Stories for June 2009

Wednesday, June 17th 2009 - 06:08 UTC
Uruguay confident that Portuguese pulp mill project remains on track

Uruguay and the Brazilian state of Matto Grosso are disputing the massive investment of almost two billion US dollars in a pulp and paper plant which one of Portugal’s largest corporations is planning to build in South America, reported this week the Lisbon business daily Economico.
Wednesday, June 17th 2009 - 05:30 UTC
UK inflation in May fell to 2.2% from 2.3% in April

United Kingdom annual inflation slowed again in May as the Consumer Prices Index (CPI) fell to 2.2% from 2.3% in April, reported the Office for National Statistics (ONS). The less-than-expected decline means the figure remains above the Bank of England's target of 2%. However, the annual inflation reading was the lowest since January 2008.
Wednesday, June 17th 2009 - 05:28 UTC
Uruguayan opposition with good chances of winning October election

Even when the Uruguayan ruling coalition is ahead in vote intention for next October’s general election, according to the latest tendency from public opinion polls the deterioration of the Uruguayan economy in coming months plays in favour of the opposition, said the latest report from The Economist Intelligence Unit.
Wednesday, June 17th 2009 - 05:20 UTC
After 18 quarters of growth Uruguay technically in recession

Contrary to government forecasts the Uruguayan economy plunged 2.9% in the first quarter of this year putting an end to 18 uninterrupted quarters of sustained growth. Although government officials downplayed the impact of the retraction, private analysts said this signals the beginning of a recession period in line with what is happening globally.
Wednesday, June 17th 2009 - 05:15 UTC
Westminster expenses: ban on MPs employment of close relatives

Hundreds of British MPs could be forced to stop employing close relatives after Harriet Harman admitted the practice threatened public confidence in politics. The Commons Leader warned the public would no longer tolerate the suspicion that members were using allowances to line their families' pockets
Wednesday, June 17th 2009 - 05:12 UTC
BRIC members meet to demand greater voice is world financial affairs

The world's newest economic grouping, BRIC is to hold its first summit in the Russian city of Yekaterinburg beginning Tuesday. BRIC is named after its four member states - emerging giants Brazil, Russia, India and China; they account for 13% of global GDP and 40% of world population.
Tuesday, June 16th 2009 - 13:16 UTC
Lula da Silva calls for new world economic order

Brazilian President Lula da Silva urged unions and workers on Monday to take advantage of the global financial crisis to help forge a new world economic order. He also criticized multilateral organizations for having no plans to address the current global crisis.
Tuesday, June 16th 2009 - 13:14 UTC
“Regulation of globalization is the central issue”

French President Nicolas Sarkozy has warned of political and social unrest unless there is greater regulation of the globalized economy. He argued that the current system of “speculation and dumping” cannot continue. “We have to overhaul everything,” he said. He called for a larger role for social institutions in financial regulation.
Tuesday, June 16th 2009 - 13:12 UTC
ECB anticipates further write downs: 283 billion USD by end of 2010

The European Central Bank (ECB) warned on Monday that the crisis facing the banking sector is not over, despite unprecedented government efforts to support banks.
Tuesday, June 16th 2009 - 13:06 UTC
Spanish banks downgraded; Madrid announces 99 billion Euros rescue fund

Moody's Investors Service on Monday cut the senior ratings of 25 Spanish banks, citing expectations of further capital pressures. As well as broader economic pressures, the banks' asset quality indicators continue to point towards a further significant deterioration, Moody's said.