Economy

• 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.

• Monday, February 1st 2010 - 08:46 UTC

  Brazilian group planning two huge feedlots to ensure cattle supply

  

  Argentina’s meat processing group, Quickfood belonging to the giant Brazilian corporation Marfrig has purchased 150 hectares in the province of Cordoba to establish one of the largest feedlots in the country.

• 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%.