Economy

Economy
Wednesday, June 30th 2010 - 05:50 UTC

US dollar should be replaced by a more stable system, says UN report

United Nations Secretary-general Ban Ki-moon

The US dollar is an unreliable international currency and should be replaced by a more stable system, the United Nations Department of Economic and Social Affairs said in a report released Tuesday.

Wednesday, June 30th 2010 - 05:21 UTC

Brazil largest meat processor JBS targeting US top pork producer

US Smithfield is weakened by a deep slum in the pork industry because of soaring feed costs and the H1N1 (‘swine’) flu

Shares of Smithfield Foods Inc., the top U.S. pork producer, jumped as much as 8.3% Tuesday on speculation the company may be a takeover target for Brazil-based meat processor JBS S.A. A report in the Brazilian publication Valor Economico, citing market sources said JBS may seek discussions over an acquisition with Smithfield.

Wednesday, June 30th 2010 - 05:14 UTC

Caterpillar expanding plant in Brazil to meet growing Latam demand

Luiz Carlos Calil, Caterpillar Brazil president

US corporation Caterpillar Inc. said Tuesday it will build a new manufacturing facility in Brazil to meet growing customer demand there and across Latin America.

Wednesday, June 30th 2010 - 05:10 UTC

BIS recommends slashing budget deficits and rising borrowing costs

BIS general manager Jaime Caruana

Governments must slash budget deficits decisively and central banks should not wait too long to raise borrowing costs as side effects from measures prescribed to tackle the global recession may create the next crisis according to the Bank for International Settlements.

Tuesday, June 29th 2010 - 05:40 UTC

Boosted by agriculture Paraguay set to expand 6% in 2010

The country’s economy has become soy-bean and beef dependent

Paraguay expects an annual growth of 5% by the end of President Fernando Lugo’s administration which finishes in 2013 and inflation should not be higher than one digit said Economy Minister Dionisio Borda.

Tuesday, June 29th 2010 - 05:30 UTC

Brazil to implement new banking reserve requirements bases on Basel Index

The latest changes in the Index were agreed at the G-20

Brazil's government will implement new reserve requirements on credit operations undertaken by the nation's banks, in compliance with the latest changes in the Basel Index, by 2012, the Central Bank of Brazil said in a statement Monday.

Tuesday, June 29th 2010 - 05:25 UTC

Fitch lifts Brazil’s credit rating to investment-grade; further ‘improvement’ needed

The economy is growing at the fastest rate since 1994

Brazil’s credit rating outlook was boosted to positive from stable by Fitch Ratings, which cited the country’s “growth dynamics” and “prudent” policies. Fitch rates Brazil BBB-, the lowest investment-grade rating and in line with rankings from Standard & Poor’s and Moody’s Investors Service.

Tuesday, June 29th 2010 - 05:04 UTC

European crisis ‘key risk’ for UK banking sector, warns Bank of England

Mervyn King, governor of the Bank of England

The European debt crisis is a “key risk” to the UK's banking sector and banks should build up their cash reserves in response, the Bank of England has warned. In its latest financial stability report, the central bank welcomed recent measures taken by the EU to stem the crisis.

Monday, June 28th 2010 - 22:19 UTC

Greece wants Mercosur/EU talks conditioned to end of Argentine trade barriers

EC Trade Commissioner Spokesperson John Clancy

On the eve of the resumption of European Union/Mercosur trade talks, the EU has again complained about Argentina’s ‘protectionist’ measures on some EU agriculture produce and Greece is demanding discussions be conditioned to an end to barriers.

Monday, June 28th 2010 - 22:08 UTC

US ratings agency down-plays success of Argentina’s debt-swap deal

Argentine Economy minister Amodo Boudou

US ratings agency Moody's said that Argentina's debt-swap is unlikely to improve the liquidity profile for corporate issuers even when the highest-rated companies will be able to tap international debt markets and lengthen their debt maturity profiles.

Advertisement

Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!

Advertisement