The official opening of the Bank of the South, a development-promotion financial institution with the support of most South American countries has been delayed until December 5, announced Venezuela's Foreign Affairs minister Nicolas Maduro.
China last August became the world's leading exporter overtaking Germany, according to information from the World Trade Organization. China's exports totaled 111.4 billion US dollars and the until that moment leader, 105.8 billion.
Ireland and Spain face a prolonged slowdown in economic growth because of a drop in construction activity and consumer sentiment which have begun to have an impact on labor markets and weakens public finances according to the US risk ratings agency Standard & Poor's.
The International Monetary Fund should step up its surveillance of the United States and other advanced economies in light of the global credit crisis shaking world markets, the Group of 24 developing countries said Friday in Washington.
Finance ministers from the G7 group of leading industrial countries meeting in Washington have called on China to allow its currency to rise in value more quickly. Beijing must do more to let the Renminbi appreciate, said G7 ministers.
United States stocks tumbled lower Friday (anniversary of 19 October 1987 Black Monday) closing a disastrous week sparked by poor bank and company earnings reports plus growing concerns about the state of the economy.
World trade talks are progressing and appear to be edging close to a deal, Brazil's ambassador to the United States said on Wednesday. In Pretoria a summit of presidents from host South Africa, Brazil and India seemed to confirm expectations.
Brazil's Central Bank left this week the October reference interest rate, Selic, unchanged at 11.25%, putting an end to a monetary policy distention which begun over two years ago.
Inflationary pressures are building in Argentina and there is room for further interest rate increases, a senior IMF official said Wednesday. The warning follows statements earlier in the week by outgoing IMF Managing Director Rodrigo Rato.
The US dollar is in the midst of an extended period of decline which is forecasted to continue until the third quarter of next year according to the US Manufacturers Alliance/MAPI quarterly forecast.