Economy

• 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.

• Thursday, June 25th 2009 - 17:27 UTC

  Argentina’s industrial production falls for fifth month running

  

  Argentine industrial production fell 1.7% in May from a year earlier and was down 0.2% on the month, according to the latest release from the country’s Statistics Institute. This is the fifth month running that industrial production has been contracting.

• Thursday, June 25th 2009 - 06:16 UTC

  US recession “slowing” but economy is expected to remain weak, says Fed

  

  The United States Federal Reserve kept interest rates unchanged on Wednesday and said that the recession in the US is “slowing” but “economic activity is likely to remain weak for a time”.

• Wednesday, June 24th 2009 - 08:10 UTC

  Uruguayan residents have 7.1 billion US dollars in overseas banks

  

  Uruguayan residents’ savings in overseas banks totalled 7.1 billion US dollars in the last quarter of 2008, which represents a slight drop from September 2008 but 14% over December 2006 (6.25 billion USD) according to the latest report from the Bank of International Settlements, BIS.

• Wednesday, June 24th 2009 - 05:47 UTC

  Uruguay’s imports plummet for the fifth month running, 41% in May

  

  Uruguay’s imports again plummeted in May for the fifth month running, with the highest inter-annual negative rate, 41%, according to the latest data from the Central Bank released this week.

• Wednesday, June 24th 2009 - 05:43 UTC

  World Bank forecasts Uruguayan economy growth of 0.8% in 2009

  

  The World Bank estimates the Uruguayan economy will expand 0.8% this year and begin a gradual recovery in 2010 with growth reaching 2.3%. In spite of the poor 2009 estimate, it will be one of the highest of the region together with Peru, Panama, Bolivia, Belize and Guyana.

• Tuesday, June 23rd 2009 - 11:22 UTC

  Brazilian currency and stock market drop on World Bank forecast

  

  Brazil’s currency, Real fell the most in four months battered by the World Bank’s prediction of a deeper recession in 2009 pushed by investors fleeing higher-yielding, emerging-market assets.

• Tuesday, June 23rd 2009 - 08:04 UTC

  Roubini: risk of double dip recession in advanced economies

  

  The influential economist Nouriel Roubini, who rose to prominence for predicting the global credit crisis, said there is a risk that advanced economies will suffer a double dip recession and pointed out he saw more signs of “yellow weeds” than the green shoots of economic recovery.

• Tuesday, June 23rd 2009 - 08:01 UTC

  Argentine industry warns of “political crisis”, more serious than “economic crisis

  

  The head of Argentina’s powerful Industrial Union, UIA, said the country is going through “a political crisis” which is more severe than the economic crisis and ventured that the current electoral climate “does not offer significant political alternatives or leaderships”.

• Monday, June 22nd 2009 - 12:24 UTC

  Net private capital inflow to developing countries falls to half in 2008

  

  Amidst global economic recession and financial-market fragility, net private capital inflows to developing countries fell to 707 billion US dollars in 2008, a sharp drop from a peak of 1.2 trillion in 2007. International capital flows are projected to fall further in 2009, to 363 billion US dollars, according to the latest report from the World Bank.