Economy

Sunday, August 22nd 2010 - 03:05 UTC
The Economist on Argentina's economy: happy-go-lucky Cristina

Earlier this year, Cristina Fernández de Kirchner, Argentina’s president, proffered some advice to European governments facing recession and market panic. Its essence was “stuff the IMF and carry on spending.” It is what she and her predecessor and husband, Néstor Kirchner, have practiced since 2003. Argentina is one of only a handful of countries that refuse all dealings with the IMF. Almost a decade after it defaulted on $90 billion of debt when its economy collapsed, it still has few financial ties with the world and very little bank credit. Yet contrary to repeated forecasts of doom from orthodox economists, the economy is roaring.
Saturday, August 21st 2010 - 15:22 UTC
More government land to Cuban small farmers to help boost food production

The Cuban government has awarded in usufruct over a million hectares to small farmers one of the main reforms promoted by President Raúl Castro to help the country’s economy recover from its deep recession and cut the huge imported food bill that conditions Cuban international reserves.
Saturday, August 21st 2010 - 14:34 UTC
Argentine economy expanding at 9% with strong activity in all sectors

Argentine economic activity surged 11.1% in June over a year ago which means GDP in the first seven months of 2010 expanded 9%, according to figures released by the country’s National Statistics Institute, Indec.
Saturday, August 21st 2010 - 13:45 UTC
Austerity measures to balance the budget, if Dilma is Brazil’s next president

Brazil's ruling coalition candidate could adopt austerity measures to balance public accounts if elected president in October and also favours a heavier state hand in the oil and mining industries, her party chief told reporters.
Saturday, August 21st 2010 - 13:44 UTC
Argentine farmers demand regulations limiting foreign ownership of land

The number of land in the hands of foreigners in Argentina has almost tripled in the last 10 years, a phenomenon that is spreading to areas that are rich in natural resources and that is affecting small towns that are finding themselves enclosed within the domains of large landholders.
Friday, August 20th 2010 - 03:16 UTC
US Jobless benefits jump to highest since November; markets tumble

Claims for United States jobless benefits jumped to the highest level since November and Philadelphia-area manufacturing shrank for the first time in a year, indicating the US economy may be slowing faster than forecast.
Friday, August 20th 2010 - 02:53 UTC
Twelve months inflation expectations in Argentina steady at 25%

Argentines expect prices to rise 25% over the next twelve months, according to the median estimate in a monthly survey by Buenos Aires-based Torcuato Di Tella University. Expectations in August remained unchanged from last month’s report, the university said in an e-mailed report.
Friday, August 20th 2010 - 02:46 UTC
Slower job creation and lower inflation indicate Brazilian economy cooling

Brazil reported the third straight month of slower job creation in July, reflecting the slowdown of the economy in the second quarter after a massive 9% year-on-year growth in the first quarter of the year. Traders say this increases the likelihood central bank policy makers may leave interest rates unchanged in their next meeting.
Friday, August 20th 2010 - 02:40 UTC
China diversifying forex reserves to Asian currencies (South Korea and Japan)

China is increasingly looking to its Asian neighbours' currencies to lessen its reliance on the US dollar, both for investment and trade. Slowing the pace at which it amasses US Treasury papers, China has started buying more South Korean and Japanese government bonds.
Friday, August 20th 2010 - 02:36 UTC
A wealthy nation made up mostly of poor people overtaking Japan?

Where world economy is concerned, August 16, 2010 will go down history as a significant date. On this day, Japan quietly ceded to China the coveted title as the world's second largest economy which it had held for four decades.