Economy

Economy
Monday, December 29th 2008 - 20:00 UTC

Copper keeps sliding, reaches a four year low at 1.27 USD lb

The price of copper, Chile's biggest export, may not rebound past 2 US dollars per pound after the international credit crisis hammered speculators, according to Santiago Gonzalez, Chile's Mining minister. Copper reached last week a four year low.

Monday, December 29th 2008 - 20:00 UTC

Cuba: 2008 worst year since collapse of the Soviet Union

Cuba says it has suffered one of the most difficult financial years since the collapse of the Soviet Union. Economy minister Jose Luis Rodriguez said the Cuban economy had grown by 4.3% in the past year, falling short of the 8% forecast by the government.

President Raul Castro called for austerity measures including cutbacks in official travel and bonuses.

Monday, December 29th 2008 - 20:00 UTC

IDB increased outlays to Latam 25% to 12.2 billion USD

IDB President Luis Moreno

The Inter-American Development Bank Group increased loan, credit guarantee and grant approvals by about a quarter to a record 12.2 billion US dollars in 2008, in an effort to help Latin America and the Caribbean weather the global financial crisis.

Monday, December 29th 2008 - 20:00 UTC

Higher EU rates confirm sterling parity with Euro

The British pound's relentless slide towards parity with the Euro picked up pace after it plunged to another record low against the single European currency. The latest slide saw sterling worth just 1.022 Euros amid expectations for European interest rates to remain higher than in the UK for some time yet.

Sunday, December 28th 2008 - 20:00 UTC

Royal crackdown on honors for bankers and City figures

Queen Elizabeth II has endorsed a crackdown on honors for bankers and leading City figures because of their role in causing the economic crisis, according to the Sunday edition of the Daily Mail.

Saturday, December 27th 2008 - 20:00 UTC

Suspected killer of rainforest activist arrested in Brazil

Regivaldo Galvao

Brazilian police detained a rancher suspected of the murder of rainforest activist Dorothy Stang for allegedly acquiring titles illegally to land that the United States missionary died trying to defend.

Saturday, December 27th 2008 - 20:00 UTC

Less fertilizer use anticipates smaller 08/09 crop in Brazil

Brazil's 2008/09 harvest is forecasted to experience a loss of 5 to 10% compared to the previous record crop of 143 million tons, according to Katia Abreu, president of the Brazilian Agriculture and Livestock Confederation CNA.

Friday, December 26th 2008 - 20:00 UTC

Recession will 'set British economy back five years'

Households must not rule out the prospect that the UK's economy shrinks by between 5 per cent and 10 per cent next year if the financial crisis sets off an even more vicious cycle of cutbacks, according to the Centre for Economics and Business Research.

Friday, December 26th 2008 - 20:00 UTC

Jobs opportunities down, lay offs up in Chilean economy

Despite government pleas to the contrary, some of Chile's largest industries have already begun laying off workers en masse, evidence that the global financial crisis is beginning to take serious hold here.

Friday, December 26th 2008 - 20:00 UTC

Russia devalues rouble, and prepared “to address crisis”

Russia has devalued its currency, the rouble, for the third time this week and the seventh time this month. It takes it to its lowest value against the US dollar since January 2006.

The Russian currency has been hit by the price of oil, which is Russia's main export. Oil prices are more than 100 US dollars a barrel below their July peak.

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