Economy

Economy
Tuesday, July 27th 2010 - 23:30 UTC

Latam’s India challenge: market for commodities, but manufacturing competitor

IDB President Luis Alberto Moreno: time to look at the other Asian giant

India could become a fast-growing market for Latin American and Caribbean commodities but governments in this region must foster closer ties with the 1.1 billion population giant and reduce trade costs to tap into that opportunity, according to a new study by the Inter-American Development Bank (IDB).

Tuesday, July 27th 2010 - 04:49 UTC

Chile, Peru and Colombia, trade platform for China in South America

Copper remains the main commodity exported from western South America to China

Colombia, Chile and Peru are increasingly the platform for South American trade with China, according to official statistics. The three countries have China as one of the largest and most dynamic trade partners and are working on a common strategy for further liberalization of trade.

Tuesday, July 27th 2010 - 02:48 UTC

US District Judge rules in favor of Argentina against ‘vulture funds’

Judge Griesa said bonds are in Argentina and he has no jurisdiction

Argentina won a court decision that keeps so-called vulture funds with demands against the country from gaining possession of bonds held in a Buenos Aires government trust account.

Tuesday, July 27th 2010 - 02:37 UTC

Soy-oil: Argentina hopeful India will replace China as main client

Industry Minister Deborah Giorgi made the announcement after meeting with the Indian ambassador

India could become the main buyer of Argentine soybean oil according to Industry Minister Deborah Giorgi. The official made the announcement following a meeting on Monday with Indian in Buenos Aires Rengaraj Viswanathan.

Monday, July 26th 2010 - 03:41 UTC

Russian planning massive sale of assets to cover budget deficit

Prime Minister Vladimir Putin is expected to run again for president in 2012

Russia plans the largest sell-off of state assets since the early 1990s as it seeks to raise over 29 billion US dollars to plug budget gaps over the next three years, finance ministry sources told reporters. The plan to sell minority stakes in 10 major companies in 2011-2013 had been discussed and approved at a preliminary meeting chaired by Prime Minister Vladimir Putin.

Monday, July 26th 2010 - 03:37 UTC

Surprise rebound of the UK economy in the second quarter, 1.1%

The services sector, business and finance posted the strongest rise in three years

The British economy grew by a faster-than-expected 1.1% in the second quarter of the year, according to official data. The figure - a preliminary estimate from the Office for National Statistics (ONS) - was almost double the 0.6% growth rate expected by economists.

Saturday, July 24th 2010 - 03:26 UTC

First sale of Chilean sovereign bonds to finance earthquake rebuilding efforts

Finance Minister Felipe Larrain

Chile hired JPMorgan Chase & Co, Citigroup Inc. and HSBC Holdings Plc to arrange the country’s first international bond sale in six years, Finance Minister Felipe Larrain announced Friday. Proceeds from the 10-year bonds will help finance rebuilding efforts after the February earthquake.

Saturday, July 24th 2010 - 00:16 UTC

Seven of 91 EU banks failed stress-tests: five from Spain

CEBS chairman Giovanni Carosio

Seven of the 91 European banks that underwent stress tests have failed the health-checks, the Committee of European Banking Supervisors (CEBS) has said. They include five Spanish banks - Diada, Espiga, Banca Civica, Unnim and Cajasur. The other two were Germany's Hypo Real Estate and Greece's ATEbank.

Friday, July 23rd 2010 - 22:44 UTC

US economy faces “strong headwinds” and fiscal challenge, says Obama

Obama mentioned a weak housing market and doubts about Europe’s recovery

Obama administration warned the US economy had encountered “strong headwinds” and the country's fiscal challenge remained grave, but it lowered an estimate for the budget deficit this year.

Friday, July 23rd 2010 - 22:30 UTC

India develops 35 US dollars touch-screen laptop

India's Human resource development minister Kapil Sibal

The Indian government announced the development of a touch-screen laptop pitched at students at a cost of 35 US dollars. The low cost device, which runs Linux, is being readied for production.

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