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.
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.
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.
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.
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.
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.
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.
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.
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.
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.