Economy

• Wednesday, January 27th 2010 - 15:13 UTC

  It’s official: UK economy crawling out of its deepest recession

  

  The United Kingdom has officially emerged from its longest and deepest recession on record, with figures showing the economy grew by 0.1% in the last quarter of 2009. The result brings an end to six consecutive quarters of shrinking output for the British economy.

• Wednesday, January 27th 2010 - 14:40 UTC

  US 2010 budget deficit estimated at 9.2% of GDP, second highest

  

  The United States Congressional Budget Office, CBO released Tuesday its 10 year budget projections which includes a deficit for this fiscal year of 1.3 trillion US dollars, equivalent to 9.2% of GDP.

• Wednesday, January 27th 2010 - 14:37 UTC

  Record world unemployment in 2009: not much better this year, says ILO

  

  The number of jobless worldwide reached nearly 212 million in 2009 following an unprecedented increase of 34 million compared to 2007, on the eve of the global crisis, the International Labour Office (ILO) said in its annual Global Employment Trends report released Tuesday in Geneva.

• Wednesday, January 27th 2010 - 14:34 UTC

  Beijing drastic decision to cap excessive lending shakes world markets

  

  Asian markets suffered their biggest one-day losses in three months, as fears over planned limits on lending by banks in China unnerved investors already jumpy at proposed curbs on United States banks.

• Monday, January 25th 2010 - 14:49 UTC

  Chile and Argentina consolidate bilateral integration and cooperation

  

  Chile announced that the “Integration and Cooperation” agreement with Argentina, which was stamped by Presidents Cristina Kirchner and Michelle Bachelet last October 30, became effective as of Friday January 22nd.

• Monday, January 25th 2010 - 14:40 UTC

  White House confident of Bernanke’s confirmation at the Federal Reserve

  

  The White House says it is confident of Ben Bernanke's confirmation as Federal Reserve chairman for a second term.

• Saturday, January 23rd 2010 - 15:44 UTC

  Argentine courts ratify the freeze on use of Central Bank reserves

  

  Argentina’s Federal Contentious Administrative Court Friday ratified the suspension on the use of the Central Bank foreign currency reserves to payout public debt, according to judicial sources in Buenos Aires.

• Saturday, January 23rd 2010 - 15:29 UTC

  Record borrowing from UK government takes net debt to 67% of GDP

  

  The British Government borrowed £15.7 billion last month - an amount that was less than expected, but still the highest December figure on record. Borrowing for the whole of 2009 reached £142.6 billion, the highest since Office for National Statistics (ONS) records began in 1946.

• Saturday, January 23rd 2010 - 15:13 UTC

  Brazilian bank plans to enter the Mexican retail banking market

  

  Brazil’s Banco Bradesco announced Friday that it plans to enter the Mexican retail banking market through the acquisition of Ibi Mexico

• Saturday, January 23rd 2010 - 15:02 UTC

  UK British car industry contracted 30% during 2009

  

  The damage wreaked by the recession on Britain's car industry was made clear as figures showed production in 2009 dropped almost a third on the previous year. Car production was down 30.9% compared to the previous year to 999,460 vehicles, the Society of Motor Manufacturers and Traders (SMMT) announced.