Economy

Wednesday, August 19th 2009 - 12:06 UTC
UK key inflation measure remains unchanged at 1.8%

A key measure of inflation in the UK has unexpectedly remained at 1.8%. Economists had expected the Consumer Prices Index (CPI) to decline to 1.5% in July. The Retail Prices Index (RPI) inflation measure, which includes mortgage interest payments also unexpectedly increased to -1.4%, from -1.6%.
Wednesday, August 19th 2009 - 12:03 UTC
Swedish hand built car maker takes over Saab from ailing GM

Koenigsegg Automotive, the Swedish maker of luxury 1.2-million US dollars sports cars, agreed to buy Saab Automobile from General Motors by the end of the year, potentially moving the company into the automotive mass market.
Wednesday, August 19th 2009 - 12:01 UTC
China reduces holdings of US government debt

China reduced its holdings of US Treasury bills in June by the largest amount in nearly nine years in what economists viewed as a bid to diversify the country's foreign reserves and increase returns.
Wednesday, August 19th 2009 - 04:54 UTC
US/Colombia free trade treaty “heading for approval”

The free trade treaty between United States and Colombia, pending US congressional approval, is on route to be confirmed said US ambassador in Bogotá William Brownfield.
Tuesday, August 18th 2009 - 13:03 UTC
US media sets eyes on Argentina’s “manipulation of numbers”

Argentina’s Statistics Institute controversy was joined Sunday by a most reputable newspaper, the Washington Post that called Indec numbers a ”manipulation (...) done under pressure from above”.
Monday, August 17th 2009 - 12:31 UTC
It is official: Argentina’s economy contracted in May and June

Argentina's economy officially contracted in May and June for the first time since the economic crisis in 2001 and 2002 which led to a massive default, according to the latest release from the official statistics office, Indec.
Monday, August 17th 2009 - 12:26 UTC
Brazilian government and private sector differ on rates and strong Real

Brazilian private banks should follow state lenders and lower interest rates to help drive a rebound of the economy, said Central Bank President Henrique Meirelles during a seminar last week in Sao Paulo. He also stated that the Central Bank policy is geared to an accumulation of reserves “to improve the country’s resistance to the crisis”.
Monday, August 17th 2009 - 12:04 UTC
Biggest bank failure in the US; 77 so far this year

The United States has seen the biggest bank failure of 2009 with Colonial Bank, which had assets worth 25 billion US dollars as on June 30, closing operations last week after hit by the financial turmoil.
Monday, August 17th 2009 - 12:00 UTC
Japan out of recession in the second quarter after expanding 0.9%

Japan has come out of recession after recording growth of 0.9% in the April-June quarter, compared with the first. The economy had shown four consecutive quarter-on-quarter contractions.
Saturday, August 15th 2009 - 12:34 UTC
UK direct rule on Turks and Caicos Islands following corruption probe

The UK has imposed direct rule on the Turks and Caicos Islands after an inquiry found evidence of government corruption and incompetence. The administration of the UK Overseas Territory in the Caribbean has been suspended for up to two years and power transferred to the UK-appointed governor. Politicians are accused of selling crown land for personal gain.