Economy

• Friday, April 10th 2009 - 05:49 UTC

  Brazil offers a billion USD in projects to compensate for Itaipu energy

  

  The Brazilian government is planning to offer a financing package worth one billion US dollars for industrial projects in Paraguay, local financial newspaper Valor Economico reported this week. According to the newspaper, which cited unnamed sources, the financing will be offered through Brazil's National Development Bank, or BNDES.

• Thursday, April 9th 2009 - 09:29 UTC

  Opposition accuse PM Brown of “full retreat” in fiscal stimulus measures

  

  British Prime Minister Gordon Brown has been accused of being in “full retreat” over his recession-fighting strategy amid signs that any further fiscal stimulus measures would be severely limited by worsening economic conditions.

• Thursday, April 9th 2009 - 08:40 UTC

  Chinese steel industry insists with 40% cut in iron ore prices

  

  China's steel group insisted this week with a cut of at least 40% in annual term iron ore prices after a news report said Rio Tinto Ltd is offering a smaller discount before new annual contract negotiation ends, according to reports in the Chinese press. “Our request hasn't changed,” said Shan Shanghua, secretary general of the China Iron and Steel Association.

• Thursday, April 9th 2009 - 08:36 UTC

  Argentina looks again towards the IMF, says Buenos Aires press

  

  Argentina could be at a turning point in its relation with the International Monetary Fund, IMF, particularly following the participation of President Cristina Fernandez de Kirchner in the London G20 summit, according to reports in the Buenos Aires press.

• Wednesday, April 8th 2009 - 01:59 UTC

  OECD removes all countries from tax havens blacklist

  

  The Organization for Economic Cooperation and Development (OECD) announced the removal of all countries blacklisted for alleged tax havens. “OECD welcomes recent commitments to the internationally agreed tax standard on exchange of information made by Costa Rica, Malaysia, Philippines and Uruguay”.

• Wednesday, April 8th 2009 - 01:54 UTC

  Euro zone fourth quarter contraction larger than estimated

  

  The Euro zone economy shrank more than previously estimated in the last three months of 2008, official figures say. GDP in the 15-nation area fell 1.6%, not 1.5% as previously thought, said the EU Eurostat office. Compared to the final quarter of 2007, GDP fell 1.5%, wider than an earlier estimate of a 1.3% decline.

• Wednesday, April 8th 2009 - 01:41 UTC

  European funding for Jaguar Land Rover and Nissan

  

  The European Investment Bank (EIB) has approved funding for two carmakers in the UK, Jaguar Land Rover and Nissan. The EIB approved a £340m package for Jaguar Land Rover to help cut vehicle emissions.

• Tuesday, April 7th 2009 - 11:39 UTC

  Half a million Brazilians slide back to poverty

  

  Over half a million Brazilians have fallen back to poverty from their lower middle class status according to the latest paper from the Social Politics Department belonging to the Getulio Vargas Foundation research centre in Rio do Janeiro, FGV.

• Tuesday, April 7th 2009 - 09:23 UTC

  UK car sales in March plunge 30%; calls for scrappage plan

  

  UK car sales fell by 30.5% in March, compared with the same month last year, the latest industry figures have shown. The number of new UK registrations in March was 313.912, down from 451.642 the year before, said the Society of Motor Manufacturers and Traders (SMMT).

• Tuesday, April 7th 2009 - 09:21 UTC

  Economic forecasts indicate Brazil heading for recession

  

  Brazil’s economy could shrink for the first time in 17 years in 2009 as the global recession prompts companies to cut output and staffing according to a Central Bank survey of 100 economists and released Monday.