Economy

• Friday, May 28th 2010 - 04:44 UTC

  Venezuelan economy contracts 5.8% in first quarter over a year ago

  

  Venezuela’s economy fell deeper into recession in the first three months of the year as electricity rationing conditioned manufacturing and investment dried up because of government takeovers.

• Friday, May 28th 2010 - 04:36 UTC

  World markets and Euro boosted by China’s supportive comments

  

  World stock markets soared strongly on Thursday, boosted by supportive comments from China on the strength of the Euro. The agency that manages the country's huge foreign assets said it was not rethinking its holdings in Euros.

• Friday, May 28th 2010 - 04:35 UTC

  Spain’s austerity package narrowly approved by one vote

  

  There has been temporary relief for Spain’s governing Socialists as parliament narrowly approved the 15 billion Euro austerity package: the motion was passed by only one vote, 169 to 168.

• Thursday, May 27th 2010 - 09:11 UTC

  Argentina’s delay in dispatching imports is irritating trade partners

  

  Since the controversial Argentine Interior Commerce Secretary Guillermo Moreno announced in an April 23 letter that he will examine overseas purchases to consider the competitiveness of the national market, products worth millions of dollars have been delayed at Argentina’s borders and ports.

• Thursday, May 27th 2010 - 09:09 UTC

  Germany preparing for “orderly state insolvency” in support of the Euro

  

  Germany's push for an orderly insolvency process for indebted Euro zone states suggests Berlin is assuming the worst: that one of its peers -- most likely Greece -- will default on its debt repayments.

• Thursday, May 27th 2010 - 09:01 UTC

  Brazil’s strong growth has budget primary surplus above target

  

  The Brazilian central government posted in April its largest monthly primary budget surplus in two years on the back of solid economic growth, reversing two months of negative results, the Treasury said on Wednesday.

• Thursday, May 27th 2010 - 08:49 UTC

  Santiago’s streets congested with 42% of the total vehicles in Chile

  

  More than one million vehicles circulate through Santiago’s streets, or 42% of the total vehicles in Chile. The expected increase of traffic in Chile’s capital, Santiago, is six percent for 2010, which will further increase traffic congestion and pollution particulary in winter months, experts say.

• Thursday, May 27th 2010 - 08:16 UTC

  China’s concern over its Euro holdings tumbles the currency

  

  United States markets have put an end to what had been a day of stock market revivals around the world. After a day that had been mostly positive, New York's benchmark Dow Jones closed down 0.69% at 9974.45 - a four month low.

• Thursday, May 27th 2010 - 08:06 UTC

  Brazil warns about retaliation measures if Argentina blocks trade

  

  Brazil's administration has threatened to implement retaliation measures if its foodstuffs are banned from entering into Argentina, according to statements made by the Foreign Trade head Welber Barral in a press conference.

• Wednesday, May 26th 2010 - 06:30 UTC

  Government plans taxing overseas assets of residents in Uruguay

  

  Uruguay is planning to tax deposits and other assets held overseas by residents in the country. The bill which has been drafted and promises to be controversial is expected to be sent for legislative consideration in coming days announced Economy minister Fernando Lorenzo.