Economy

Saturday, September 5th 2009 - 13:06 UTC
Leading economist Roubini warns of “U shaped” or “W shaped” recovery

Leading economist Nouriel Roubini who predicted the global financial crisis said Friday in Italy that he expects a slow recovery for advanced economies, but emerging economies may experience a quicker more robust growth.
Saturday, September 5th 2009 - 06:28 UTC
US unemployment at record 9.7%, but some signs job cuts are easing

United States job cuts in August reached 216,000 pushing the unemployment rate up to 9.7%, the highest since 1983, according to the Bureau of Labour Statistics. Since the start of the recession in December 2007, the US economy has shed 6.9 million jobs, the department said.
Saturday, September 5th 2009 - 06:09 UTC
Bank of England expands quantitative easing by £ 50 billion to £ 175 billion

The Bank of England on Friday held interest rates at 0.5% as expected, but expanded its quantitative easing program by £50 billion to £175 billion. In a letter to the chancellor Alistair Darling, Bank of England governor Mervyn King said the move was essential to meet the central bank’s long term inflation target of 2% or 1% either side.
Friday, September 4th 2009 - 12:57 UTC
Recovery on sight, but bumpy road ahead, warns ECB chief

The European Central Bank declared Thursday that the economic contraction in Europe is coming to an end and kept interest rates on hold at 1%. However, the ECB's president, Jean-Claude Trichet, warned the recovery will be bumpy, especially in the face of high unemployment in Europe which is now 9.5%.
Friday, September 4th 2009 - 09:09 UTC
In spite of August surge, Uruguay expects 2009 inflation to be below 7%

Uruguay’s retail inflation jumped an unexpected 1.23% in August, the highest in the last 14 months, totalling 5.11% in eight months and 7.28% in the last twelve months. If the tendency is confirmed during the last four months of 2009, the consumer prices index would be above the Central Bank’s upper target of 7%.
Thursday, September 3rd 2009 - 13:27 UTC
Once Argentina “has done its homework”, IMF liquidity support comes overnight

If Argentina compiles with its homework and has good relations with international financial organizations, “credit is granted overnight” said Olivier Blanchard, the International Monetary Fund Economic Counselor and Director of the IMF Research Department during his visit to Buenos Aires for a two day conference on monetary policies.
Thursday, September 3rd 2009 - 13:23 UTC
Uruguay’s economic policy and Mercosur links set to change predicts Moody’s

The risk-rating agency Moody’s Economy anticipates that whoever wins in Uruguay’s October presidential election, the only certainty is that “there will be changes in economic policy” and in regional inter-action, including a review of Mercosur relations.
Thursday, September 3rd 2009 - 13:18 UTC
Brazil leaves rates unchanged confident of non-inflationary recovery

Brazil's Central Bank decided on Wednesday to keep its benchmark lending rate unchanged at a record low 8.75%. The monetary policy committee, Copom, voted unanimously to leave the so-called Selic rate steady, in line with analysts' expectations.
Thursday, September 3rd 2009 - 10:17 UTC
G20 meeting anticipates clash over government spending and banks

In anticipation of the G20 Finance ministers meeting in London on Friday UK Chancellor Alistair Darling insisted that world governments need to keep spending to ensure recovery from the global economic crisis.
Thursday, September 3rd 2009 - 10:10 UTC
EU hedge funds regulations threaten London’ position as global financial hub

EU plans to regulate hedge funds are a “blatant attack” on London's role as an international financial centre, the mayor of the city has said. Boris Johnson added that suspicions ministers in Paris and Berlin were using the proposals to deliberately target London were “not unfounded”.