Economy

Thursday, November 5th 2009 - 08:27 UTC
Fed leaves rates unchanged and admits businesses are still “cutting back”

The Federal Reserve Open Market Committee kept US interest rates on hold at between 0% and 0.25%, as had been widely expected. Despite the US economy growing 3.5% in July to September - its first expansion since June 2008 - rates were left unchanged on Wednesday to further aid the recovery.
Thursday, November 5th 2009 - 07:21 UTC
US dollar falls to lowest rate in a year vis-à-vis the Chilean Peso

The US dollar fell to an exchange rate of Chilean Pesos 528 on Tuesday, the lowest rate since September 2008, a tendency confirmed in Wednesday’s trading. Since the beginning of 2009, the dollar has fallen 113 Chilean pesos.
Thursday, November 5th 2009 - 05:34 UTC
GM decision to hang on to European subsidiaries triggers controversy

General Motors decision to hang on to its European car unit Opel including Vauxhall in Britain, was welcomed in the UK but met with anger in Germany. Unite union chief Tony Woodley, a former Vauxhall worker, hailed the news as a “fantastic decision”.
Thursday, November 5th 2009 - 05:21 UTC
Gold at all time record following India’s purchase of IMF metal reserves

The price of gold has touched an all-time high after a large sale of the precious metal by the International Monetary Fund (IMF) to India. Gold struck a high of 1,095.05 an ounce in London, against 1,084.50 late in New York on Tuesday.
Wednesday, November 4th 2009 - 13:18 UTC
Peruvian regional initiative to cut military expenditure and fight poverty

Peru launched in Argentina its peace, security and cooperation initiative to reduce arms purchases in the region and to lower expenditure on military hardware.
Wednesday, November 4th 2009 - 13:17 UTC
Two million British children have no parent in work

The number of children in British families living on benefits has increased by 170,000 over the past year, with child poverty growing in affluent as well as traditionally hard hit areas, according to a new report.
Wednesday, November 4th 2009 - 13:14 UTC
Ireland and Spain forecasted to remain in recession well into 2011

The European Union's economy is set to rebound in 2010, recording a growth rate of 0.7% before accelerating to a rate of 1.6% in 2011, the bloc's executive said Tuesday. However some economies will emerge from recession faster than others and among those lagging well into 2011 are Spain and Ireland.
Wednesday, November 4th 2009 - 13:10 UTC
Major restructure of British banks includes more injection of funds

Britain’s Chancellor of the Exchequer Alistair Darling welcomed Tuesday the announcements that Royal Bank of Scotland (RBS) and Lloyds Banking Group are to sell off hundreds of branches.
Wednesday, November 4th 2009 - 09:42 UTC
Cuba admits overseas purchases down 36% plus difficulties to pay suppliers

Cuban purchases from United States companies will total some 580 million US dollars by the end of 2009, down 37% from last year, the head of the state corporation Alimport said this week.
Wednesday, November 4th 2009 - 09:32 UTC
Spain’s unemployment at a record 19.3% and no stopping in near future

Spain's registered jobless rose for the third consecutive month in October reaching 19.3%, as stimulus spending began to run out and the boost from the busy summer period faded.