Economy

• Saturday, September 19th 2009 - 07:25 UTC

  Argentina’s GDP contracts 0.8% in August but expands 3% in last 12 months

  

  Argentina's GDP fell 0.8% in the second quarter compared to a year ago, the first time in six years, but accumulates a 0.6% raise in the first half of the year, according to a Friday release from the national statistics bureau, Indec.

• Friday, September 18th 2009 - 15:02 UTC

  A new map of wealthy people has emerged from the financial crisis

  

  The economic and financial crisis of the last 18 months has transformed the global map of the world’s wealthiest people, with Europe nudging out North America as the richest region, according to a new report by The Boston Consulting Group.

• Friday, September 18th 2009 - 12:03 UTC

  Argentina set to recover in 2010 with growth reaching 2.5%

  

  Argentina’s Economy Minister Amado Boudou made the official presentation Thursday of the 2010 budget before the Lower House of Congress, in which he estimated that the economy would grow 2.5% in the upcoming fiscal year, with retail prices in the range of 7% and the primary budget surplus 2.7%. of GDP.

• Friday, September 18th 2009 - 11:32 UTC

  Brazil’s JBS moves into the US poultry market and consolidates at home

  

  Brazil's JBS, the world's biggest beef producer, agreed this week to buy a controlling take in bankrupt US poultry producer Pilgrim's Pride and JBS' Brazilian beef rival Bertin.

• Friday, September 18th 2009 - 11:29 UTC

  Argentina plans to reach agreement with “holdouts” and Paris Club

  

  Argentina plans to reach an agreement with holders of the country's defaulted debt in an effort to return to international lending markets, according to a draft of the 2010 budget submitted to Congress this week.

• Friday, September 18th 2009 - 11:04 UTC

  US interested in promoting bilateral trade with Brazil, in spite of Mercosur

  

  United States Trade Representative Ron Kirk said on Thursday the administration of President Barack Obama was interested in promoting a bilateral trade agreement with Brazil, even when it could mean bypassing Mercosur.

• 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.