaches regarding Mercosur

The risk-rating agency Moody’s Economy anticipates that whoever wins in Uruguay’s October presidential election, the only certainty is that “there will be changes in economic policy” and in regional inter-action, including a review of Mercosur relations.

Thursday, September 3rd 2009 - 13:18 UTC

Brazil leaves rates unchanged confident of non-inflationary recovery

Latinamerica’s biggest economy is responding to the stimulus programs

Brazil's Central Bank decided on Wednesday to keep its benchmark lending rate unchanged at a record low 8.75%. The monetary policy committee, Copom, voted unanimously to leave the so-called Selic rate steady, in line with analysts' expectations.

Thursday, September 3rd 2009 - 10:17 UTC

G20 meeting anticipates clash over government spending and banks

Mr Darling issued a stark warning to countries considering “exit strategies” from measures to stimulate their economies. He said: ”It is a bit early to say, 'How do we get out of this?'

In anticipation of the G20 Finance ministers meeting in London on Friday UK Chancellor Alistair Darling insisted that world governments need to keep spending to ensure recovery from the global economic crisis.

Thursday, September 3rd 2009 - 10:10 UTC

EU hedge funds regulations threaten London’ position as global financial hub

London Mayor Boris Johnson has appealed to the EC and European Parliament

EU plans to regulate hedge funds are a “blatant attack” on London's role as an international financial centre, the mayor of the city has said. Boris Johnson added that suspicions ministers in Paris and Berlin were using the proposals to deliberately target London were “not unfounded”.

Thursday, September 3rd 2009 - 10:08 UTC

US loss of jobs slowing but unemployment still above 9.5%

Some of the US main metropolitan areas have unemployment rates above 15%

A report from a private researcher in United States established that August saw US employers cut the smallest number of jobs in nearly a year. ADP reports 298,000 non-government jobs were cut during August, which is considerably less than the prior month (360.000).

Thursday, September 3rd 2009 - 10:06 UTC

Fed pleased with latest data but US recovery is still fragile

Ben Bernanke: Labour market and consumers still face “considerable headwinds”

Federal Reserve policymakers were increasingly pleased by signs of improvement in the US economy but added that the recovery is still fragile, according to the minutes of their most recent meeting.

Thursday, September 3rd 2009 - 07:10 UTC

China first to buy 50 billion USD in IMF bonds

The agreement was signed by IMF chief Dominique Strauss-Kahn and Yi Gang from the People’s Bank of China

China has agreed to buy the first International Monetary Fund bonds for about 50 billion dollars, the IMF said Wednesday. IMF managing director Dominique Strauss-Kahn and the deputy governor of the People’s Bank of China, Yi Gang, signed the agreement in Washington.

Wednesday, September 2nd 2009 - 13:16 UTC

Unemployment in Punta Arenas remains the lowest in Chile: 4.6%

The capital of Magallanes region is showing resilience to the global crisis

Magallanes in the extreme south of Chile remains as the region with the lowest unemployment in the country, 4.4% according to the latest release from the regional branch of the Statistics Office.

Wednesday, September 2nd 2009 - 07:49 UTC

China confirms stimulus and credit policies to prop economy

Premier Wen Jiabao said current policies must continue because China is at a critical stage of its recovery

Chinese top leaders reaffirmed on Tuesday the country’s stimulus program and easy credit policy following one of the worst monthly performances of the Shanghai and Shenzhen markets fearing recovery efforts could be loosing steam.

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