Economy

• Monday, December 8th 2008 - 20:00 UTC

  Central American countries prepare to meet world recession

  

  Central American presidents meeting in the Honduras agreed to seek regional integration as the way to unite against the world economic crisis and move towards a common currency. The 33rd Summit of the Central American Integration System, or SICA, which ended over the weekend also included a statement containing a package of urgent measures needed to meet the world crisis.

• Monday, December 8th 2008 - 20:00 UTC

  World markets soar on Obama's infrastructure plan

  

  United States shares echoed gains in stock markets worldwide on hopes that new stimulus plans in the US and other countries will revive global economic growth. The benchmark Dow Jones index on Monday was up 298 points or 3.5% in afternoon trading in New York, shrugging off Friday's grim unemployment numbers.

• Monday, December 8th 2008 - 20:00 UTC

  Argentine industry demands a more “competitive” Peso

  In spite of the several stimulus programs announced by Argentine president Cristina Fernandez de Kirchner, manufacturers are demanding a “more competitive” exchange rate, particularly with the Brazilian Real. Brazil is Argentina's main trading partner.

• Sunday, December 7th 2008 - 20:00 UTC

  Brazilian inflation down but priorities are stimulus and jobs

  

  Inflation in Brazil eased in November amid a slowing economy and dwindling consumer confidence reinforcing the view that the Central bank has room to hold interest rates next week for the second straight month. The Brazilian government is also expected to make further announcements to prop the economy and jobs.

• Friday, December 5th 2008 - 20:00 UTC

  Argentine plan to boost consumption and exports

  

  Argentine President Cristina Fernandez de Kirchner unveiled Thursday a new set of measures to boost the economy including credits for the auto sector and consumption as well as a reduction in export duties on wheat and corn.

• Friday, December 5th 2008 - 20:00 UTC

  US jobless rate rises to 15-year high, and worsening

  

  The US economy lost 533,000 jobs in November, the biggest monthly cut since 1974, the US Labour Department said on Friday. In a dramatic indication of the worsening economic situation, the US jobless rate rose to a 15-year high of 6.7% from 6.5% in October.

• Thursday, December 4th 2008 - 20:00 UTC

  Uruguay estimates 3% economic growth next year

  

  Uruguay's economic team announced on Wednesday the government's estimates for the next twelve months admitting that the world recession will reach the country but growth rate in 2009 will be in the range of 3%, “above the average of the last fifty years”.

• Thursday, December 4th 2008 - 20:00 UTC

  UK has lowest rates in 57 years: 2%; retailers want more

  

  The Bank of England cut interest rates on Thursday by one percentage point, from 3% to 2% - the lowest level since 1951. The move, which followed a dramatic cut in November, has been welcomed by many commentators who said the cut should help the slowing economy.

• Thursday, December 4th 2008 - 20:00 UTC

  ECB lowers rate to 2.5%, but cautions about further cuts

  

  European Central Bank President Jean Claude Trichet said on Thursday cutting interest rates too low or too fast could leave policy makers with few options to respond to a deepening recession.

• Wednesday, December 3rd 2008 - 20:00 UTC

  Ten Latam countries concentrate 9.6% of world cellular lines

  

  Ten Latinamerican countries concentrate 388 million cellular phone lines, which is equivalent to 9.6% of the world's total 4.02 billion on service according to a release from multinational consultants Everis.