Economy

• Wednesday, December 23rd 2009 - 09:51 UTC

  UK economy shrinks 0.2% in third quarter; longest ever recession

  

  The United Kingdom has now lost 6% of its entire economic output in its longest ever recession, official figures have confirmed. The current slump is on a par with the 1980s recession which blighted former premier Margaret Thatcher's early years in power.

• Wednesday, December 23rd 2009 - 08:28 UTC

  Paraguay economy contracts 0.3% in third quarter confirming strong recession

  

  Paraguay’s GDP in the third quarter contracted 0.3% compared a year ago confirming the country’s recession, according to the latest report from the Central Bank. However the performance was an improvement compared to the drop of previous quarters, which “could be anticipating the recovery of the economy for the coming year”.

• Wednesday, December 23rd 2009 - 08:15 UTC

  Third credit rating agency downgrades Greek sovereign bonds

  

  A third credit ratings agency has downgraded Greek government bonds over concerns about the country's ability to reduce its high levels of debt. Moody's is the third of the three major international agencies to downgrade Greece, following similar moves by Fitch and Standard & Poor's.

• Wednesday, December 23rd 2009 - 08:09 UTC

  China's GDP per capita expected to climb to 4.000 USD by end of 2010

  

  China's GDP per capita is expected to climb to 4,000 US dollars by the end of next year, according to the 2010 social blue book issued Monday, reports Global Times.

• Wednesday, December 23rd 2009 - 07:53 UTC

  EU votes to extend tariffs on shoes from China and Vietnam

  

  The European Union has voted to extend tariffs on shoes from China and Vietnam in order to help European producers compete with cheaper imports. The tariffs, which were first introduced in 2006, will last for a further 15 months.
  A number of countries in the EU were opposed to the extension.

• Wednesday, December 23rd 2009 - 06:17 UTC

  Spain’s Air Comet grounded leaves thousands stranded in Latinamerica

  

  Spain's long-haul leisure carrier Air Comet stopped flying Tuesday, stranding thousands of passengers at airports in Spain and Latin America.

• Tuesday, December 22nd 2009 - 16:13 UTC

  China forecasts 11% industrial expansion and 8% for GDP in 2010

  

  China's industrial output is expected to post an annual 11% increase in 2009 and in 2010 buoyed by the government's stimulus packages, Minister of Industry and Information Technology (MIIT) Li Yizhong said Monday. He added that industrial performance would ensure GDP growth of 8% as planned for this year and the next.

• Tuesday, December 22nd 2009 - 14:21 UTC

  Hollywood celebrates: China looses appeal of WTO ruling on US films and books

  

  The World Trade Organization has upheld a ruling that China is illegally restricting US imports of music, films and books. The decision, issued Monday in Geneva, could force China to liberalize imports of media in the next year or face sanctions.

• Monday, December 21st 2009 - 17:42 UTC

  Colombia beefs up Venezuelan border with airborne battalions

  

  The Colombian government has announced it is building a new military base on its border with Venezuela and has activated six new airborne battalions. Relations between the two nations are at a historic low with Venezuelan President Hugo Chavez already telling his generals to prepare for war.
  He moved 15,000 more troops up to the border, accusing Colombia and its ally, the US, of planning an attack.

• Monday, December 21st 2009 - 17:32 UTC

  British MoD row over Ascension Islands reached the London press

  

  The military outpost of Ascension Island “vital to the protection of the Falkland Islands” is at the centre of a row over tax bills unpaid by the Ministry of Defence, according to an article on Sunday’s edition of the Daily Express.