Economy

• Wednesday, May 26th 2010 - 04:09 UTC

  Italy joins the Euro-support club; announces budget cuts of 24 billion Euros

  

  Italy joined Tuesday the group of European countries that have decided to trim government spending in an effort to convince investors that Euro nations are capable of fiscal balance and defending the single currency.

• Wednesday, May 26th 2010 - 04:01 UTC

  European Central Bank drains 26.5 billion Euros from money markets

  

  The European Central Bank drained 26.5 billion Euros in one-week funds from Euro-zone money markets on Tuesday, in line with its aim. The operation aims to offset purchases of government bonds by Euro zone central banks.

• Tuesday, May 25th 2010 - 06:17 UTC

  Fears of Europe’s debt crisis on global recovery hits Brazil’s Real

  

  Brazil’s currency fell Monday over concern Europe’s debt crisis may slow the global economic recovery. The Real slid 0.9% to 1.8704 per U.S. dollar from 1.8534 on May 21. The currency has declined 6.7% this year after rising 33% in 2009.

• Tuesday, May 25th 2010 - 00:57 UTC

  IMF bluntly tells Spain austerity and reform measures are not enough

  

  The International Monetary Fund has raised fresh concerns about Spain's economy, saying “far-reaching” reforms are needed to ensure its recovery. It said the country faced “severe” challenges, including the need to urgently reform a “dysfunctional” labour market, and its banking sector.

• Tuesday, May 25th 2010 - 00:43 UTC

  UK outlines start of massive cuts to “wasteful spending across the public sector”

  

  Less than a fortnight after the Conservative-Liberal Democrat coalition took power in Britain, Chancellor of the Exchequer George Osborne outlined plans to cut £ 6.2 billion pounds (8.92 billion USD) from government spending to help reduce the budget deficit.

• Saturday, May 22nd 2010 - 07:02 UTC

  Argentine indicators show the economy picking up strongly

  

  Argentina's economy grew at its fastest pace in nearly two years in March, expanding 8.1% from a year earlier as strong industry activity strengthened a recovery, according to government data.

• Saturday, May 22nd 2010 - 02:53 UTC

  ‘Dr. Doom’ Roubini anticipates a ‘double-dip downturn’ and 20% fall in markets

  

  With the Euro-zone crisis renewing fears over another financial crisis, economic pessimists have again regained stage, among them Nouriel Roubini professor at the Stern School of New York University (NYU).

• Saturday, May 22nd 2010 - 00:10 UTC

  Chile’s drops in world competitiveness ranking but still top of Latam

  

  Chile fell from number 25 to number 28 on the World Competitiveness Yearbook that includes 58 countries. This is Chile’s worst position since 2000, when it ranked number 30. The highest position it has had is 18, in 2005.

• Friday, May 21st 2010 - 06:15 UTC

  Sarkozy and Merkel pledge to support the Euro and solve EU debt crisis

  

  France and Germany pledged on Thursday to work together to solve a European debt crisis and support the Euro, patching up a public rift that had rattled markets around the world.

• Friday, May 21st 2010 - 06:12 UTC

  US Senate approves sweeping overhaul of financial regulations

  

  The US Senate passed a bill Thursday providing the most sweeping overhaul of financial regulations since the 1930s. The Senate passed the bill by 59 votes to 39. It must still be merged with a version in the House.