Economy

• Tuesday, June 2nd 2009 - 10:40 UTC

  Cisco and Travelers to replace Citi and GM in Dow Jones average

  

  Shock waves of the financial crisis and its impact on the real economy have reached the United States Dow Jones Industrial Average which announced Monday the replacing of two iconic shares from its thirty blue chips index, announced Dow Jones & Company.

• Tuesday, June 2nd 2009 - 04:15 UTC

  China steelmakers demand “40% or more” cut in iron ore prices

  

  China's Iron and Steel Association, CISA, maintained its campaign to slash 2009-2010 iron ore term prices by 40% or more, putting out a report on its Web site Sunday that rounded up opinions from a string of Chinese mill executives.

• Tuesday, June 2nd 2009 - 04:11 UTC

  End of an era for US auto industry: GM files for protection

  

  Car giant General Motors (GM) has filed for bankruptcy protection, marking the biggest failure of an industrial company in US history. The widely expected move comes after GM had seen its losses widen following a steep fall in sales in recent years.

• Monday, June 1st 2009 - 13:33 UTC

  Brazilian beef industry blamed for Amazon deforestation

  

  Boots and training shoes are not the first things that spring to mind when you think about the causes of rainforest destruction and climate change, but just because the connection isn't obvious doesn't mean it isn't realm, says Greenpeace in a new report, “Slaughtering the Amazon”.

• Saturday, May 30th 2009 - 16:02 UTC

  Chilean economic crisis freezes construction of 100 buildings

  

  New apartment building construction in Santiago de Chile is down by 14.6% since October 2008, according to the latest figures from real estate agency Collect GFK.
  Last fall there were 560 housing projects underway, but as of April that number is down to 461, including 166 projects on hold.

• Saturday, May 30th 2009 - 15:56 UTC

  Construction in Argentina falls 3% in April and 2.7% in four months

  

  Construction in Argentina fell 3% in April year-on-year, accumulating a 2.7% decline since the start of the year, the INDEC statistics' bureau reported. Nevertheless, construction activity grew 3.6% from the previous month, according to the agency, which was partly explained by seasonal effects.

• Saturday, May 30th 2009 - 15:35 UTC

  Mixed signals from the US economy: decline softening

  

  The US economy shrank at an annual pace of 5.7% in the first quarter, a less severe drop than initially reported but still the second-biggest quarterly decline in 27 years, according to the US Commerce Department.

• Saturday, May 30th 2009 - 15:29 UTC

  Euro zone with zero inflation and growing fears of deflation

  

  The Euro zone annual inflation rate in the 16-country region fell to 0% in May from April’s 0.6%, according to Euro-stat. Economists said inflation would turn negative in June, --deflation—further complicating the task of the European Central Bank as it attempts to combat the worst economic downturn for half a century.

• Saturday, May 30th 2009 - 15:22 UTC

  Brazil’s Real at it highest in 8 months; Bovespa up 40% so far this year

  

  The Brazilian currency reached its highest level in eight months on Friday as signs that the world economy is bouncing back and there’s a return of capital inflows to emerging markets. Similarly the Bovespa market index rose 12% in May totaling 40% since the beginning of the year.

• Thursday, May 28th 2009 - 08:46 UTC

  Two possible scenarios for Uruguay’s recovery: 2010 and 2013

  

  The Uruguayan economy has two possible scenarios for recovery from the impact of the current world slowdown, in 2010 and in 2013, according to a local economics and social think tank, Ceres and its leading economist Ernesto Talvi.