Economy

Sunday, February 8th 2009 - 20:00 UTC
US Congress panel claims Treasury “over paid” 78 bn to banks

The United States Congressional Oversight Panel says the government overpaid for distressed financial assets and shares last year. It says the US Treasury paid 78 billion US dollars more than it should when buying stakes in banks through the 700 billion US dollars Troubled Assets Relief Program (Tarp).
Sunday, February 8th 2009 - 20:00 UTC
Venezuela appeals to reserves to sustain public spending

Venezuela will spend 1.65 billion US dollars from its National Development Fund in the first quarter to sustain public spending after a drop in international crude prices and the global slowdown have affected the country, said President Hugo Chavez.
Sunday, February 8th 2009 - 20:00 UTC
The Economist eyes at Uruguay/Argentina: profiting from virtue

An article from The Economist (Feb. 5th), “Profiting from Virtue” praises Uruguay's prudent and orthodox economic policies, under the “leftish” government of President Tabare Vazquez and states the country is better placed to mitigate world recession than its neighbor Argentina.
Saturday, February 7th 2009 - 20:00 UTC
IMF calls on G20 for more action to combat corrosive crisis

The IMF has urged the Group of Twenty (G-20) industrialized and emerging market countries to take more decisive policy action to combat the corrosive global financial and economic crisis by bolstering demand and cleaning up the financial sector.
Saturday, February 7th 2009 - 20:00 UTC
UK manufacturing output declined 10% in twelve months

Manufacturing output declined at its fastest rate since 1981 in December, underscoring the fragile state of the UK economy, official figures show. The Office for National Statistics (ONS) said it fell 10.2% from a year earlier as recession hit the sector.
Saturday, February 7th 2009 - 20:00 UTC
Uruguay's wool industry exports total 282 m USD in 2008

Uruguay's wool industry exports between January 31st 2008 and February 2009 totalled 282 million US dollars which is 10.4% less that the same period a year ago, because of a 13.9% drop in wool sales and an 83.8% reduction in live sheep shipments.
Friday, February 6th 2009 - 20:00 UTC
Global organizations warn of protectionist “tendencies”

German Chancellor Angela Merkel and the heads of the world's five leading financial organizations pledged Thursday in Berlin to increase cooperation as part of a joint effort to combat the global economic recession and called on all countries to resist “protectionist tendencies”.
Friday, February 6th 2009 - 20:00 UTC
Chile's growth slows significantly in last 2008 quarter

Chile's economy grew 0.5% in December, the worst performance for that month in a decade, according to the latest figures released on Thursday by the country's Central Bank.
Friday, February 6th 2009 - 20:00 UTC
US lost 598.000 jobs during January; unemployment, 7.6%

The US unemployment rate rose to 7.6% in January, up from 7.2% in December, according to official figures released on Friday. The rise puts the unemployment rate at the highest level since 1992.
Friday, February 6th 2009 - 20:00 UTC
Lowest January inflation in Chile since 1943: minus 0.8%

Consumer inflation in Chile during January dropped 0.8%, the lowest since the same month in 1943, accumulating 6.3% in the last twelve months, according to the latest report from the country's Statistics Institute, INE.