Economy

• Friday, August 14th 2009 - 02:53 UTC

  France and Germany’s economies performances surprise Britain

  

  Lord Mandelson has defended the British Government's handling of the downturn after figures showed that France and Germany have already pulled out of recession. The French and German economies both grew by 0.3% between April and June - surprising analysts who had expected them to shrink.

• Thursday, August 13th 2009 - 14:26 UTC

  Argentina’s July official inflation averaged half private consultants’ estimates

  

  Argentina on Wednesday released its official estimate for July inflation, but the data merely confirmed widespread suspicions that the national statistics agency continues to manipulate numbers.

• Thursday, August 13th 2009 - 08:34 UTC

  Fed says US economy “levelling off” although activity likely to remain weak

  

  The Federal Reserve left US interest rates un changed between 0% and 0.25% describing the current situation as “levelling off” although economic activity is “likely to remain weak for a time”.

• Thursday, August 13th 2009 - 08:29 UTC

  A second bubble? US homeowners face mortgage debts higher than house value

  

  The percentage of US homeowners who owe more than their house is worth will nearly double to 48% in 2011 from 26% at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday.

• Thursday, August 13th 2009 - 08:25 UTC

  WTO rules against China restrictions on US imports of DVD and media products

  

  The United States has won a ruling at the World Trade Organisation (WTO) against China's restrictions on the import of American DVDs and other media products.

• Thursday, August 13th 2009 - 08:22 UTC

  Soros optimistic about recovery of the US economy in third quarter

  

  The United States economy has hit the bottom and the current quarter will see positive growth because of the government's stimulus spending, according to billionaire financier George Soros.

• Thursday, August 13th 2009 - 08:12 UTC

  UK unemployment at its highest since 1995; second quarter, 2.43 million

  

  The recession in the United Kingdom has claimed another 220,000 jobs in the three months to June to take the total number of unemployed to 2.43 million, official figures have revealed.

• Thursday, August 13th 2009 - 08:09 UTC

  Mining giant BHP Billiton profits slump 51% and sales 16%

  

  Annual profits at mining giant BHP Billiton have more than halved after demand for commodities slumped. The company has more than 100 operations across the world, including South America and the Falkland Islands.

• Thursday, August 13th 2009 - 07:49 UTC

  InterContinental Hotels report loss: “business remains elusive”

  

  The British group which manages InterContinental Hotels, Crowne Plaza and Holiday Inn revealed that it plunged into losses in the first six months of 2009 and forecast a “tough” second half as the recession keeps business travellers at home. That compares with a net profit of 163 million dollars in the same part of 2008.

• Wednesday, August 12th 2009 - 12:19 UTC

  Chavez and Cristina sign a billion USD trade agreement

  

  Venezuelan President Hugo Chavez received on Tuesday Argentine President Cristina Fernandez de Kirchner in Caracas to sign agreements expanding trade between the two countries. Among the deals was an accord to import as many as 10,000 cars from Argentina this year instead of Colombia.