Economy

• Tuesday, January 27th 2009 - 20:00 UTC

  Job losses in Latam expected to reach 2.4 million says ILO

  

  The International Labour Organisation (ILO) says as many as 2.4 million Latin Americans could lose their jobs this year due to the global economic crisis.

• Tuesday, January 27th 2009 - 20:00 UTC

  Record capital flight from Argentina last year: 23 billion USD

  

  Money leaving Argentina trebled in 2008 compared to the previous year and was 23% higher to the great capital flight of the second half of 2001 and first half of 2002 which totalled 18.7 billion US dollars and triggered the collapse of the banking system and melting of the economy, according to a report in La Nacion.

• Monday, January 26th 2009 - 20:00 UTC

  UK recession “predictor” warns of 3 m unemployment

  

  The economist whose recession warnings and calls for interest rate cuts were snubbed by Bank of England colleagues warned in an interview he feared UK unemployment could hit three million in a year's time.

• Monday, January 26th 2009 - 20:00 UTC

  Falklands air link Defence contractor back on profit course

  

  Scotland's biggest airline Flyglobespan, which has contract for the Falklands/UK air link is back on profit course after a successful 2008 which included the restructuring of destinations and limiting operations to services it could provide with its won planes.

• Saturday, January 24th 2009 - 20:00 UTC

  Unemployment in Spain reaches 13.9%, highest in 9 years

  

  Unemployment in Spain during 2008 increased by 1.2 million, a 66.4% jump over 2007 taking the official rate to 13.9% which is the highest in 9 years according to the latest figures released by the country's Statistics Institute, INE.

• Friday, January 23rd 2009 - 20:00 UTC

  EU reintroduces export subsidies for dairy produce

  

  The European Union has reintroduced export subsidies for dairy produce, arguing that the economic downturn has put many European farms at risk. The maximum refund for butter has been set at 500 Euros (£469; $650) per ton and the maximum for skimmed milk powder is 200 euros per ton. The last time such refunds were given to dairy farmers was in June 2007.

• Friday, January 23rd 2009 - 20:00 UTC

  Britain in recession and fears of prolonged contraction

  

  Britain has officially entered recession after figures showed the worst economic output since 1980, sparking fears of a deep and prolonged contraction. The economy shrank by a worse-than-expected 1.5% in the final three months of 2008, according to the Office for National Statistics (ONS).

• Friday, January 23rd 2009 - 20:00 UTC

  Roubini says UK recession with last 18 to 24 months

  

  UK's recession will last between one and a half and two years, a leading economist has warned. That is the estimate of Nouriel Roubini, professor of economics at New York University, and one of the few people to predict the credit crunch.

• Thursday, January 22nd 2009 - 20:00 UTC

  Brazil targets growth and cuts basic rate one full point

  

  Brazil's Central bank reduced its benchmark SELIC interest rate a full point to 12.75% on Wednesday, its biggest cut since December 2003. Policy makers slashed the Selic rate by 1 percentage point to its lowest level since March 2007, when Brazil was still enjoying a boom that ended abruptly with the global economic crisis late last year.

• Thursday, January 22nd 2009 - 20:00 UTC

  Chile: Billiton defers copper expansion project, axes 2.000 jobs

  

  The world's largest diversified mining corporation, Anglo-Australian BHP Billiton announced on Wednesday 6.000 job cuts, 2.000 of which at operations in copper mines in Chile following the decision to defer expansion projects.