Economy

• Friday, April 10th 2009 - 08:59 UTC

  Japan announces third stimulus plan …and more if needed

  

  Japan announced Thursday a record 150 billion US dollars stimulus package as it seeks to revive its flagging economy. Prime Minister Taro Aso announced the package, worth about 3% of its gross domestic product, in Tokyo after the ruling party approved the measures.

• Friday, April 10th 2009 - 07:14 UTC

  World Economic Forum on Latin America to be held in Rio do Janeiro

  

  More than 500 political, social and economic leaders from 37 countries will meet next week in Rio for the World Economic Forum on Latin America, the organizers announced on Wednesday.

• Friday, April 10th 2009 - 05:58 UTC

  Bank of England leaves rates unchanged, opts for money injection

  

  The Bank of England kept interest rates on hold at 0.5%, in a widely expected move following a number of rate cuts in recent months. Rates remain at an all-time low after six cuts since October last year, when interest rates stood at 5%.

• Friday, April 10th 2009 - 05:57 UTC

  Spanish Easter shoppers double Gibraltar population

  

  Gibraltar’s population was practically doubled as an avalanche of Spanish shoppers poured in through the frontier gates on Tuesday to take advantage of the price bargains resulting from the strength of the Euro in relation to Sterling, reports the Chronicle

• Friday, April 10th 2009 - 05:49 UTC

  Brazil offers a billion USD in projects to compensate for Itaipu energy

  

  The Brazilian government is planning to offer a financing package worth one billion US dollars for industrial projects in Paraguay, local financial newspaper Valor Economico reported this week. According to the newspaper, which cited unnamed sources, the financing will be offered through Brazil's National Development Bank, or BNDES.

• Thursday, April 9th 2009 - 09:29 UTC

  Opposition accuse PM Brown of “full retreat” in fiscal stimulus measures

  

  British Prime Minister Gordon Brown has been accused of being in “full retreat” over his recession-fighting strategy amid signs that any further fiscal stimulus measures would be severely limited by worsening economic conditions.

• Thursday, April 9th 2009 - 08:40 UTC

  Chinese steel industry insists with 40% cut in iron ore prices

  

  China's steel group insisted this week with a cut of at least 40% in annual term iron ore prices after a news report said Rio Tinto Ltd is offering a smaller discount before new annual contract negotiation ends, according to reports in the Chinese press. “Our request hasn't changed,” said Shan Shanghua, secretary general of the China Iron and Steel Association.

• Thursday, April 9th 2009 - 08:36 UTC

  Argentina looks again towards the IMF, says Buenos Aires press

  

  Argentina could be at a turning point in its relation with the International Monetary Fund, IMF, particularly following the participation of President Cristina Fernandez de Kirchner in the London G20 summit, according to reports in the Buenos Aires press.

• Wednesday, April 8th 2009 - 01:59 UTC

  OECD removes all countries from tax havens blacklist

  

  The Organization for Economic Cooperation and Development (OECD) announced the removal of all countries blacklisted for alleged tax havens. “OECD welcomes recent commitments to the internationally agreed tax standard on exchange of information made by Costa Rica, Malaysia, Philippines and Uruguay”.

• Wednesday, April 8th 2009 - 01:54 UTC

  Euro zone fourth quarter contraction larger than estimated

  

  The Euro zone economy shrank more than previously estimated in the last three months of 2008, official figures say. GDP in the 15-nation area fell 1.6%, not 1.5% as previously thought, said the EU Eurostat office. Compared to the final quarter of 2007, GDP fell 1.5%, wider than an earlier estimate of a 1.3% decline.