Economy

• Friday, March 5th 2010 - 06:25 UTC

  Euro zone interest rate left at record low of 1% for tenth month

  

  The European Central Bank (ECB) has kept the Euro zone benchmark interest rate at its record low of 1% for the 10th month in a row, as expected. ECB also signalled it would scale back the special lending measures introduced during the financial crisis even though the economy in the 16 countries that use the Euro is only barely growing.

• Friday, March 5th 2010 - 06:21 UTC

  China surprises with a slower growth of its 2010 defence budget policy

  

  China announced a slowdown in the growth of its much-watched defence budget. The planned increase of just 7.5% on last year's military spending is the smallest hike after more than two decades of annual double-digit increases.

• Thursday, March 4th 2010 - 21:18 UTC

  Half of Venezuelan population has “little or no confidence” in President Chavez

  

  Venezuelan voters' confidence in President Hugo Chávez is beginning to wane as a result of the electricity crisis, water rationing, economic measures, decisions limiting private property and attempts at leading the country into a Socialist system.

• Thursday, March 4th 2010 - 21:03 UTC

  Cost of rebuilding Chile estimated in 30 billion US dollars

  

  Chile’s plans to repair the damaged caused by last Saturday’s earthquake are likely to cost the nation an estimated 30 billion US dollars and three to four years work, according to EQECAT, a firm that evaluates catastrophe risk for insurers.

• Thursday, March 4th 2010 - 11:46 UTC

  Standard Chartered record profits; criticizes regulation proposals

  

  Standard Chartered has reported record profits in 2009 and criticised some recent proposals to regulate banks. Pre-tax profits were 5.15 billion USD (£3.4bn), up 13% from 2008. Total pay and bonuses rose 4% to 4.91 billion USD.

• Thursday, March 4th 2010 - 04:19 UTC

  Europe welcomes Greek austerity plan, but Athens demands “solidarity”

  

  Europe has welcomed a 6.6 billion US dollars Greek austerity plan of pension freezes and tax hikes as the country mounts a frantic bid to cut its budget deficit. Hundreds of pensioners hit the streets after Prime Minister George Papandreou revealed the hit to public and private sector retirement plans.

• Thursday, March 4th 2010 - 04:10 UTC

  Spain: no end in sight for the ranks of unemployed

  

  The ranks of Spain’s unemployed increased by 2.03% in February compared with January, bringing the jobless total to more than 4.13 million, the Labour and Immigration Ministry said Tuesday. The figure is the highest since 1996.

• Thursday, March 4th 2010 - 03:28 UTC

  China lowers lending target; exporters demand “stable” Yuan

  

  Bank of China will maintain a reasonable pace of lending this year, Li Lihui, the president of the country's fourth-largest lender by assets said on Wednesday.

• Thursday, March 4th 2010 - 03:25 UTC

  Outbreak of foot and mouth disease in south China pig farms

  

  A total of 8,382 pigs have been culled after a foot-and-mouth disease outbreak in south China's Guangdong Province, bordering Hong Kong, local animal husbandry and veterinary officials reported earlier this week.

• Thursday, March 4th 2010 - 00:33 UTC

  Cement maker shares soar in Chilean markets on reconstruction expectations

  

  Chilean cement maker Melon led earnings in the IPSA stock market Wednesday operations with shares soaring 68% on expectations that the company would benefit from reconstruction efforts. Nevertheless, the IPSA select index fell 1.36% to 3708.91.