Economy

• 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.

• Monday, May 4th 2009 - 09:19 UTC

  Argentina’s 2008/09 crop exports forecasted to drop 56%

  

  Argentina’s cereals and oil seeds exports are forecasted to drop to 13.8 billion US dollars in this 2008/09 crop which means 56% less compared to the 31.9 billion of the 2007/08 crop according to a paper from the Argentine Agrarian Federation, FAA.

• Monday, May 4th 2009 - 08:37 UTC

  China becomes main destination of Brazilian exports ahead of US

  

  China has become the main purchaser of Brazilian exports during the first quarter of this year displacing United States which held the position undisputed for decades, according to reports in the Sao Paulo press based on the latest statistics.

• Monday, May 4th 2009 - 07:58 UTC

  Unemployment in Magallanes region soars in first quarter

  

  Unemployment in the extreme south Chilean region of Magallanes more than doubled during this year’s first quarter having reached 5.6% compared to the same period a year ago according to the latest official Statistics Office release.

• Sunday, May 3rd 2009 - 12:10 UTC

  US bank failures in four months reach 32 compared to 25 in 2008

  

  Three more United States banks shut their doors Friday, according to the Federal Deposit Insurance Corporation, bringing the total number of failures up to 32 in 2009. The first failure was a wholesale banking operator in Georgia that served 1,400 other lenders across the US, became the fifth biggest bank failure in terms of assets.