Economy

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.
Saturday, August 15th 2009 - 12:33 UTC
US libertarian think-tank supports legalizing undocumented workers

A new study from the libertarian CATO Institute concludes that legalizing the more than eight million undocumented workers in the United States would have significant economic benefits for the country, while simply enhancing border enforcement and applying restrictive immigration laws would actually hurt the US economically.
Saturday, August 15th 2009 - 11:07 UTC
Mexico/Uruguay sign strategic association accord and advance trade

Mexico president Felipe Calderón and Uruguay’s Tabare Vazquez signed on Friday in Montevideo a Strategic Association accord to strengthen political dialogue and bilateral trade relations in the framework of the 2004 free trade agreement.
Friday, August 14th 2009 - 14:05 UTC
IMF allocation for Mercosur countries exceeds 7 billion USD

The IMF allocation of Special Drawing Rights, SDR, equivalent to 250 billion USD to provide liquidity to the global economic system will supplement Mercosur country members with approximately 7 billion US dollars.
Friday, August 14th 2009 - 14:00 UTC
At the end of August IMF injects 250 billion USD to member countries

The International Monetary Fund announced Thursday it would begin to inject 250 billion US dollars into member nations' treasuries to cushion the blows of the global economic crisis. The action is part of a 1.1 trillion US dollar plan agreed by Group of 20 leaders in early April to tackle the global financial and economic crisis.
Friday, August 14th 2009 - 05:35 UTC
Paraguay’s poverty index forecasted to reach 40% because of recession

After having declined sustainedly during the last few years, Paraguay’s poverty index is forecasted to soar to 40% of the population in 2009 because of the economic recession, said on Thursday Economy minister Dionisio Borda.