Economy

• Saturday, May 30th 2009 - 15:35 UTC

  Mixed signals from the US economy: decline softening

  

  The US economy shrank at an annual pace of 5.7% in the first quarter, a less severe drop than initially reported but still the second-biggest quarterly decline in 27 years, according to the US Commerce Department.

• Saturday, May 30th 2009 - 15:29 UTC

  Euro zone with zero inflation and growing fears of deflation

  

  The Euro zone annual inflation rate in the 16-country region fell to 0% in May from April’s 0.6%, according to Euro-stat. Economists said inflation would turn negative in June, --deflation—further complicating the task of the European Central Bank as it attempts to combat the worst economic downturn for half a century.

• Saturday, May 30th 2009 - 15:22 UTC

  Brazil’s Real at it highest in 8 months; Bovespa up 40% so far this year

  

  The Brazilian currency reached its highest level in eight months on Friday as signs that the world economy is bouncing back and there’s a return of capital inflows to emerging markets. Similarly the Bovespa market index rose 12% in May totaling 40% since the beginning of the year.

• 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.