Economy

• Monday, August 24th 2009 - 10:56 UTC

  Release of data on US skyrocketing deficits will mark this week’s markets

  

  United States President Barack Obama's domestic policy proposals will face the reality of skyrocketing deficits on Tuesday when officials release two government reports projecting huge budget shortfalls over the next decade.

• Saturday, August 22nd 2009 - 11:15 UTC

  Markets react to Bernanke’s speech, but also warnings of over expectations

  

  World stock markets reacted positively after US central bank chief Ben Bernanke said the world's biggest economy was nearing the start of a recovery.
  “The prospects for a return to growth in the near term appear good,” Mr Bernanke told a conference in Wyoming.

• Friday, August 21st 2009 - 14:15 UTC

  Argentina warming up to resume dialogue and links with IMF

  

  Argentina's Economy Minister Amado Boudou has opened the door to re-establishing links with the International Monetary Fund, as he seeks to restore Argentina's access to international credit markets.

• Friday, August 21st 2009 - 14:01 UTC

  Argentine congress extends Kirchner’s special taxing powers

  

  Argentina’s Senate passed a bill extending President Cristina Fernandez de Kirchner’s authority to set export tax rates for one year, further angering farmers who have been confronted with the government for almost two years on the issue.

• Friday, August 21st 2009 - 13:24 UTC

  Minutes show Bank of England divided on cash injection

  

  Governor of the Bank of England Mervyn King wanted to pump more money into the UK economy this month but was outvoted by fellow policymakers. Minutes of the bank's Monetary Policy Committee (MPC) meeting on 6 August reveal that Mr King wanted £75bn rather than the £50bn that was injected

• Friday, August 21st 2009 - 13:16 UTC

  Brazil becomes Chile’s third largest trading partner

  

  Brazil has become Chile’s third largest trading partner, displacing Japan, according to recently released government trade figures. Total July trade between Chile and Brazil was US$547 million, compared to the US$446 million in trade between Chile and Japan during July.

• Friday, August 21st 2009 - 11:22 UTC

  Uruguay forecasted to fall 0.8% this year and expand 1.5% in 2010

  

  Uruguay is forecasted to contract 0.8% in 2009 and rebound 1.5% next year according to chief economist for South America from the Spanish banking group BBVA, Joaquín Vial

• Friday, August 21st 2009 - 11:04 UTC

  Argentine exports forecasted to drop 20%, but 2010 is a promising year

  

  The global recession will have an impact on Argentine exports which are forecasted to fall an estimated 20% this year to 55 billion US dollars, compared to last year. However since imports have also plummeted the trade surplus in July grew 35% (1.3 billion) totalling 11.2 billion US dollars in the first seven months of the year.

• Friday, August 21st 2009 - 11:00 UTC

  German surprise rebound confirmed by cautious Bundesbank

  

  German economic growth is likely to gain traction in the coming months, the nation's influential central bank, the Bundesbank, said Thursday after Europe's biggest economy unexpectedly climbed out of recession during the second quarter.

• Friday, August 21st 2009 - 10:49 UTC

  Mexican economy shrinks a record 10.3% in second quarter

  

  Mexico's economy plunged 10.3% in the second quarter its deepest contraction on record as shrinking exports forced factories to slash production and cut jobs and the tourism industry was knocked out by the A/H1N1 virus flu.