Economy

• Friday, February 5th 2010 - 02:39 UTC

  World markets collapse on fears of Euro zone debt problems

  

  Concerns about the US economy and the potential spread of debt problems in the Euro zone (Greece, Portugal and Spain) have led to large falls in world stock markets. US and key European markets lost more than 2% while those in Spain and Portugal fell by more than 5%.

• Thursday, February 4th 2010 - 23:21 UTC

  Trichet forecasts Euro zone recovery at moderate path but with bumps

  

  The euro zone economy will continue to grow at a moderate pace but with bumps on its path to recovery, European Central Bank (ECB) President Jean-Claude Trichet said on Thursday.

• Thursday, February 4th 2010 - 18:16 UTC

  Uruguay January prices pick up again and reach 0.93%

  

  Prices in Uruguay surprised in January, showing signs of picking up again, driven in large part by higher medical costs, the latest salaries agreements and dearer vegetables according to data published earlier this week.

• Thursday, February 4th 2010 - 17:58 UTC

  Central bank can have operational autonomy but “it is not independent”

  

  Argentina’s newly appointed Central Bank president Mercedes Marcó del Pont, said she “believes in the Central Bank' operational autonomy,” but expressed “it cannot be independent”. She also said they would “work rigorously and continue their policies to bring calm in the currency exchange market.”

• Thursday, February 4th 2010 - 17:36 UTC

  Bank of England leaves rates unchanged but pauses pumping liquidity

  

  The Bank of England decided Thursday against further quantitative easing (QE), the policy designed to stimulate growth in the UK economy. Under QE, the Bank has pumped new money into the economy by buying assets such as government bonds, as a way to boost lending by commercial banks.
  Last week, it revealed it had spent all of the £200 billion put aside for QE.

• Thursday, February 4th 2010 - 17:31 UTC

  BBVA takes over Credit Agricole becomes Uruguay’s second largest private bank

  

  French bank Credit Agricole SA will sell its Uruguayan subsidiary, Credit Uruguay Banco, to the local unit of Spain's BBVA it was confirmed in Montevideo and Madrid.

• Thursday, February 4th 2010 - 17:17 UTC

  As China tries to cool economy asset bubbles fears emerge in Brazil

  

  Brazil, Latinamerica’s largest economy is feeling the consequences of China’s moves to rein in an overheated economy and global fears of asset bubbles in attractive fast developing economies. The strongest warning came this week from the Organization for Economic Cooperation and Development, OECD.

• Thursday, February 4th 2010 - 17:13 UTC

  Kraft sealed Cadbury takeover as shareholders accept the deal

  

  US food giant Kraft has sealed its takeover of British confectioner Cadbury after shareholders accepted the deal. The move means Kraft can press ahead with its five-month battle for control of Cadbury, which has 186 years of history as an independent company.

• Thursday, February 4th 2010 - 17:09 UTC

  US academic wants banks barred from gambling on world markets

  

  A leading US academic who has been praised by the head of the Bank of England has called for banks to be barred from gambling on the world markets. Speaking on Jeff Randall Live, Professor Laurence Kotlikoff argued that the days of casino banking should be ended for good.

• Thursday, February 4th 2010 - 16:24 UTC

  Currency unions do not survive “without fiscal and political union”

  

  The New York University professor who anticipated the financial crisis cautioned about the Greek situation and the Euro zone saying history indicates that no currency union has survived without a strong fiscal and political union.