Economy

Friday, March 26th 2010 - 01:53 UTC
Euro zone agrees € 22 billion ‘safety net’ for Greece including the IMF

Sixteen Euro zone countries have backed a financing plan to help debt-laden Greece, which will include IMF money. The safety net would total up to 22 billion Euros and would apply only if market lending to Greece dried up.
Friday, March 26th 2010 - 00:59 UTC
Chilean government announces biggest fuel price hike in months

Chile’s government has decided to “un-freeze” the increase of the gasoline prices considering that the value of both oil and the US dollar is growing all around the world.
By law, on March 25 the transitory price reduction to the specific oil tax must come to an end. The decree was passed last year to help the local economy given the financial crisis that affected many countries.
Friday, March 26th 2010 - 00:53 UTC
Dubai World promises investors will get their money back (in eight years)

Investors in Dubai World have been told they will get their money back - but may have to wait up to eight years. The Dubai government has pledged more than £6bn of new funding for the restructuring plans of its flagship investment vehicle, whose assets include the QE2 and Turnberry golf course.
Friday, March 26th 2010 - 00:43 UTC
Former KGB agent buys The Independent and Independent on Sunday for £ 1

Former KGB agent and London’s Evening Standard owner Alexander Lebedev is buying The Independent and Independent on Sunday for £1, it has been confirmed. The Russian oligarch has snapped up the titles for the same price as a single copy of The Independent.
Friday, March 26th 2010 - 00:37 UTC
Uruguay outperformed other regional economies, expanding 2.9% in 2009

Uruguay outperformed all other Latinamerican countries last year, according to the latest available data on 2009 economic growth. The data shows the Uruguayan economy expanded 2.9% in 2009, compared to 1.2% for Peru and 0.9% in Argentina.
Thursday, March 25th 2010 - 03:20 UTC
Latinamerica, “winning region of the financial crisis”, says optimistic IDB

Latin American countries' banking and financial officials were optimistic Tuesday about their future development, saying most economies in the region were strengthened after the global financial crisis.
Thursday, March 25th 2010 - 03:18 UTC
Mercosur-Israel free trade agreement becomes effective

The free trade agreement between Mercosur and Israel, the first out of the region for the South American block, became effective this week for Paraguay. For the rest of Mercosur full members, Argentina, Brazil and Uruguay the official date is April first.
Thursday, March 25th 2010 - 03:05 UTC
UN report points to “clear inequities” in province, class and gender in Argentina

Argentina is confronting “clear inequities” as reflected by the incidence of “avoidable” maternal deaths during childbirth, the frequency of abortion among poor women and the concentration of new HIV infections in the most marginalized sector of the population, according to a U.N. report presented this week.
Thursday, March 25th 2010 - 02:47 UTC
China seals long term energy agreements with Australia and Shell

China National Offshore Oil Corporation, (CNOOC), signed a multi-billion dollar deal with Australia's BG Group to buy millions of tons of gas. Under the deal, which still needs government approval, CNOOC will buy 3.6 million tons of liquefied natural gas a year for the next 20 years.
Wednesday, March 24th 2010 - 22:27 UTC
Portugal credit rating downgrade sank the Euro and Wall Street

The Euro sank to a 10-month low against the dollar and US stocks fell on Wednesday after a downgrade of Portugal's credit rating raised worries about Europe's growing debt burden.