Economy

• Thursday, July 22nd 2010 - 10:14 UTC

  Chile considering bill to encourage repatriation of funds from abroad

  

  The Chilean government’s interest in creating a law to encourage the repatriation of funds from abroad received approval by a number of tax experts this past week, reported local media. The proposal, which was first mentioned publicly, last week would allow money earned outside the country to enter Chile, but at a lower tax rate.

• Thursday, July 22nd 2010 - 09:44 UTC

  Santiago de Chile shows strong divide between the rich and poor

  

  The Chilean national CASEN Survey revealed last week that even though poverty in the capital Santiago is below the national poverty rate of 15.1%, the city’s poverty levels grew from 10.6 to 11.5% in the last three years.

• Thursday, July 22nd 2010 - 09:32 UTC

  IMF warns Europe must address “underlying problems”

  

  A government debt crisis that has engulfed the Euro-zone should serve as a “wake-up call” for European governments to keep a more watchful eye on their budgets, the International Monetary Fund (IMF) said Wednesday.

• Thursday, July 22nd 2010 - 09:14 UTC

  Tiger Woods, world’s highest earning athlete, says Sports Illustrated

  

  Professional golfer Tiger Woods in spite of have been away from the links several months since his extramarital affairs were exposed last year, is still the world's highest earning athlete, according to 2010 rankings released on Wednesday.

• Thursday, July 22nd 2010 - 09:10 UTC

  Outlook of US economy remains “unusually uncertain” says Bernanke

  

  US Federal Reserve chairman Ben Bernanke has warned that the outlook for the US economy remains “unusually uncertain”. In testimony before the Senate Banking Committee, Mr Bernanke said record low interest rates would still be needed to support economic recovery.

• Wednesday, July 21st 2010 - 05:49 UTC

  BP sells assets in US, Canada and Egypt to pay clean up bill

  

  British Petroleum is to sell assets in Texas, Canada and Egypt, to part-fund the clean-up cost of the Gulf of Mexico oil spill. The oil giant said it had reached a 7 billion US dollars deal with US-based oil production firm Apache Corp.

• Tuesday, July 20th 2010 - 04:07 UTC

  China buys controlling stake of New Zealand milk processor

  

  Bright Dairy & Food Co., a unit of Shanghai’s biggest food company, agreed to buy a controlling stake in Synlait Milk Ltd., a New Zealand milk processor planning to double capacity at its South Island plant.

• Tuesday, July 20th 2010 - 03:37 UTC

  US Fed names list of chairs with no representatives from financial services

  

  There are no representatives of the banking or financial services industry on the list of chairs and deputy chairs designated by the United States Federal Reserve Monday to serve on the boards of the 12 regional Fed banks for 2011.

• Tuesday, July 20th 2010 - 03:35 UTC

  Moody’s cuts Ireland’s credit rating; warns of slow recovery

  

  Risk rating agency Moody’s cut on Monday Ireland's credit rating, warning the country faces a slow climb out of recession as the cost of a rescue of its banking sector mounts.

• Monday, July 19th 2010 - 04:24 UTC

  Positive sustained growth prospects for Latin America in 2010, forecasts IMF

  

  The Latin American economy could grow by as much as 5% this year, more strongly than previously expected (4%), driven by Brazil's vigorous expansion, according to a senior International Monetary Fund official.