Stories for May 2009

Thursday, May 21st 2009 - 11:37 UTC
Global steel output down by 23.6% in April

Global steel output fell by 23.6% in April to 89-million tons, the World Steel Association said on Wednesday.
Thursday, May 21st 2009 - 11:24 UTC
Mexican economy contracts 8.2% in first quarter

Mexico’s economy shrank a record 8.2% in the first quarter, --the most since the 1995 Tequila Crisis--, battered by the global financial crisis and the outbreak of swine flu. Mexican Finance minister Agustin Carstens admitted GDP may shrink as much as 5.5% this year.
Thursday, May 21st 2009 - 11:14 UTC
Oil-export fuelled Venezuela feeling the shortage of hard currency

Venezuela's economy grew at its slowest rate in five years during the first quarter, 0.3% (year to year) and the slowest since 2003 reported the Central Bank. Compared with the previous quarter the contraction was 16.4%.
Thursday, May 21st 2009 - 11:12 UTC
US Congress strong message to Argentina on defaulted obligations

American Task Force Argentina (ATFA), a coalition of more than 40 taxpayer, investor, educator, Latino and agriculture organizations, commended members of the United States House of Representatives for introducing legislation imposing stiff penalties on wealthy and middle-income nations that, like Argentina, refuse to honour obligations to US creditors.
Thursday, May 21st 2009 - 11:02 UTC
Falkland Oil and Gas raises £7.6 million in share issue

Falkland Oil and Gas Ltd (FOGL.L) said on Wednesday it conditionally raised 7.6 million pounds (11.8 million US dollars) to help fund capital expenditure on long-lead drilling equipment, and general and administrative costs through 2010 into 2011.
Thursday, May 21st 2009 - 10:51 UTC
Investors flock to gold fearing inflation and financial uncertainty

Fears of future inflation and ongoing financial uncertainty saw investors continue to flock to gold in the first quarter of 2009, with volumes up 38% in the first three months of the year. Total demand for gold in the first quarter rose to 1,016 tonnes, representing a 36% rise in value terms to 29.7 billion US dollars, with demand from Exchange Traded Funds and demand for gold and coins driving the rising demand, suggesting that buyers were buying for investment purposes.
Thursday, May 21st 2009 - 10:37 UTC
British Tories insist on an immediate general election

British Prime Minister Gordon Brown has rejected calls by Conservative leader David Cameron for an immediate General Election and warned that planned Tory spending cuts would lead to “chaos”.
Thursday, May 21st 2009 - 10:31 UTC
Lula da Silva rejects third term but hand-picked candidate is seriously ill

Brazilian President Lula da Silva has ruled out the possibility of standing for a third term in office adding he was certain the likely candidate for the ruling Workers Party is chief of staff Dilma Rousseff.
Wednesday, May 20th 2009 - 14:55 UTC
Soy prices set to increase because of poor crops in South America

World stocks of soybeans are set to decline steeply to a five year low of around 50 million tons at the end of the season (10 million tons less than a year ago), mainly because of smaller crops in the leading exporting countries of South America, according to Oil World.
Wednesday, May 20th 2009 - 14:39 UTC
Business climate in Latinamerica undergoes slight improvement

The business climate in Latinamerica experienced a slight improvement in the last three months having jumped from 2.9 points in January to 3.6 in April, although it is still one of the worst levels in seven years, reported the Brazilian Foundation Getulio Vargas