Economy

• Thursday, January 6th 2011 - 12:42 UTC

  Future Chinese PM promises full financial and economic support for Spain

  

  China has confidence in the Spanish financial market and will continue buying bonds issued by Spain’s government, Beijing’s Deputy prime minister said in an op-ed published in Madrid daily El Pais.

• Thursday, January 6th 2011 - 12:25 UTC

  Korea resorts to vaccination to combat foot and mouth epidemic

  

  Overwhelmed by the rapid spread of foot and mouth disease FMD the South Korean government announced that it will vaccinate pigs, cows and all other cloven hoofed animals. The decision came after the highly contagious virus has turned into a nationwide epidemic, with livestock farms in the eastern province of Gangwon falling victim to the deadly disease.

• Thursday, January 6th 2011 - 12:19 UTC

  Magallanes has the lowest unemployment rate in Chile

  

  Magallanes in the extreme south of Chile became the region with the lowest unemployment in the country during the September-November quarter. According to the official Chilean statistics office the jobless rate in Magallanes dropped to 4.1% compared to the national 7.1%.

• Thursday, January 6th 2011 - 12:05 UTC

  Record prices for copper plummet the US dollar to new lows against Chilean Peso

  

  The US dollar ended 2010 at a record low vis-à-vis the Chilean peso which has soared on the strong global demand for copper, the country’s main export. On Friday December 31st the US dollar was operating at 467.30 and 467.80 in Santiago’s money markets, which is the lowest since May 19, 3008 with 467.40.

• Thursday, January 6th 2011 - 11:56 UTC

  Gold forecasted to break above 1.500 USD in 2011 after 29% rise in 2010

  

  Gold closed 2010 with its strongest annual performance since 2007 and marking a fifth straight month of gains in December, driven by a weaker dollar and global economic uncertainty.

• Thursday, January 6th 2011 - 11:48 UTC

  Cuban reforms on the move: soap and toothpaste eliminated from monthly ration

  

  Cuba’s government, trying to save money and eliminate subsidies announced this week it will remove soap, toothpaste and detergent from the monthly ration of food and consumer products it has handed out since the early days of the Cuban revolution.

• Thursday, January 6th 2011 - 11:44 UTC

  Merkel committed to support the Euro, in spite of German public opinion

  

  Chancellor Angela Merkel stressed Germany's commitment to the Euro in her New Year message to the country last week.

• Thursday, January 6th 2011 - 11:10 UTC

  As with Greece and Portugal, China comes to Spain’s rescue; 7.5 billion deals

  

  China and Spain signed this week business deals worth 7.5 billion US dollars, a welcome boost for Spain's recession-hit economy. Visiting Vice-Premier Li Keqiang also vowed to help Europe overcome its debt crisis (and support the Euro), as he started his three-nation European tour.

• Thursday, January 6th 2011 - 11:07 UTC

  Barroso warns Europe of a tough “painful” year ahead

  

  The year 2011 will be economically challenging and painful, European Commission President Jose Manuel Barroso warned this week. After two years of economic recession, Barroso expects a difficult year ahead and underlined the need for Europe to make progress on economic governance and policy coordination.

• Thursday, January 6th 2011 - 11:00 UTC

  Super Real and imports surge behind Brazil’s smallest trade surplus in eight years

  

  Brazil’s trade surplus fell 19.8% in 2010 to 20.28 billion USD, the smallest in eight years. Exports grew 31.4% to 201.9 billion, a new record, but imports surged 41.6% to 181.64 billion, the Ministry of Development, Industry and Commerce said this week.