Economy

• Thursday, August 19th 2010 - 02:54 UTC

  Over-supply of homes hindering US economic recovery says Obama

  

  President Barack Obama has said an over-supply of homes is hindering the US economic recovery. Obama also said the US had to find a way to curb its budget deficit without further slowing economic growth.

• Wednesday, August 18th 2010 - 19:26 UTC

  Swiss win the “gruyere-war” certification over French cheese producers

  

  French gruyere producers have given up trying to win the coveted appellation d'origine controlée (AOC) certification, ceding the official label to the Swiss. They had been planning to take the matter to the European Commission, but decided against the risk: if their demand for the label had been rejected, they would have lost the right to call their cheese gruyere at all.

• Wednesday, August 18th 2010 - 19:11 UTC

  Bank of England warns about high inflation; rate won’t drop to 2% until mid 2012

  

  The Governor of the Bank of England warned of the dangers of ‘destructive’ high inflation after admitting his surprise that the rise in the UK cost of living continues to overshoot targets, according to a report in the Daily Mail.

• Wednesday, August 18th 2010 - 04:50 UTC

  Spanish fishing vessels threatening to abandon the port of Montevideo

  

  Spanish fishing vessel owners have warned Uruguayan port authorities that they are considering leaving the port of Montevideo because of the costly labour disputes with crew members when the vessels dock, taking advantage of a very ‘misbalanced’ legislation.

• Wednesday, August 18th 2010 - 04:28 UTC

  China points out: second-largest economy but not second largest economic power

  

  This week’s news that China had overtaken Japan to become the world's second-largest economy in the second quarter of this year made headlines around the world. The economic milestone was seen as a telling confirmation of the shifting balance of economic power in Asia, and as a culmination of China's stunning three-decade economic resurgence.

• Wednesday, August 18th 2010 - 04:24 UTC

  Wheat futures advance as Ukraine follows Russia and imposes export quota

  

  Wheat futures advanced for the first time in four sessions in Chicago trading after Ukraine, the second-largest exporter in the former Soviet Union last year, said it will probably limit overseas sales, following Russia’s restrictions on trade.

• Wednesday, August 18th 2010 - 03:51 UTC

  Paraguay meat exports reach 530 million USD in seven months

  

  Mercosur junior member Paraguay exported over 100.000 tons of beef generating 395 million US dollars during the first seven months of 2010, according to the country’s National Animal Health and Food Quality Service, Senacsa.

• Tuesday, August 17th 2010 - 09:20 UTC

  Chinese biggest state-owned bank raises 22 billion in initial public offering

  

  Agricultural Bank of China raised a record 22.1 billion USD in its initial public offering (IPO) in July despite a lukewarm response when the shares first went on sale. The IPO is the last by China's four biggest state-owned banks.

• Tuesday, August 17th 2010 - 09:14 UTC

  World Cup helped Magallanes region economy pick up in second quarter

  

  Magallanes Region in the extreme south of Chile had a strong economic rebound in the first half of this year, boosted by the construction industry and retail sales, according to Chile’s National Statistics Office, INE.

• Tuesday, August 17th 2010 - 08:58 UTC

  Uruguay: world’s leading consumer of beef with 58.2 kilos per capita per annum

  

  Uruguayans eat an average of 58.2 kilos of beef which makes them the world’s leading consumers per capita, per annum according to the country’s president of the National Meats Institute, INAC, Alfredo Fratti.