Economy

• Friday, November 20th 2009 - 11:49 UTC

  US construction industry and housing market remain stagnant

  

  Construction of new homes in the United States fell sharply last month, showing potential weakness in the economy's recovery, while consumer prices rose slightly more than expected.

• Friday, November 20th 2009 - 09:55 UTC

  Brazil, Peru and Uruguay in “boom phase recovery”

  

  The Economic Climate Index (ECI) in Latin America, (developed in partnership between the German Ifo Institute and Brazil’s Getulio Vargas Foundation) rose to 5.2 from 4.0 points between July and October 2009, exceeding for the first time since January 2008, the average of the last ten years (5.1 points).

• Friday, November 20th 2009 - 02:33 UTC

  Cuban greetings for 2010: tighten your belts, it’s bad and it’s getting worse

  

  Cuba is going through one of its cyclical “hard moments” but this time the lack of foreign currency is forcing draconian cuts in food subsidies, public utilities and other services taken for granted. The media repeatedly calls on the population to “tighten belts” because in 2010 restrictions are “for worse”.

• Friday, November 20th 2009 - 02:17 UTC

  Brazil, Mexico and Chile out of recession beginning 2010, says OECD

  

  The Brazilian economy will experience a robust growth in 2010 and 2011, in the range of 4.5%, while Mexico will recover from deep recession beginning next year with a GDP expansion of 2.7% and 3.9% in 2011, according to the Organization for Economic and Development Cooperation, OECD.

• Friday, November 20th 2009 - 02:11 UTC

  OECD warns UK jobless could reach 9.5% by 2011

  

  United Kingdom’s jobless rate could soar to 9.5% in two years' time, even after the economy begins to recover, a leading economic body has warned.

• Thursday, November 19th 2009 - 13:23 UTC

  Brazil/Argentina agree trade differences should not influence political relation

  

  Brazil and Argentina ended Wednesday in Brasilia a full day of talks at presidential level without reaching a clear agreement on trade disputes that have caused disruptions to the bilateral relation.

• Thursday, November 19th 2009 - 13:20 UTC

  Brazil unveils tax on ADR to help contain appreciation of the Real

  

  Brazil took another step on Wednesday aimed at containing the appreciation of its currency, unveiling a 1.5% tax on certain trades involving American Depository Receipts, ADR, issued by Brazilian companies. Finance minister Guido Mantega said the tax will be charged when foreign investors convert ADRs for Brazilian companies into receipts for shares issued locally.

• Thursday, November 19th 2009 - 13:18 UTC

  Argentine Senate reopens debt restructuring process for bond holdouts

  

  Argentina’s Senate passed a bill on Wednesday with a significant majority to reopen the country's 2005 debt restructuring. The administration of President Cristina Fernandez de Kirchner hopes it will help it settle a dispute with holders of an estimated 20 billion US dollars in defaulted bonds.

• Thursday, November 19th 2009 - 06:38 UTC

  Brazilian economy overcomes recession and expands at “Chinese rates”

  

  Brazilian president Lula da Silva stated that Latinamerica’s largest economy not only has left the global crisis behind, but also in the third quarter has expanded at a “Chinese rate”, close to 9%.

• Wednesday, November 18th 2009 - 09:30 UTC

  Venezuelan economy forecasted to contract strongly in 2009

  

  Venezuela's economy contracted 4.5% in the third quarter, far more than expected, and the second straight quarterly contraction this year after a drop in oil income affected public and consumer spending, the Central Bank said Tuesday.