Economy

Economy
Thursday, August 13th 2009 - 08:34 UTC

Fed says US economy “levelling off” although activity likely to remain weak

Fed will continue to pump liquidity by purchasing up to 1.25 trillion USD of agency mortgage-backed securities and up to 200 billion of agency debt.

The Federal Reserve left US interest rates un changed between 0% and 0.25% describing the current situation as “levelling off” although economic activity is “likely to remain weak for a time”.

Thursday, August 13th 2009 - 08:29 UTC

A second bubble? US homeowners face mortgage debts higher than house value

According to a Deutsche bank report 41% of prime conforming loans will be “underwater” by the first quarter of 2011.

The percentage of US homeowners who owe more than their house is worth will nearly double to 48% in 2011 from 26% at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday.

Thursday, August 13th 2009 - 08:25 UTC

WTO rules against China restrictions on US imports of DVD and media products

US Trade Representative Ron Kirk called the ruling a “significant victory”.

The United States has won a ruling at the World Trade Organisation (WTO) against China's restrictions on the import of American DVDs and other media products.

Thursday, August 13th 2009 - 08:22 UTC

Soros optimistic about recovery of the US economy in third quarter

The billionaire financier said that no more stimulus money is needed in the US

The United States economy has hit the bottom and the current quarter will see positive growth because of the government's stimulus spending, according to billionaire financier George Soros.

Thursday, August 13th 2009 - 08:12 UTC

UK unemployment at its highest since 1995; second quarter, 2.43 million

Lord Mandelson, currently “minding the shop” in Downing Street described the situation as “unacceptable”.

The recession in the United Kingdom has claimed another 220,000 jobs in the three months to June to take the total number of unemployed to 2.43 million, official figures have revealed.

Thursday, August 13th 2009 - 08:09 UTC

Mining giant BHP Billiton profits slump 51% and sales 16%

The mining company holds licences for hydrocarbons exploration and production in Falklands’ waters.

Annual profits at mining giant BHP Billiton have more than halved after demand for commodities slumped. The company has more than 100 operations across the world, including South America and the Falkland Islands.

Thursday, August 13th 2009 - 07:49 UTC

InterContinental Hotels report loss: “business remains elusive”

Revenues sank by nearly 25% to 375 million dollars in the first half of 2009.

The British group which manages InterContinental Hotels, Crowne Plaza and Holiday Inn revealed that it plunged into losses in the first six months of 2009 and forecast a “tough” second half as the recession keeps business travellers at home. That compares with a net profit of 163 million dollars in the same part of 2008.

Wednesday, August 12th 2009 - 12:19 UTC

Chavez and Cristina sign a billion USD trade agreement

President Chavez and his counterpart  C.F. Kirchner. The deal includes 10.000 cars, farm machinery and food products.

Venezuelan President Hugo Chavez received on Tuesday Argentine President Cristina Fernandez de Kirchner in Caracas to sign agreements expanding trade between the two countries. Among the deals was an accord to import as many as 10,000 cars from Argentina this year instead of Colombia.

Wednesday, August 12th 2009 - 12:10 UTC

“Discrimination-free” and when possible “free-of-charge” soccer in Argentina

AFA ends agreement with private channel and will receive 6 billion pesos in ten years from the Argentine government.

The Argentine Football Federation Executive Committee agreed Tuesday to end the contract that for two decades had united AFA with television company Televisión Satelital Codificada, owner of the television rights for Argentina’s soccer.

Wednesday, August 12th 2009 - 12:02 UTC

Chinese economy recovering on government stimulus spending

Industrial output and GDP were below economic forecasts

New economic figures show that China's export-geared economy still has weaknesses, but is showing signs of recovery. Still, there are warnings that much of the gain is dependent on government stimulus spending.

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