Economy

Economy
Tuesday, June 16th 2009 - 10:49 UTC

Mrs. Kirchner underlines “job-creation” capacity of her administration

Money for GM to help save jobs in Argentina’s auto industry

Argentine president Cristina Fernandez de Kirchner in the midst of a tough battle to retain power in Congress in this month’s mid term election took the political debate to Switzerland where she addressed the annual meeting of the International Labour Organization, (ILO).

Monday, June 15th 2009 - 13:35 UTC

Argentina is “waging economic warfare” on the Falklands

Councillor Summer: “We don't have good relations.” ”They are taking an economic warfare approach.

The Falkland Islands government has accused Argentina of waging a campaign of “economic warfare” against it, according to an article in the Sunday edition of The Guardian by Robert Booth.

Monday, June 15th 2009 - 13:12 UTC

With four million unemployed, no room for immigrants

In spite of all, Minister Corbacho feels the worst is over

“The Spanish economy can’t take any more migrant labour” said Spanish Labour Minister Celestino Corbacho in an interview with one of Madrid’s main Sunday newspapers.

Monday, June 15th 2009 - 12:54 UTC

World economy must remain in Intensive Care, says G8

“Early signs” are positive but “global situation remains uncertain”.

The world's largest economies are beginning to stabilise but still face major risks amid an ongoing global recession, according to G8 finance ministers. At a meeting in Italy of G8 nations, the ministers said stock markets were rising, interest rates more stable, and consumer confidence was returning.

Monday, June 15th 2009 - 07:45 UTC

Cuban Oil: Havana’s Potential Geo-Political Bombshell

As the US President Barack Obama administration slowly inches towards normalizing its relations with Cuba, pressure is mounting on the new president to lift the decades-old, and universally acknowledged, anachronistic embargo.

Saturday, June 13th 2009 - 05:44 UTC

China, Japan caution about Rio Tinto/BHP Billiton tie-up

The booming Chinese industry consumes more than half of global traded iron ore

Australia's resource minister has dismissed threats of sanctions from China against its two largest mining firms Rio Tinto and BHP Billiton.

Friday, June 12th 2009 - 18:02 UTC

Bleak prospects for poor countries with global contraction of 3%

World Bank president anticipates waves of economic pain and financing gap of 350 to 635 billion for developing countries.

The world economy is set to contract this year by more than previously estimated, and poor countries will continue to be hit hard by multiple waves of economic stress, said World Bank Group President Robert B. Zoellick.

Friday, June 12th 2009 - 17:56 UTC

Brazil slashes basic interest rate to help reverse recession

Latinamerica’s largest economy should be back on the growth track in 2010 with 3.5% expansion according to the Central Bank

The Brazilian Central Bank slashed its Selic benchmark interest rate to a record low of 9.25% seeking to bolster spending and reverse recession in Latinamerica's largest economy. The one percentage point cut was the fourth reduction in as many months as policymakers struggle with the impact of the global economic slowdown.

Friday, June 12th 2009 - 17:29 UTC

Chinese imports in May dropped 25% and exports 26%

Even when trade is contracting, China’s stimulus plan seems to be working

Chinese exports dropped by a record amount in May as demand for its goods from the US and Europe slumped. Exports fell 26.4% from the same month earlier, more than February's previous record drop and imports declined by 25.2%.

Friday, June 12th 2009 - 17:23 UTC

Ecuador celebrates sovereign “defaulted” bonds repurchase

Correa called the financial operation a “resounding victory”

Ecuador announced Thursday it had bought back 91% of its “defaulted” bonds via an international auction with drastic rebates of 65% to 70%. The amount involved in the operation was 3.37 billion US dollars.

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