Economy

Economy
Sunday, February 8th 2009 - 20:00 UTC

UN warns poverty “may soar” by 15% in Latinamerica

The global financial crisis could cause poverty to rise in Latin America by as much as 15% this year, a senior UN official has warned. Rebeca Grynspan, regional head of the UN Development Programme (UNDP), said Latin American governments needed to take action urgently.

Sunday, February 8th 2009 - 20:00 UTC

Madoff Ponzi-scheme “caught” Argentines with 500 million USD

Bernard Madoff

The colossal global Ponzi-scheme scam mounted by Wall Street financer Bernard Madoff and which is estimated in the range of 50 billion US dollars, apparently includes at least 500 million US dollars from Argentine investors, reports the Buenos Aires press.

Sunday, February 8th 2009 - 20:00 UTC

UK warning: another freezing night and icy Monday forecasted

Forecasters warned more snow is on the way to Great Britain and the Government widened the search for foreign road salt and one council started using table salt to grit its roads.

Sunday, February 8th 2009 - 20:00 UTC

“Pisco Sour Day” celebration in Peru challenges Chile

Peru begun on Saturday the celebration of “Pisco Sour Day”, a cocktail considered national cultural heritage and whose origin denomination is under dispute with neighbouring Chile. The celebration includes huge open parties, free tasting, dancing, gastronomy related to the emblematic drink also called the “flag liquor” of Peru.

Sunday, February 8th 2009 - 20:00 UTC

US Congress panel claims Treasury “over paid” 78 bn to banks

The United States Congressional Oversight Panel says the government overpaid for distressed financial assets and shares last year. It says the US Treasury paid 78 billion US dollars more than it should when buying stakes in banks through the 700 billion US dollars Troubled Assets Relief Program (Tarp).

Sunday, February 8th 2009 - 20:00 UTC

Venezuela appeals to reserves to sustain public spending

Venezuela will spend 1.65 billion US dollars from its National Development Fund in the first quarter to sustain public spending after a drop in international crude prices and the global slowdown have affected the country, said President Hugo Chavez.

Sunday, February 8th 2009 - 20:00 UTC

The Economist eyes at Uruguay/Argentina: profiting from virtue

An article from The Economist (Feb. 5th), “Profiting from Virtue” praises Uruguay's prudent and orthodox economic policies, under the “leftish” government of President Tabare Vazquez and states the country is better placed to mitigate world recession than its neighbor Argentina.

Saturday, February 7th 2009 - 20:00 UTC

IMF calls on G20 for more action to combat corrosive crisis

The IMF has urged the Group of Twenty (G-20) industrialized and emerging market countries to take more decisive policy action to combat the corrosive global financial and economic crisis by bolstering demand and cleaning up the financial sector.

Saturday, February 7th 2009 - 20:00 UTC

UK manufacturing output declined 10% in twelve months

Manufacturing output declined at its fastest rate since 1981 in December, underscoring the fragile state of the UK economy, official figures show. The Office for National Statistics (ONS) said it fell 10.2% from a year earlier as recession hit the sector.

Saturday, February 7th 2009 - 20:00 UTC

Uruguay's wool industry exports total 282 m USD in 2008

Merino sheep

Uruguay's wool industry exports between January 31st 2008 and February 2009 totalled 282 million US dollars which is 10.4% less that the same period a year ago, because of a 13.9% drop in wool sales and an 83.8% reduction in live sheep shipments.

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