Economy
EconomyS&P upgrades US credit outlook to ‘stable’; government debt 84% of GDP
Credit rating agency Standard & Poor's On Monday upgraded its credit outlook for the United States government to “stable” from “negative,” saying the chances of a downgrade of the country's rating is “less than one in three.”
Paraguay soy exports reach 1.55bn dollars in first five months of 2013
Soybeans, electricity and beef figure as the main export items of landlocked Paraguay, during the first five months of the year. According to a release from the Ministry of Industry and Trade, exports at the end of May reached 4,12bn dollars compared to 2.96bn a year ago, which represents a 57.3% increase.
Brazil world’s top orange juice exporter conditioned by rising labour costs
High production costs have orange growers in Brazil, the world's top orange juice exporter, bracing for a tough citrus season, despite last season's record harvest and high juice prices.
Venezuelan 12 month inflation reaches 35.2%; prospects of food rationing
With inflation in May reaching 6.1%, the highest monthly rate in 17 years, mostly because of the shortage of basic foods, some states in Venezuela are already planning food rationing fearing the situation could worsen. The Venezuela's Central Bank released the figure on Friday.
Brazil’s inflation still at 6.5% upper; Central bank determined to contain prices
Consumer prices edged up 0.3% in Brazil last month, fuelled by higher medicine, clothing and housing prices, with 12-month inflation at 6.5%, the state statistics agency said on Friday. The May increase, in line with market analysts' forecasts, was lower than the 0.5% recorded in April and the lowest since June 2012.
Mexico and China leave behind mistrust and agree on strategic partnership
Leaving behind an atmosphere of mistrust, China and Mexico agreed this week to upgrade bilateral ties to comprehensive strategic partnership, and thus opening broad prospects for economic and trade cooperation between the two countries.
Following the scandal, Libor to come under supervision of EU Paris-based regulator
European authorities are to propose bringing control of the inter-bank lending rate, Libor, under the supervision of a Paris-based regulator. The draft regulation proposes moving oversight of the scandal-hit benchmark from London to the European Securities and Markets Authority (ESMA).
S&P cuts Brazil credit rating outlook to negative because of sluggish growth
Brazil’s credit rating outlook was cut to negative by Standard & Poor’s saying sluggish economic growth and an expansionary fiscal policy could lead to higher government debt levels. Reacting to the announcement a spokesperson from the Finance ministry said “there is no change in economic policy and the environment is conducive to investment”.
Uruguay tightens terms for the inflow of short-term capital inflows
Uruguay announced on Thursday new measures to discourage short term speculative capital inflows that have appreciated the Peso, eroded the country’s international competitiveness, made imports cheaper than domestic production and threaten an already stubborn inflation.
Bank of England leaves rate unchanged as it prepares to receive Mark Carney
The Bank of England on Thursday voted to keep its main interest rate at 0.5% following a monetary policy meeting, the last for departing Governor Mervyn King. The BoE also decided against creating more cash under its Quantitative Easing (QE) program that is aimed at boosting growth amid Britain's fragile economic recovery.
