Economy

• Thursday, May 27th 2010 - 08:49 UTC

  Santiago’s streets congested with 42% of the total vehicles in Chile

  

  More than one million vehicles circulate through Santiago’s streets, or 42% of the total vehicles in Chile. The expected increase of traffic in Chile’s capital, Santiago, is six percent for 2010, which will further increase traffic congestion and pollution particulary in winter months, experts say.

• Thursday, May 27th 2010 - 08:16 UTC

  China’s concern over its Euro holdings tumbles the currency

  

  United States markets have put an end to what had been a day of stock market revivals around the world. After a day that had been mostly positive, New York's benchmark Dow Jones closed down 0.69% at 9974.45 - a four month low.

• Thursday, May 27th 2010 - 08:06 UTC

  Brazil warns about retaliation measures if Argentina blocks trade

  

  Brazil's administration has threatened to implement retaliation measures if its foodstuffs are banned from entering into Argentina, according to statements made by the Foreign Trade head Welber Barral in a press conference.

• Wednesday, May 26th 2010 - 06:30 UTC

  Government plans taxing overseas assets of residents in Uruguay

  

  Uruguay is planning to tax deposits and other assets held overseas by residents in the country. The bill which has been drafted and promises to be controversial is expected to be sent for legislative consideration in coming days announced Economy minister Fernando Lorenzo.

• Wednesday, May 26th 2010 - 06:25 UTC

  IMF chief warns Brazilian economy runs risk of ‘overheating’

  

  The Brazilian economy can grow as much as 7% this year, raising the risk of overheating, said on Tuesday International Monetary Fund Managing Director Dominique Strauss- Kahn, who described Brazil as “a success story”.

• Wednesday, May 26th 2010 - 05:56 UTC

  Financial regulation should be coordinated internationally, says IMF

  

  The world avoided a great economic depression and will recover thanks to close cooperation from the international community, said IMF chief Dominique Strauss-Kahn.

• Wednesday, May 26th 2010 - 05:48 UTC

  US Judge seizes 2.43 billion USD Argentine government deposits in New York

  

  New York Federal Judge Thomas Griesa seized 2.43 billion US dollars that Argentina’s government owned Banco Nación had deposited in the city in response to a claim presented by a group of Argentine bondholders that did not make it into the debt-swap.

• 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.