Economy

Wednesday, March 14th 2007 - 21:00 UTC
US mortgage bubble sends jitters to world markets

Late mortgage payments and home repossessions in the United States reached their highest level according to the Mortgage Bankers Association (MBA) data confirming investor fears that the sector is struggling and may weaken more.
Wednesday, March 14th 2007 - 21:00 UTC
OECD recommends leaving interest rates unchanged

The Organization for Economic Cooperation and Development does not anticipate a recession in the United States but called on the world's three main central banks, --US, European Union and Japan-- not to raise the cost of borrowing..
Wednesday, March 14th 2007 - 21:00 UTC
Trade and tariffs in Vazquez-Bachelet meeting

Uruguayan president Tabare Vazquez travels to Chile next April 9/10 to hold meetings with his counterpart Michelle Bachelet and to advance negotiations for a lower tariffs system between Mercosur and Chile, announced Tuesday Reinaldo Gargano, Uruguay's Foreign Affairs minister.
Wednesday, March 14th 2007 - 21:00 UTC
US 2006 current account deficit reached 6.5% of GDP

United States current account deficit in the fourth quarter of 2006 fell to its smallest in more than a year helped by lower oil prices and a steady rise in U.S. exports, according to a Commerce Department report released Wednesday.
Wednesday, March 14th 2007 - 21:00 UTC
Shanghai Exchange favors greater fluctuation margins

The Shanghai Stock Exchange (SSE) has proposed raising the maximum share price fluctuation for listed companies from 10 to 20% per day. The move is part of a package of proposals for changing trading mechanisms based on a study jointly conducted by SSE and Guotai Junan Securities Co. Ltd reports China's Xinhua agency.
Wednesday, March 14th 2007 - 21:00 UTC
Mortgage applications in the US on the rise, reports MBA

United States mortgage applications rose last week with both new purchases and re-financings driven up by the lowest long-term home loan rates since early December, according to a report from the Mortgage Bankers Association.
Wednesday, March 14th 2007 - 21:00 UTC
Wall Street bounces back but volatility remains in markets

Wall Street shares rebounded Wednesday after a stocks sell-off in Europe prompted by continued concerns about the US economy and mortgage industry. Asian markets were also volatile reflecting similar sensitivity.
Tuesday, March 13th 2007 - 21:00 UTC
China promises “gradual reform” to counter record surplus

China will pursue gradual reform in the foreign exchange market this year and will aim to keep the currency basically stable, the People's Bank of China said on Monday. The central bank also said that while it was willing to accelerate financial reforms it needed more time to reduce its trade surplus.
Saturday, March 10th 2007 - 21:00 UTC
US prepared to cut farm subsidies but wants reciprocity

United States is prepared to reduce agricultural subsidies but wants to ensure market access for goods and services, President George W. Bush said on Saturday in Uruguay, the second leg of his five countries tour of Latin America.
Saturday, March 10th 2007 - 21:00 UTC
Vazquez next to Bush calls for “open regional integration process”

Standing next to visiting US president George Bush, Uruguayan president Tabare Vazquez said Saturday his country supports “an open integration process” for the region, but is also fully supportive of “a strong regional integration process”.