Economy

Economy
Friday, January 15th 2010 - 05:28 UTC

Euro-zone countries “need bold measures to improve confidence”

ECB Jean Claude Trichet anticipates recovery will be “bumpy”

The European Central Bank left interest rates on hold at their historic low of 1% at its first meeting for the year Thursday amid concerns about Greece's debt crisis.

Thursday, January 14th 2010 - 12:16 UTC

Haiti with no relief for thousands of injured and buried in the rubble

President Preval said “tens of thousands have died”

Haitian President Rene Preval has said thousands of people are feared dead following a huge quake which has devastated the country's capital. Mr Preval said the UN mission chief in Haiti was among the dead. It said at least 14 other UN staff had died and 56 were injured.

Thursday, January 14th 2010 - 12:12 UTC

Argentina vows to press on with debt swap of defaulted bonds

“Firm political decision”, said Economy minister Amado Boudou

Argentina vowed on Wednesday to press on with a debt swap targeting 20 billion US dollars in defaulted bonds in spite of the political turmoil. The announcement had an immediate reaction in the stock market and Argentine bonds.

Thursday, January 14th 2010 - 12:04 UTC

A Greek “headache” for the European Central Bank and interest rates

“Peripheral” nations budget deficits haunt ECB president Jean Claude Trichet

The Euro-zone is facing one of its most serious internal crises ever as European Central Bank (ECB) governors meet on Thursday, with fiscal problems in Greece and other members of the bloc pushing interest rate issues to the background.

Thursday, January 14th 2010 - 12:00 UTC

Brazil elected to board of directors of Bank for International Settlements

Brazil’s Central bank president Henrique Meirelles

Brazil’s Central bank president Henrique Meirelles was elected to the board of directors of the Bank for International Settlements, a further sign of the country's increasing clout in the world economy.

Thursday, January 14th 2010 - 11:56 UTC

Germany experienced during 2009 the largest ever decline in 60 years

Federal Statistics Office President Roderich Egeler.

Germany's largely export-driven economy recorded its biggest-ever decline since World War II in 2009: 5%. The country also breached the EU's deficit limit.

Thursday, January 14th 2010 - 11:54 UTC

No end on sight to US budget deficit: one trillion USD in fiscal 2010

The once all mighty US dollar rapidly eroding

United States registered its largest December budget deficit on record as higher unemployment reduced revenue and the government spent money to help the economy recover.

Thursday, January 14th 2010 - 09:58 UTC

Brazil’s main private bank forecasts “aggressive” policy to counter inflation

Ana Cristina da Costa, Bradesco chief asset management economist

Brazil will boost interest rates to as high as 13% next year as policy makers become more “aggressive” to ensure the global economic recovery doesn’t fuel faster inflation, according to Bradesco Asset Management

Thursday, January 14th 2010 - 09:55 UTC

Uruguay with the fourth highest inflation in the region last year

A fall in international demand and in the price of commodities helped contain inflation in Latinamerica with the exception of Venezuela.

Uruguay’s inflation in 2009 was on target, 5.9%, but nevertheless it was the highest in Latinamerica behind Venezuela, Jamaica and Argentina, according to data from Uruguay’s central bank. Overall the global slowdown impacted on the region with lower inflation rates.

Thursday, January 14th 2010 - 04:53 UTC

Mrs. Kirchner resuscitates ghosts from the 2001/02 default crisis

Redrado the “squatter”; Judge Griesa, the “serial embargo judge”, Judge Sarmiento, “the delivery kid” and Cobos the “conspirator”, according to the Argentine president

Argentine president Cristina Fernandez de Kirchner on Wednesday again attacked the opposition and called for “reflection” from all those sectors involved in the dispute over Central Bank reserves to avoid repeating the “errors of the past”.

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