Economy

• Saturday, January 26th 2013 - 04:10 UTC

  Chancellor Osborne will ‘not run away’ from UK economic woes despite triple-dip recession signals

  

  Chancellor George Osborne has vowed not to “run away” from Britain's economic woes amid fresh signs the UK is heading for an unprecedented triple dip recession. The first official estimate from the Office for National Statistics (ONS) revealed the economy shrank by 0.3% between October and December, slamming the recovery into reverse after the 0.9% growth seen in the previous quarter.

• Friday, January 25th 2013 - 17:48 UTC

  Argentina easing imports’ restrictions mainly for Mercosur associates

  

  The government of President Cristina Fernandez has decided to revoke non-automatic licensing requirements which had been placed on certain products before they could be imported into Argentina for consumption, according to a resolution published Friday on the Official Gazette. But earlier in the week Argentina increased the import tariff on a hundred products to the maximum authorized by WTO, which is 35%.

• Friday, January 25th 2013 - 07:43 UTC

  Argentina’s industrial production down in 2012, first time in a decade

  

  Industrial output dropped 1.2% in 2012 compared to the volume registered in 2011, Indec national statistics bureau reported on Thursday. The Industrial Monthly Estimator (EMI) stated that industrial production dropped 3.4% in December when compared to the same month of 2011

• Friday, January 25th 2013 - 07:39 UTC

  Global economic rebound in 2014 following on a weakened 2013, says IMF

  

  An unexpectedly stubborn Euro zone recession and weakness in Japan will weigh on global economic growth this year before a rebound in 2014 that should deliver the fastest expansion since 2010, according to the International Monetary Fund.

• Friday, January 25th 2013 - 07:34 UTC

  Brazil development bank plans to invest almost a trillion dollars in next three years

  

  Brazil’s Social and Economic Development Bank (BNDES) has plans to invest 1.858 trillion Reais (approx 906bn dollars) between 2013 and 2016. In 2012, total investments amounted to approximately 156 billion Reais, up 12% compared to 2011, and a total of 2.394 trillion Reais was invested between 2008 and 2012.

• Friday, January 25th 2013 - 06:34 UTC

  Cameron at Davos called for a more competitive, open and flexible Europe

  

  British Prime Minister David Cameron insisted on Thursday he was not turning his back on Europe as the global elite at the annual Davos meeting gave his referendum plans a frosty reception.

• Friday, January 25th 2013 - 05:43 UTC

  Falklands make £8m transfer to “Oil Development Reserve”, future sovereign wealth fund

  

  The government of the Falkland Islands has made a transfer of over 8 million pounds (£ 8.274 million) to the new Oil Development Reserve, a first step towards a ‘Sovereign Wealth Fund’ based on the Norwegian model it was explained at this week’s meeting of the Standing Finance Committee.

• Friday, January 25th 2013 - 04:54 UTC

  Germany, France and nine other EU countries approved tax on financial transactions

  

  France, Germany and nine other European Union states side-stepped British opposition this week and won approval for a tax on financial transactions, it emerged on Wednesday.

• Friday, January 25th 2013 - 04:43 UTC

  Monsanto reaches agreement on patent royalties with Brazilian soybean farmers

  

  Monsanto the world’s biggest seed company agreed to waive two years of royalties on its Roundup Ready soybean seeds for Brazilian farmers who agree to forgo claims in a patent dispute.

• Friday, January 25th 2013 - 04:16 UTC

  ECLAC underlines significance of EU investments in the region: 500bn in a decade

  

  The Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), Alicia Bárcena called for “a more symmetrical, balanced and equitable relationship with Europe” during the first CELAC/EU academic summit in Santiago de Chile.