Economy

• Friday, April 3rd 2009 - 14:40 UTC

  OECD forecasts two digits unemployment in several countries by 2010

  

  Economic activity is expected to plummet by an average 4.3% in the OECD area in 2009 while by the end of 2010 unemployment rates in many countries will reach double figures for the first time since the early 1990s, according to the OECD’s Economic Outlook Interim Report

• Friday, April 3rd 2009 - 05:10 UTC

  Euro zone rate lowered to 1.25% and possibly to 1% in May

  

  The European Central Bank said Thursday it would lower its key lending rate a quarter of a percentage point to 1.25%, effective April 8. It is the sixth time the ECB has lowered its key rate since October 2008, when it stood at 4.25%, as it tries to boost economic activity.

• Thursday, April 2nd 2009 - 10:50 UTC

  Tepid isolated signs of recovery from Brazil

  

  Brazil’s latest statistics revealed some encouraging numbers. The foreign trade surplus in March was 1.77 billion US dollars, the same as the February surplus and slightly higher than forecasted. Although expected, industrial production rose 1.8% in February over January boosted by a slight recovery in credit availability and the automotive sector.

• Thursday, April 2nd 2009 - 08:11 UTC

  Punta Arenas unemployment remains the lowest in Chile

  

  Unemployment in the region of Magallanes, extreme south of Chile increased from 2.2 to 3.2% in the December-February quarter compared to the same period a year ago according to the latest release from the Chilean Statistics Office.

• Wednesday, April 1st 2009 - 11:03 UTC

  UK debt and deficit in excess of EU guidelines and climbing

  

  The United Kingdom government debt rose to £750.3 billion in 2008, more than half of gross domestic product (GDP), according to the Office for National Statistics (ONS).

• Wednesday, April 1st 2009 - 11:02 UTC

  Developing world GDP forecasted to expand 2.1% this year

  

  GDP growth in the developing world will slow to a projected 2.1% in 2009 from 5.8% in 2008, according to World Bank estimates released Wednesday. The Bank has more than halved its November 2008 projection of 4.4% growth in developing countries in 2009, reflecting the rapid deterioration of global financial and economic conditions.

• Tuesday, March 31st 2009 - 09:46 UTC

  Spain rescues regional bank; financial stocks fall

  

  Spain's decision to rescue a regional savings bank has sent financial stocks in the country lower. The Bank of Spain is to take over Caja Castilla la Mancha in the first bank bail-out in Spain since the global financial crisis began. The government will also back the bank with 9 billion Euros in guarantees.

• Tuesday, March 31st 2009 - 07:21 UTC

  Restructuring deadline for GM & Chrysler; Wall Street plunges

  

  President Barack Obama has given US carmakers General Motors (GM) and Chrysler strict deadlines to restructure before getting more aid. General Motors will be given 60 days and Chrysler just 30 days to submit new plans for recovery.

• Tuesday, March 31st 2009 - 07:09 UTC

  China interested in Latam bonds and Yuan swaps to ensure trade

  

  China is likely to buy more Latin American bonds and promote Yuan swaps to support increased public spending in the region to combat the global financial crisis, revealed a Beijing think tank researcher.

• Monday, March 30th 2009 - 15:01 UTC

  CEO of GM steps down following suggestions from Obama

  

  The chief executive of struggling US car company General Motors, Rick Wagoner, has agreed to step down. He will leave his post immediately at the request of the White House, a government official confirmed.