Stories for April 25th 2009

Saturday, April 25th 2009 - 11:00 UTC
Voting before the going gets tough. The president of Argentina brings forward mid-term elections

A piece from The Economist Intelligence Unite Views Wire on Argentina’s coming mid term elections sets out the scenario of the day after, and its consequences for the ruling Kirchner couple and obviously Argentine stability.
An issue too sensitive to be openly addressed in Argentina, the article basically states the election has turned into a referendum on the still powerful Kirchners.
“A heavy defeat for the candidates and allies of the governing Frente para la Victoria (FV, a faction of the Peronist party) could well hasten the end of their power, increasing the risk that the president will not see out her term (due to expire in January 2012) and presaging a bumpy political transition”.
Saturday, April 25th 2009 - 10:42 UTC
Uruguayan farmers estimate drought losses in 868 million USD and 12.800 jobs

The intense six month drought suffered by Uruguay this summer cost the farming sector an estimated 868 million US dollars and the loss of 12.800 jobs according to a report from the country’s main farmers’ organization. The loss breaks down to 75% livestock; 11% agriculture; 11% dairy farming and 3% citrus plantations.
Saturday, April 25th 2009 - 10:38 UTC
Brazilian unemployment climbs to 9% in March

Brazilian unemployment remained steady with a growing tendency in March, having reached the highest since September 2007, 9%, reported the country’s Statistics and Geography Institute, Ibge.
Saturday, April 25th 2009 - 10:36 UTC
Chinese automakers tempted by the Brazilian market

Chinese automaker Chery reportedly is planning a 700 million US dollars factory in Brazil to tap the country's growing market and to learn more about bio fuel engines according to Sao Paulo’s financial daily Gazeta Mercantil.
Saturday, April 25th 2009 - 10:31 UTC
EIU downgrades Uruguay’s 2009 growth to 0.2%

Uruguay will experience a serious deterioration of its exports in 2009 with impacts on the rest of the economy and growth limited to a mere 0.2%, according to The Economist Intelligence Unit, EIU.
Saturday, April 25th 2009 - 10:26 UTC
China poised to become the world’s second economy in 2010

In spite of a considerable slowdown this year, China is poised to become in 2010 the world’s second largest economy, behind United States and ahead of Japan, according to the IMF World Economic Outlook released this week.
Saturday, April 25th 2009 - 10:24 UTC
Petrobras establishes new production records during March

Brazil’s government managed oil and gas corporation Petrobras established in March new production records, according to a release from the company. The average oil and gas production last month reached 2,315,276 barrels of oil equivalent per day (boed), 9.5% more than a year ago and 3% above last month’s mark.
Saturday, April 25th 2009 - 07:40 UTC
Black population becomes the majority in Brazil

Brazil and its almost 200 million population is no longer a country of white majority. The credit now belongs to the 49.6% black or mulatto population compared to the 49.4% defined as white and this is set to increase in coming years with that percentage increasing to 54, according to a recent report from the Rio do Janeiro Federal University.
Saturday, April 25th 2009 - 07:20 UTC
UK economy shrinks 1.9% in the first quarter of 2009

The UK economy shrank 1.9% in the first three months of 2009, according to gross domestic product (GDP) data from the Office for National Statistics. The contraction was much worse than had been expected and was the biggest three-month decline in GDP since the third quarter of 1979.
Saturday, April 25th 2009 - 07:18 UTC
Record unemployment in Spain: 17.36%, heading for 19.4%

Spain's jobless rate rose sharply, to 17.36% in the first quarter of 2009 with more than 4 million people out of work, the government said Friday. Nearly half of the 4 million lost their jobs in the past year, the National Statistics Institute pointed out