Economy

Monday, April 29th 2013 - 06:10 UTC
With Berlin’s blessing EU begins new track arguing “austerity option exhausted”

Europe is expected to accelerate a shift away from its austerity-first agenda this week as the new Italian government changes course and a German-Spanish investment pact underscores a renewed focus on combating record unemployment. This comes on the background of much criticized statements from European Commission president Jose Barroso who said ‘austerity was over’.
Saturday, April 27th 2013 - 04:44 UTC
Uruguayans hold 7.18bn in overseas deposits, according to BIS

Deposits of Uruguayans in overseas banks experienced a drop in the last quarter of 2012, the second consecutive fall (3%), and now stand at 7.18bn dollars according to preliminary data released by the Bank for International Settlements.
Saturday, April 27th 2013 - 04:25 UTC
Argentines fear major devaluation of the Peso and dollar sets new record at 9.34

The US dollar in the ‘blue’ or parallel market kept climbing in Argentina ending a week of consecutive records reaching on Friday 9.30 and 9.34 Pesos (buying and selling price) 14 cents more than on Thursday. Since the beginning of the year the US dollar has climbed 36.97% while the official rate stands at 5.18 Pesos, with an increase of only 5.3%.
Friday, April 26th 2013 - 07:40 UTC
Unemployment in Spain with no ceiling: 27% in first quarter of 2013

The Spanish National Statistics Institute, INE, reported on Thursday that the nation's unemployment rate shot up from 26.02% in the last quarter of 2012 to 27.16% in the first three months of this year. This is approximately 6.2 million Spaniards are out of a job. Youth unemployment stands at 57%.
Friday, April 26th 2013 - 07:36 UTC
Argentina industrial production down in March and in first quarter compared to 2012

Argentina’s industrial output registered a 0.3% drop in March year-on-year, according to Indec the official statistics bureau. The report stated that the manufacturing activity climbed 1.5% compared to February and dropped 0.4% annually in the first three months.
Friday, April 26th 2013 - 07:25 UTC
UK spring surprise: economy expands 0.3% in first quarter

Britain has avoided falling into its third recession since the 2008 global financial crisis, after the economy grew by a better-than-expected 0.3% in the first quarter of 2013 compared with the final three months of last year, official data showed on Thursday.
Friday, April 26th 2013 - 01:36 UTC
Argentines in ‘expectations panic’ paid a record 9.20 Pesos for the US dollar

The US dollar in Argentina’s parallel or ‘blue’ market continued to soar on Thursday reaching a new record high of 9.16 and 9.20 Pesos buying and selling price which over twenty cents more than on Wednesday.
Thursday, April 25th 2013 - 22:39 UTC
Barrick Gold considering suspension of 8.5bn mine development in the Andes

Canada’s Barrick Gold Corp making a painful adjustment to a sustained slump in bullion prices, reported progress in controlling costs and said it planned further cuts in capital spending.
Thursday, April 25th 2013 - 21:51 UTC
Economy minister and aides tell Greek television: “in Argentina we don’t discuss inflation”

Economy minister Hernan Lorenzino became the laughing stock of Argentina when a video was revealed showing him suspending an interview with Greek television arguing that Argentine inflation ‘is too complex’ and telling his aides, ‘I want to leave’. One of the aides then tells the Greek reporter that in Argentina ‘we don’t discuss inflation’.
Thursday, April 25th 2013 - 19:54 UTC
Federal Reserve announces day of issue of redesigned 100 dollars bill note

The Federal Reserve Board on Wednesday announced that the redesigned 100 dollars note will begin circulating on October 8, 2013. This note, which incorporates new security features such as a blue, 3-D security ribbon, will be easier for the public to authenticate but more difficult for counterfeiters to replicate.