Economy

• 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.

• Wednesday, May 27th 2009 - 06:23 UTC

  Brazilian Central Bank not surprised by steady gain of the Real

  

  Brazilian Central Bank President Henrique Meirelles said Tuesday that there are signs that the economy is recovering although he offered no specifics. Brazil’s economy expanded 5.1% in 2008 but government forecasts have been downgraded to 1% for 2009, and private estimates are even more pessimistic

• Tuesday, May 26th 2009 - 12:54 UTC

  Latinamerica foreign trade forecasted to contract 9 to 11% in 2009

  

  The main impact for Latinamerica of the global financial crisis and economic slowdown has been the contraction of trade, so far in the range of 9 to 11%, revealed Alicia Bárcena, Executive Secretary of the UN Economic Commission for Latinamerica and the Caribbean, Cepal.

• Tuesday, May 26th 2009 - 12:35 UTC

  Cuba is desperate to promote agriculture.

  

  Measures to promote the “attachment to farms” and discourage the exodus of peasants to the cities thus helping Cuba achieve self sufficiency in food production, was demanded in Sunday’s edition of the official newspaper from the Union of Communist Youths, Juventud Rebelde.

• Monday, May 25th 2009 - 17:50 UTC

  World Bank warns about unemployment and social upheaval

  

  The head of the World Bank has warned that the global economic crisis could lead to serious social upheaval. “If we do no take measures, there is a risk of a serious human and social crisis with very serious political implications,” Robert Zoellick said.

• Saturday, May 23rd 2009 - 15:32 UTC

  Brazil concerned with the appreciation of its currency against the US dollar

  

  The current appreciation of the Brazilian currency, Real, is a “cause for concern,” but also reflect international investors' growing interest in the nation's assets, Finance Minister Guido Mantega said on Friday.

• Saturday, May 23rd 2009 - 14:47 UTC

  US ends week with three regional banks seized by FDIC and new owners

  

  United States banking regulators seized two banks in Illinois late Friday as the financial crisis claimed its 35th and 36th federally insured financial institutions of 2009. The Federal Deposit Insurance Corp. (FDIC) estimated the failure of Strategic Capital Bank and Citizens National Bank would cost 279 million US dollars.

• Friday, May 22nd 2009 - 12:21 UTC

  Argentine economy expanded 2.7% in March, says government

  

  Argentina's government said on Thursday the economy grew a better-than-expected 2.7% in March compared with the same month last year and closing the first quarter with a surprising 2.3%. But many analysts say the slowdown is far sharper.

• Friday, May 22nd 2009 - 12:14 UTC

  Brazilian government downgrades to 1% growth estimate for 2009

  

  The Brazilian government has again downgraded the economy’s growth forecast for this year which will now be 1%, according to the bi-monthly Budget reassessment from the Planning Ministry.

• Friday, May 22nd 2009 - 01:50 UTC

  UK could loose its premium credit ratings because of soaring debt

  

  The United Kingdom’s premium credit rating is under threat without action to tackle soaring debt, a leading ratings agency has said. Standard & Poor's has warned that debt could rise to 100% of output by 2013, which could lead to the UK losing its coveted 'AAA' status.