Economy

• Tuesday, May 25th 2010 - 00:57 UTC

  IMF bluntly tells Spain austerity and reform measures are not enough

  

  The International Monetary Fund has raised fresh concerns about Spain's economy, saying “far-reaching” reforms are needed to ensure its recovery. It said the country faced “severe” challenges, including the need to urgently reform a “dysfunctional” labour market, and its banking sector.

• Tuesday, May 25th 2010 - 00:43 UTC

  UK outlines start of massive cuts to “wasteful spending across the public sector”

  

  Less than a fortnight after the Conservative-Liberal Democrat coalition took power in Britain, Chancellor of the Exchequer George Osborne outlined plans to cut £ 6.2 billion pounds (8.92 billion USD) from government spending to help reduce the budget deficit.

• Saturday, May 22nd 2010 - 07:02 UTC

  Argentine indicators show the economy picking up strongly

  

  Argentina's economy grew at its fastest pace in nearly two years in March, expanding 8.1% from a year earlier as strong industry activity strengthened a recovery, according to government data.

• Saturday, May 22nd 2010 - 02:53 UTC

  ‘Dr. Doom’ Roubini anticipates a ‘double-dip downturn’ and 20% fall in markets

  

  With the Euro-zone crisis renewing fears over another financial crisis, economic pessimists have again regained stage, among them Nouriel Roubini professor at the Stern School of New York University (NYU).

• Saturday, May 22nd 2010 - 00:10 UTC

  Chile’s drops in world competitiveness ranking but still top of Latam

  

  Chile fell from number 25 to number 28 on the World Competitiveness Yearbook that includes 58 countries. This is Chile’s worst position since 2000, when it ranked number 30. The highest position it has had is 18, in 2005.

• Friday, May 21st 2010 - 06:15 UTC

  Sarkozy and Merkel pledge to support the Euro and solve EU debt crisis

  

  France and Germany pledged on Thursday to work together to solve a European debt crisis and support the Euro, patching up a public rift that had rattled markets around the world.

• Friday, May 21st 2010 - 06:12 UTC

  US Senate approves sweeping overhaul of financial regulations

  

  The US Senate passed a bill Thursday providing the most sweeping overhaul of financial regulations since the 1930s. The Senate passed the bill by 59 votes to 39. It must still be merged with a version in the House.

• Friday, May 21st 2010 - 06:10 UTC

  Spanish cabinet approves draconian budget cuts; public sector protests

  

  The Spanish government approved on Thursday approved a €15 billion (19 billion US dollars) austerity plan aimed at reducing the country's large fiscal deficit and easing concerns that Spain could follow Greece into a debt crisis.

• Friday, May 21st 2010 - 03:40 UTC

  Euro fiscal crisis and local inflation tarnish Brazilian glitter

  

  Brazil's Bovespa stocks index and the Real lost ground for a sixth straight session Thursday as investors continued to sell local assets given the depressed global economic outlook following on fears about the Euro fiscal crisis and disappointing data on the health of the US economy.

• Friday, May 21st 2010 - 02:48 UTC

  Peru en route to become the world’s fifth gold producer

  

  Peru’s Ministry of Energy and Mines (MEM) said this week that the country would rank among the world’s top 5 gold producers before 2015 thanks to the production potential and increased investment in the sector.