Economy

• Saturday, July 31st 2010 - 19:00 UTC

  China overtakes Japan as world’s second largest economy, says Beijing

  

  China has overtaken Japan to become the world's second-largest economy behind the United States, the country's chief currency regulator and vice-governor of the People's Bank of China (PBOC) said this week.

• Saturday, July 31st 2010 - 05:35 UTC

  US second quarter growth down to an annual 2.4%, from a previous 3.7%

  

  United States economic growth slowed between April and June, with GDP growing by an annualised rate of 2.4%, the US Commerce Department announced Friday. This compares with an annual rate of 3.7% in the previous quarter.

• Saturday, July 31st 2010 - 05:30 UTC

  World’s leading iron-ore producer and exporter moves into the copper business

  

  Brazilian mining conglomerate Vale Rio Doce announced this week that it will make a public offer to acquire Paranapanema, the country’s largest copper smelter, as part of a bid to become one of the world’s leading producers of the red metal.

• Saturday, July 31st 2010 - 05:26 UTC

  Record unemployment in Spain reaches 20.09%, highest since 1997

  

  Spain’s unemployment rate already the highest in the Euro region rose to the most in more than a decade in the second quarter: 20.09% up from 20.05% in the first quarter, according to the country’s National Statistics Institute. This is the highest since 1997.

• Saturday, July 31st 2010 - 05:08 UTC

  Chile ahead in the region as recipient of direct foreign investment

  

  A report issued by the United Nations Conference on Trade and Development (UNCTAD) puts Chile ahead of Brazil in terms of direct foreign investment so far this year. Brazil had been the regional leader since 2007.

• Friday, July 30th 2010 - 06:00 UTC

  Citibank agrees fine to settle charges it misled investors with high risk mortgages

  

  Banking giant Citigroup has agreed to pay 75 million US dollars to settle civil charges that it misled investors over potential losses from high-risk mortgages. It agreed the settlement with US financial watchdog the Securities and Exchange Commission (SEC).

• Friday, July 30th 2010 - 03:27 UTC

  Employment picks up in Chile boosted by construction and social services

  

  A survey in June by the Economics department at the Universidad de Chile reported a 3 percentage point decline in unemployment in Santiago to 8.9%, from 11.9% in June 2009 – the largest decline since December 1991.

• Friday, July 30th 2010 - 02:57 UTC

  International air traffic showed strong recovery in June said IATA

  

  International air passenger demand (particularly China and Latinamerica) and freight showed a strong improvement during June compared to a year ago according to the latest traffic international statistics released by the International Air Transport Association, IATA.

• Thursday, July 29th 2010 - 05:52 UTC

  United and Continental closer to becoming the world’s largest carrier

  

  Continental and United airlines received this week the approval of European regulators permitting the two carriers to move ahead with their plans to create the world’s largest carrier.

• Thursday, July 29th 2010 - 01:23 UTC

  India wants to “deepen and expand” trade accords with Mercosur

  

  The Indian ambassador to Argentina Rengaraj Viswanathan said his country, currently the fourth largest economy in the world, is looking to “deepen and expand” its accords with the Mercosur and highlighted that Indian businessmen “use Argentina as a platform” to access regional markets.