Economy

• Wednesday, July 1st 2009 - 12:41 UTC

  China is crucial for world recovery says World Bank

  

  The World Bank believes the end of the global crisis will come following the recovery of the emerging economies, particularly China. The statement follows the presentation of the latest report, Global Financial Development 2009; a path for global recovery” by economists Mansoor Dailami and Hans Timmer.

• Wednesday, July 1st 2009 - 12:29 UTC

  UK first quarter contraction rate was fastest in 50 years

  

  The recession-blighted United Kingdom economy shrank at its fastest rate for more than 50 years in the first three months of 2009, official figures have shown. And revisions to figures revealed the current recession began earlier than first thought, with a 0.1% decline seen between April and June last year compared with previous estimates of zero growth.

• Tuesday, June 30th 2009 - 06:40 UTC

  Brazil-China bilateral trade in Real and Yuan instead of US dollar

  

  The Brazilian Central Bank announced it had reached an initial understanding with China for the gradual elimination of the US dollar in bilateral trade operations which in 2009 are estimated to reach 40 billion US dollars.

• Monday, June 29th 2009 - 10:48 UTC

  Falklands’ unpredictable squid catches paint bleak budget and tough times

  

  Falkland Islands Treasury officials painted a bleak and arguably inevitable picture of tough times ahead at last week’s public meeting on the recently announced Budget.

• Saturday, June 27th 2009 - 10:42 UTC

  Paraguayan president insists in recovering Itaipu “energy sovereignty”

  

  President Fernando Lugo reiterated Friday that Paraguay did not yield and will not yield “energy sovereignty” claims for power generated from South America’s largest hydroelectric dam Itaipu which it shares with neighbouring Brazil.

• Saturday, June 27th 2009 - 10:19 UTC

  OIE congress calls on rich countries to help eradicate FMD

  

  The Director General of the World Organization for Animal Health, OIE, Bernard Vallat called Friday on developed countries free of foot and mouth disease FMD, to help developing countries eradicate the disease.

• Saturday, June 27th 2009 - 10:16 UTC

  China again calls for “super-sovereign” currency to replace US dollar

  

  China's central bank has reiterated its call for a new reserve currency to replace the US dollar. The report from the People's Bank of China (PBOC) said a “super-sovereign” currency should take its place.

• Saturday, June 27th 2009 - 10:12 UTC

  Spain approves 9 billion Euro support fund for banking system

  

  The Spanish cabinet approved Friday a 9 billion Euro (12.7 billion US dollars) fund to help revive the financial sector by buying stakes in banks hit by the global crisis and get them lending again.

• Friday, June 26th 2009 - 12:59 UTC

  Astori’s team looks for support (and funds) from Argentine businessmen

  

  Leaders from the grouping which supports Uruguayan presidential hopeful Danilo Astori cautioned in Buenos Aires that if Senator Jose Mujica is nominated candidate next Sunday, the ruling coalition’s re-election chances could be impaired.

• Friday, June 26th 2009 - 03:28 UTC

  Fearful Argentines taking their dollar savings to Uruguay for shelter

  

  Safe deposit boxes in Uruguay are overflowing with US dollars from fearful Argentines concerned about the situation in their country and the results of Sunday’s mid term elections, according to banking sources in Montevideo.