Economy

• Sunday, November 1st 2009 - 19:37 UTC

  Bank of Japan to withdraw funds’ support programs as of next March

  

  A divided Bank of Japan began withdrawing from credit markets on Friday and said it would scrap all key funding support programmes by March, resisting government pressure to support corporate borrowing until the economy strengthens.

• Saturday, October 31st 2009 - 06:46 UTC

  EU unemployment soars to 9.2%: 22 million out of work

  

  Figures from the Europe Union's statistics office show that consumer prices in the Euro zone fell for the fifth month in a row in October while the unemployment rate for September rose again.

• Saturday, October 31st 2009 - 05:32 UTC

  Chilean Central bank could begin hiking interest rate next second quarter

  

  The Chilean central bank will likely begin hiking the benchmark interest rate, currently at a record low 0.5%, in the second quarter of next year, according to the minutes of its October monetary policy meeting released Wednesday.

• Friday, October 30th 2009 - 21:59 UTC

  Argentina buys wine from Chile to face shortfall in production

  

  Still hurting from a yearlong drought, Argentina is turning to Chile for wine imports in order to keep up with popular demand for wine.

• Friday, October 30th 2009 - 11:07 UTC

  Buenos Aires city and province issue IOUs to pay suppliers

  

  Faced with extremely tight finances, both the city and province of Buenos Aires have decided to pay suppliers with bonds to bridge the widening spending gap, the Argentine State Supplier Union, or UAPE, said in a press release Thursday.

• Friday, October 30th 2009 - 00:43 UTC

  Technically recession is over in the US, but even Obama was cautious

  

  The United States economy grew at an annual pace of 3.5% between July and September, its first expansion in more than a year. The growth was helped by a substantial government spending plan, including a scrappage scheme to boost car sales.

• Thursday, October 29th 2009 - 10:16 UTC

  UK petrol prices at their highest level of the year

  

  Petrol prices in the United Kingdom are now at their highest level of the year, according to the AA. Average UK prices at the pumps are now 107.14p a litre - beating the previous 2009 high of 107.03p a litre on September 9.

• Thursday, October 29th 2009 - 10:08 UTC

  Norway first in Europe to raise interest rates

  

  Norway has become the first European country to raise its interest rates since the beginning of the global financial crisis. The country's central bank raised the cost of borrowing to 1.5% from 1.25% in a widely-expected move.

• Thursday, October 29th 2009 - 09:50 UTC

  Brazilian government lowers tax to benefit consumers and farmers

  

  Brazil’s main meat processor JBS praised the government for lowering a local tax that will ultimately benefit consumers and farmers. JBS is also in the process of becoming the world’ leader in animal protein food by taking over US chicken producer Pilgrim’s Pride and merging with Brazil’s Bertin SA.

• Thursday, October 29th 2009 - 07:11 UTC

  Brazil confirms the gradual elimination of US dollar in trade operations

  

  Brazilian Central Bank president Henrique Meirelles said the country is considering the gradual elimination of the US dollar in trade with China, Russia and India, which together with Brazil make up the BRIC group.