Economy

Tuesday, December 9th 2008 - 20:00 UTC
Global trade expected to contract for the first time since 1982

The World Bank Global Economic Prospects 2009 predicts that global GDP growth will slip from 2.5% in 2008 to 0.9% in 2009 and world trade will contract by 2.1% next year, something not seen since 1982. Developing country growth is expected to decline from a resilient 7.9% in 2007 to 4.5% in 2009 with growth in rich countries next year most likely negative.
Tuesday, December 9th 2008 - 20:00 UTC
Brazil wants WTO agreement on July consensus

Brazilian Foreign Minister Celso Amorim warned on Tuesday that global trade talks would fail if members of the World Trade Organization tried to revise positions they had reached last July.
Tuesday, December 9th 2008 - 20:00 UTC
Chinese steelmakers demand 82% cut in iron ore prices

China the world's largest steel producer is seeking iron ore suppliers cut prices to meet the falling international price of steel which has dropped to 1994 levels, according to an official with China Iron and Steel Association (CISA), reports China's official news agency Xinhua.
Tuesday, December 9th 2008 - 20:00 UTC
Brazilian surprise: 3Q annual expansion reaches 6.8%

Brazil expanded at an annual 6.8% in the third-quarter, but the country was still hit hard by the global financial crisis and that has left investors wondering if Latinamerica's largest economy will avoid a further slide in growth.
Monday, December 8th 2008 - 20:00 UTC
November deflation in Chile, first time in 26 months

With fuel costs plunging Chile had in November its first month of deflation in 26 months with prices falling 0.1%, according to the latest release from the National Statistics Institute. The consumer prices index of October had been 0.9%.
Monday, December 8th 2008 - 20:00 UTC
Central American countries prepare to meet world recession

Central American presidents meeting in the Honduras agreed to seek regional integration as the way to unite against the world economic crisis and move towards a common currency. The 33rd Summit of the Central American Integration System, or SICA, which ended over the weekend also included a statement containing a package of urgent measures needed to meet the world crisis.
Monday, December 8th 2008 - 20:00 UTC
World markets soar on Obama's infrastructure plan

United States shares echoed gains in stock markets worldwide on hopes that new stimulus plans in the US and other countries will revive global economic growth. The benchmark Dow Jones index on Monday was up 298 points or 3.5% in afternoon trading in New York, shrugging off Friday's grim unemployment numbers.
Monday, December 8th 2008 - 20:00 UTC
Argentine industry demands a more “competitive” Peso

In spite of the several stimulus programs announced by Argentine president Cristina Fernandez de Kirchner, manufacturers are demanding a “more competitive” exchange rate, particularly with the Brazilian Real. Brazil is Argentina's main trading partner.
Sunday, December 7th 2008 - 20:00 UTC
Brazilian inflation down but priorities are stimulus and jobs

Inflation in Brazil eased in November amid a slowing economy and dwindling consumer confidence reinforcing the view that the Central bank has room to hold interest rates next week for the second straight month. The Brazilian government is also expected to make further announcements to prop the economy and jobs.
Friday, December 5th 2008 - 20:00 UTC
Argentine plan to boost consumption and exports

Argentine President Cristina Fernandez de Kirchner unveiled Thursday a new set of measures to boost the economy including credits for the auto sector and consumption as well as a reduction in export duties on wheat and corn.