Economy

• Thursday, February 4th 2010 - 16:15 UTC

  European Commission supports Greece drastic fiscal cuts

  

  The European Commission on Wednesday adopted Greece's fiscal cuts plan but placed the country under surveillance, while it decided to start procedures against Greece for failing to deliver credible fiscal statistics in the past.

• Wednesday, February 3rd 2010 - 12:28 UTC

  The top banking brands according to The Banker magazine

  

  HSBC has retained its place as the most valuable banking brand in the world. This is the third year in a row The Banker magazine and Brand Finance have awarded the self-styled “World's Local Bank” the title. The giant has increased its brand value by 12% to 28.5 billion US dollars.

• Wednesday, February 3rd 2010 - 12:10 UTC

  Australian Central bank takes a pause: leaves rates unchanged at 3.75%

  

  Australia's central bank Tuesday left interest rates on hold at 3.75%, surprising analysts by ending a sequence of three consecutive rises, but hinted at further hikes to come.

• Wednesday, February 3rd 2010 - 09:57 UTC

  OECD recommends Yuan appreciation to cut China’s dependence on exports

  

  The Yuan needs to appreciate to reduce China's dependence on exports for growth, says the Organisation for Economic Co-operation and Development. OECD argues that more exchange rate flexibility and targeting inflation would help economic stability in China.

• Tuesday, February 2nd 2010 - 13:01 UTC

  How far can Argentina’s Central bank’s 48 billion USD reserves be stretched?

  

  The dispute between Argentine president Cristina Fernandez de Kirchner and the governor of the Central Bank over who is entitled to use the international reserves triggered a legal and political battle that is ongoing.

• Tuesday, February 2nd 2010 - 12:57 UTC

  Asia-Pacific has become the world’s biggest aviation market

  

  The Asia-Pacific region has now become the world's biggest aviation market. With 647 million passengers in 2009, it overtook the North American market by about nine million passengers and according to the International Air Transport Association, IATA, Asia's market share will grow further to almost one third by 2013.

• Tuesday, February 2nd 2010 - 12:51 UTC

  Argentina expects “flood of dollars” and lower rates by next March

  

  Argentina's currency may weaken against the US dollar in the next few weeks, but by March there will be a “flood of dollars” into the local economy, Economy Minister Amado Boudou was quoted in an interview in the Sunday edition of La Nacion.

• Tuesday, February 2nd 2010 - 04:50 UTC

  Obama budget proposal has record deficit of almost 11% of GDP

  

  United States President Obama's new budget proposal is set to leave the US with a record-breaking deficit of 1.56 trillion US dollars. The figure is almost 11% of the country’s GDP. Economists generally consider annual deficits of more than 3% to be unsustainable.

• Monday, February 1st 2010 - 14:02 UTC

  Catholic Church warns Cuba is on the verge of socio-economic collapse

  

  The Roman Catholic Church warned Sunday that Cuba is on the verge of an economic collapse that can only be prevented if President Raul Castro institutes sweeping economic and social reforms.

• Monday, February 1st 2010 - 13:57 UTC

  Former president Kirchner involved in alleged money speculation operation

  

  Argentina’s former president Nestor Kirchner purchased two million US dollars just a few days after the collapse of Lehman Brothers in September 2008 which triggered the current world downturn and when the government of President Cristina Fernandez de Kirchner (his wife) was under extreme pressure to devalue the currency.