Economy

• Friday, September 18th 2009 - 10:54 UTC

  Petrobras to concentrate all investments in pre-salt deposits

  

  Brazilian government managed oil and gas company Petrobras will freeze overseas investments as the company concentrates on its primary role to develop recently discovered offshore oil reserves, CEO Jose Sergio Gabrielli said Thursday.

• Friday, September 18th 2009 - 03:44 UTC

  Brazil is not “a Venezuela that goes shopping in the world’s arms supermarkets”

  

  Defence minister Nelson Jobim said that Brazil “is not a Venezuela that goes around shopping in the world’s arms supermarkets”. Brazil targets policy on technical training and technology transfer so “we can develop a sound, autonomous defence industry”, underlined the top official from President Lula da Silva administration.

• Friday, September 18th 2009 - 03:40 UTC

  Gibraltar/Spain open border policy explains economic surge in the region

  

  Gibraltar makes an extensive contribution to the economy of neighbouring Campo de Gibraltar while it also benefits significantly from Spanish expenditure on the Rock, according to the main conclusions of an economic study published this week.

• Friday, September 18th 2009 - 03:36 UTC

  Ex-Barclays bankers stand to make 400 million USD for managing toxic assets

  

  A group of 45 bankers at Britain’s Barclays bypassed potential curbs on pay and bonuses by jumping ship to set up a Cayman Islands company and manage 12.3 billion US dollars of Barclays’ most toxic debt. They will be paid at least 400 million USD over ten years.

• Thursday, September 17th 2009 - 13:32 UTC

  Chilean dairy farmers call for protection from Argentine imports

  

  Chilean dairy farmers requested President Michelle Bachelet to speed the implementation of the provisional safeguard clause to help contain the import of Argentine powder milk and cheese. The safeguard clause means imposing a 31% tariff on dairy imports.

• Thursday, September 17th 2009 - 13:23 UTC

  OECD warns of 25 million jobless in industrialized countries

  

  The Organisation for Economic Co-operation and Development (OECD) says the global recession could cost 25 million people their jobs. This is despite recent signs that economies of its 30 member countries may be starting to recover.

• Thursday, September 17th 2009 - 13:19 UTC

  US/China “tit for tat” tires’ trade clash sounds alarm bell in WTO

  

  World Trade Organization Director General Pascal Lamy expressed concern Wednesday about the latest move from the US President Obama administration to restrict imports of Chinese-made tires.

• Thursday, September 17th 2009 - 13:16 UTC

  Warren Buffett says US economy still has not begun to climb out of recession

  

  The United States economy has not begun to climb out of the worst recession since the Great Depression but the 'terror' that followed last year's near-collapse of the financial system is gone due in part to government intervention, billionaire investor Warren Buffett said this week in California.

• Thursday, September 17th 2009 - 13:10 UTC

  Jobless number climbs to 2.47 million in Britain, highest since 1997

  

  British unions and employers have reacted with alarm after unemployment surged to a 14-year high prompting fresh calls for Government help for the growing army of jobless. The total now stands at 2.47 million following a 210,000 rise in the three months to July.

• Wednesday, September 16th 2009 - 11:03 UTC

  Uruguayan economy recovers in the second quarter with 0.5% GDP growth

  

  The Uruguayan economy performed better than expected in the second quarter of 2009, having advanced 0.5% over the previous quarter and 0.2% over the same period a year ago, according to the latest release from the Central Bank.