Economy

• Tuesday, March 17th 2009 - 14:00 UTC

  Uruguay considering reduction of working hours to alleviate crisis

  

  The Uruguayan government is considering reducing working time to lighten the impact of the global financial crisis, local media reported over the weekend.

• Tuesday, March 17th 2009 - 13:42 UTC

  Bernanke on prime-time anticipated US economic recovery next year

  

  US Federal Reserve Chairman Ben Bernanke expects economic recovery in America next year, but has warned that the biggest risk to an upturn is whether there is sufficient political will to mend the financial system.

• Tuesday, March 17th 2009 - 09:58 UTC

  Mercosur feeling the crunch particularly in trade and credit access

  

  Mercosur is already feeling the effects of the global crisis in its foreign sector and economic activity, according to a report from the prestigious Argentine consultants Ecolatina.

• Monday, March 16th 2009 - 11:08 UTC

  Colombian presidential hopeful says time is ready to end US aid

  

  Colombia’s Vice-President Francisco Santos said the country does not need any longer United States funds to combat the narcotics trade and guerrillas movements because time is up “and we don’t need them”.

• Sunday, March 15th 2009 - 15:29 UTC

  Pte. Obama and Lula da Silva review global economy

  

  President Barack Obama and Brazilian President Luiz Inacio Lula da Silva discussed the economy, energy and the environment Saturday during their first White House meeting.

• Saturday, March 14th 2009 - 14:54 UTC

  Paraguay is asking Brazil to pay 16 times more for Itaipú energy

  

  Paraguay is a poor country and is fighting for a fair market price for its share of energy generated at South America’s largest hydroelectric dam shared with Brazil. “Somehow we are subsidizing Brazil’s energy”, said Paraguayan president Fernando Lugo in an interview with the Spanish daily El Mundo.

• Saturday, March 14th 2009 - 09:44 UTC

  US and EU split over stimulus plans and banks

  

  United Kingdom Chancellor Alistair Darling has played down talk of rifts between the US and Europe ahead of the G20 summit. Finance ministers from leading countries are gathering in London to agree the agenda for the summit of world leaders next month.

• Saturday, March 14th 2009 - 09:38 UTC

  Tax havens agree to relax bank secrecy laws

  

  British Prime Minister Gordon Brown hailed announcement that Switzerland is relaxing key bank secrecy laws as “the beginning of the end of tax havens.”

• Saturday, March 14th 2009 - 07:45 UTC

  Lula da Silva confident of US recovery but cautious about protectionism

  

  Brazilian President Lula da Silva said on Friday that counteracting the global credit crunch and preventing a wave of protectionism will be high on the agenda when he meets US President Barack Obama on Saturday.

• Thursday, March 12th 2009 - 15:43 UTC

  Peru signalled as only Latam country to slip from recession

  

  Peru is the only Latin American country likely to escape slipping into recession this year, a senior World Bank official said on Wednesday.