Economy

• Monday, February 1st 2010 - 06:17 UTC

  Insurance levy on banks to protect tax payers pockets

  

  An insurance levy on financial institutions to help bail out banks in any future financial crisis has been backed at the World Economic Forum. Politicians and bankers have expressed support for the idea, while the International Monetary Fund (IMF) has described it as “practical”.

• Monday, February 1st 2010 - 06:09 UTC

  Uruguay’s budget deficit in 2009, highest since 2003 pushed by energy costs

  

  Uruguay’s 2009 fiscal budget deficit soared to its highest since 2003 pushed by higher power generation costs and the import of dearer energy according to the official release from the Ministry of Finance. The total is equivalent to 2.1% of GDP and 50% higher than in 2008, which was 1.4% of GDP.

• Monday, February 1st 2010 - 06:05 UTC

  Brazil promotes agribusiness trade with Arab countries

  

  Brazilian agribusiness exports to Arab countries generated 6.86 billion US dollars in 2009 last year, 14% over 2008, according to figures from the Ministry of Development, Industry and Foreign Trade and compiled by the Arab Brazilian Chamber of Commerce. This in spite of the factor that total agribusiness sales dropped 9.8%.

• Monday, February 1st 2010 - 05:49 UTC

  Closer ties Australia/Chile now also include tax treaty

  

  Australia announced last week the first tax treaty with Chile. Nick Sherry, Assistant Treasurer of Australia, announced that Australia and Chile had reached agreement on a new tax treaty. The proposed treaty, the first between the two countries, will reflect the economic, legal and cultural interests of each.

• Saturday, January 30th 2010 - 14:02 UTC

  Argentine chief banker resigns but foreign reserves remain frozen

  

  Argentina's embattled central bank chief, Martin Perez Redrado, resigned Friday amid a bitter dispute with President Cristina Kirchner over control of the bank’s foreign currency reserves.

• Saturday, January 30th 2010 - 13:43 UTC

  Argentine government admits official inflation statistics are controversial

  

  Argentina's government filed amended documents with the U.S. Securities and Exchange Commission related to its economy and upcoming debt swap. Argentina is in the process of reopening a 2005 debt swap in an effort to attract investors holding some 20 billion US dollars of defaulted bonds that weren't included the first time.

• Saturday, January 30th 2010 - 08:23 UTC

  Unemployment in Magallanes softens but remains double the 2008 rate

  

  Unemployment in Magallanes region, extreme south of Chile reached 5.3% during the last quarter of last year which represents an improvement over the previous quarter, 6.6%, but is double over the same period a year ago when it stood at 2.8%.

• Saturday, January 30th 2010 - 08:21 UTC

  US economy rebounds 5.7% in last quarter but overall 2009 was down 2.4%

  

  The world's largest economy is back in business after growing 5.7% at the end of last year, smashing all expectations. It was the quickest pace of economic expansion in the United States for six years.

• Saturday, January 30th 2010 - 08:18 UTC

  Euro zone unemployment hits 10%; Spain tops the list with 19.5%

  

  Unemployment in the 16 countries that use the Euro hit 10% in December for the first time since the single currency was introduced in 1999. It had been reported that the rate hit 10% in November, but this has subsequently been revised down to 9.9%.

• Friday, January 29th 2010 - 12:01 UTC

  China confirms commitment as leading economy for world recovery

  

  China reaffirmed its economic goals of raising domestic incomes and consumption while reducing its reliance on exports and investment. For this purpose China is pursuing a “proactive fiscal policy” and “moderately easy monetary policy” said Vice Premier Li Kegiang in a speech at the World Economic Forum in Davos.