Economy

• Friday, October 5th 2007 - 21:00 UTC

  Soaring wheat prices cause food crises in poor countries

  

  Up to 36 countries worldwide are facing food crises at a time when the price of wheat has hit record levels and stocks are described as worryingly low by the latest crop and food situation report published by the UN Friday.

• Friday, October 5th 2007 - 21:00 UTC

  Federal Reserve cools hopes of second rate cut this month

  

  The United States Federal Reserve Board Vice Chairman Donald Kohn said on Friday policy makers must be “nimble” in setting interest rates given the risks of both slower U.S. economic growth and faster inflation.

• Thursday, October 4th 2007 - 21:00 UTC

  US dollar continues to drop against Chilean peso

  The US Dollar dropped to its lowest value in relation to the Chilean Peso in over seven years on Monday, before slightly rebounding on Tuesday. Meanwhile, President Michelle Bachelet responded to this news by saying that the currency's continuing decline is a source of concern in Chile.

• Thursday, October 4th 2007 - 21:00 UTC

  Uruguay September inflation 0.41%; 8.9% in 12 months

  Consumer prices in Uruguay increased 0.41% in September, accumulating 8.67% in the nine months of 2007 and 8.9% in the last twelve months, according to the official Statistics Office, INE.

• Thursday, October 4th 2007 - 21:00 UTC

  US Secretary of Commerce visit to Brazil and Uruguay

  

  United States Secretary of Commerce Carlos M. Gutierrez announced Wednesday he will travel to Uruguay Oct. 8-9 and Brazil Oct. 9-11 to discuss with senior government officials and the business community ways to promote greater bilateral trade, economic growth and opportunity and to foster greater commercial cooperation between the United States and both Uruguay and Brazil.

• Thursday, October 4th 2007 - 21:00 UTC

  Inflation and strong currency threaten Peruvian economy

  

  As several other commodity-exports dependent countries in South America, Peru's economy is booming growing at an estimated 8%, following last year's 7.6%. However this success and the massive influx of US dollars is distorting monetary policy and delaying an improved wealth distribution.

• Thursday, October 4th 2007 - 21:00 UTC

  “Risk reappraisal” leaves Euro rate unchanged at 4%

  

  The Governing Council of the European Central Bank meeting in Vienna decided to leave interest rates unchanged at 4%. The decision comes despite the strength of the Euro against the US dollar and calls from some European leaders to cut rates and boost European competitiveness.

• Thursday, October 4th 2007 - 21:00 UTC

  Interest rate in UK on hold at 5.75%; eyes set on November

  

  The Bank of England's Monetary Policy Committee voted Thursday to maintain UK interest rates on hold at 5.75%. The decision comes despite pressure to follow the example of the US Federal Reserve to cut the cost of borrowing and help with the credit crunch.

• Thursday, October 4th 2007 - 21:00 UTC

  iPod sale: try Hong Kong, US but avoid South America

  

  Want to buy an iPod? Try Hong Kong and if in Europe, Switzerland, and if in the Americas, United States or Canada but please avoid Brazil. That is the suggestion of Commonwealth Bank, one of Australia's largest, which checked the cost of a digital music 4GB iPodNano in 55 different countries.

• Wednesday, October 3rd 2007 - 21:00 UTC

  Argentina closer to an agreement on Paris Club debt

  Argentina is considering submitting a report on its economic program to the International Monetary Fund to help unblock negotiations on its 6.3 billion US dollars debt with the Paris Club, a government official said yesterday.