Economy

• Friday, May 8th 2009 - 04:13 UTC

  ECB follows US, UK, Japan and announces quantitative easing

  

  The European Central Bank is to embark on its own quantitative easing program in response to the sharpest economic slowdown in Europe since the Second World War, it was announced Thursday. The news follows similar measures in the UK, US and Japan over the past few months.

• Thursday, May 7th 2009 - 13:49 UTC

  Ministers meet to advance creation of South American development bank

  

  Economy and Finance ministers from seven South American countries are scheduled to meet Friday in Buenos Aires to advance in the creation of the Bank of the South, a financial institution to fund infrastructure and development projects in the region.

• Thursday, May 7th 2009 - 13:44 UTC

  Sao Paulo, Santiago best cities for business in Latinamerica

  

  Business journal América Economía last week ranked Santiago as the second best city in Latin America for business, just behind Sao Paulo and ahead of Miami, Mexico City, and Buenos Aires.

• Thursday, May 7th 2009 - 13:28 UTC

  Argentina April car production and sales down 32% and 29%

  

  Argentina produced 37,262 cars in April which is 1.7% less than the previous month and down 31.8% from a year ago, the automotive manufacturers association, Adefa, reported Wednesday. April exports dropped 23.8% compared to April 2008, totaling 23,249 cars, but increased 12.6% from March. Brazil was by far the leading export market, taking about 84% of exports.

• Thursday, May 7th 2009 - 11:40 UTC

  Businesses in Mexico City reopen; masks for workers and customers

  

  Many businesses in Mexico have re-opened after a five-day shutdown caused by the A/H1N1 influenza outbreak that killed 44 people, including two in the US. From Thursday, all businesses in Mexico City can re-open, so long as they follow hygiene guidelines, including masks for all workers and customers.

• Thursday, May 7th 2009 - 08:41 UTC

  Uruguay/Brazil will operate in local currencies to ensure bilateral trade

  

  Uruguay and Brazil expect to have bilateral trade operations in their respective local currencies in place in a few months time, according to the Uruguayan Central Bank. The system is similar to that implemented between Brazil and Argentina and which is beginning to be operational.

• Thursday, May 7th 2009 - 05:33 UTC

  Chile can become a major player in the global lamb and wool markets

  

  Chile, more precisely the Magallanes region in the extreme south of the country, could play a major role in the global lamb and wool markets? Yes says Jose Marin a Magallanes sheep farmer who has a flock of 135.000, mostly Merino, Corriedale and Meat Merino and thirty years experience and innovation in the industry, reports El Mercurio.

• Wednesday, May 6th 2009 - 10:20 UTC

  Private consultants coincide Uruguay is experiencing mild recession

  

  Uruguay will suffer a mild recession in 2009 which could extend until 2010, according to the latest report from private Consultants Oikos. Growth is forecasted to be in the range of 0.5% to 1% this year which is associated to at least two running quarters with falling economic activity.

• Tuesday, May 5th 2009 - 10:51 UTC

  EU “no longer in freefall” but 2010 modest recovery is still distant

  

  The European Union is forecasted to contract 4% in 2009, which is double what was announced at the beginning of the year. Average unemployment is set to rise to 9.4% this year and could reach 10.9% in 2010, while government deficits inside the 27-member union will average 6% of GDP, twice the figure allowed for Euro area countries and used as a marker for the rest of the union.

• Tuesday, May 5th 2009 - 08:12 UTC

  Obama wants to end tax loopholes for US corporations overseas

  

  President Barack Obama has proposed outlawing offshore tax-avoidance techniques in a move that could hit US corporations with overseas divisions. His proposals would axe some tax deductions for firms that earn profits in countries with low tax rates.