Economy

• Friday, August 2nd 2013 - 02:47 UTC

  Bank of England leaves rates unchanged as UK economy seems to be picking up

  

  Bank of England's Monetary Policy Committee (MPC) has left interest rates at 0.5%. The key borrowing rate has been at that level since March 2009. MPC also said it would make no change to the £375bn of monetary stimulus it is providing through its quantitative easing program (QE).

• Friday, August 2nd 2013 - 02:42 UTC

  Euro rates to remain unchanged for extended period of time, says ECB

  

  The European Central Bank left interest rates at a record low 0.5% on Thursday and said that they will remain there for some while to come and could yet fall further. ECB President Mario Draghi hinted that policy would not be tightened until well into next year at the earliest, although the central bank will give no time horizon for when rates might move.

• Friday, August 2nd 2013 - 02:29 UTC

  Uruguay extends another 12 months VAT benefits for foreign tourists

  

  Uruguay extended for another twelve months the VAT bonus for those tourists who pay for purchases, lodging and rents with debit cards. The measure was announced this week by Deputy cabinet chief Diego Canepa following a full ministerial meeting and in anticipation of the coming 2013/14 summer season.

• Thursday, August 1st 2013 - 04:04 UTC

  Cristina Fernandez says unemployment is down to 7.2% but calls for more job creation

  

  Argentina's unemployment rate fell to 7.2% in the second quarter of 2013 compared with 7.9% in the first quarter of the year, President Cristina Fernandez announced during a speech praising her government’s industrialization and added-value policies.

• Thursday, August 1st 2013 - 03:33 UTC

  South Georgia company sponsors research on toothfish sustainability

  

  Georgia Seafood is sponsoring pioneering research into the reproductive behaviour of the Patagonian Toothfish in South Georgia. Director of Georgia Seafood Stuart Wallace explained that in a market that demands sustainability it is important to the company that they support the science underpinning that aim.

• Thursday, August 1st 2013 - 02:59 UTC

  Brazil criticizes IMF for latest aid to Greece: worst fears could be confirmed

  

  A group of Latin American countries refused to back an IMF move this week to keep bankrolling Greece, citing risks of non-repayment, and the Fund itself said Athens might need faster debt relief from Europe.

• Wednesday, July 31st 2013 - 17:59 UTC

  Pfizer agrees to pay 491m dollars to settle illegal marketing of Rapamune

  

  US drug-maker Pfizer has agreed to pay 491 million dollars to settle a probe into illegal marketing of a drug by Wyeth, a firm it had acquired in 2009. The case revolved around Rapamune, a drug prescribed to prevent rejection of transplanted kidneys.

• Wednesday, July 31st 2013 - 17:13 UTC

  Markets up after Fed confirms it will continue with 85bn monthly bonds’ purchase

  

  US stocks extended gains in volatile trading on Wednesday after the Federal Reserve gave no hint that a reduction in the pace of its bond-buying program is imminent. In a statement following its two-day meeting, the Fed said the economy continues to recover but still needs support.

• Wednesday, July 31st 2013 - 16:54 UTC

  Slightly encouraging signs from the EU in employment and manufacturing

  

  The number of unemployed in the Euro-zone has fallen, slightly, for the first time since April 2011. The fall in June came amid brightening economic prospects, suggesting an end to the bloc’s stubborn recession.

• Wednesday, July 31st 2013 - 16:38 UTC

  US economy performance better than expected; expansion in 2012 was 2.8%

  

  The US economy grew at an annualised pace of 1.7% in the second quarter of the year, the Commerce Department has said. That was a faster pace than expected by economists. It was also up from the growth rate for the first three months of 2013, which was revised lower to 1.1% from 1.8%.