Economy

Economy
Thursday, September 2nd 2010 - 06:55 UTC

Minutes confirm Fed ready to purchase more government bonds to prop economy

The only dissenting voice Thomas Hoeing is more optimistic about the US economy recovery

United States Federal Reserve will buy up more debt if the outlook worsens “appreciably”, minutes from its August meeting have revealed. The central bank preferred to purchase US government bonds, but did not rule out buying further mortgage debts.

Thursday, September 2nd 2010 - 06:50 UTC

Caterpillar expands manufacturing operations in Brazil to cater Mercosur

The Illinois based US Corporation has been involved in Brazil for over half a century

Caterpillar Inc. (NYSE: CAT) announced Wednesday the expansion of its manufacturing operations in Brazil capitalizing on the expected growth of demand in the Mercosur regional block and Latin America.

Wednesday, September 1st 2010 - 19:56 UTC

Rapid recovery and strong copper demand sustain Chilean Peso appreciation

The Chilean (copper) Peso has become a strong currency

The Chilean peso rose on the first day of September, --and now stands at 500 to the US dollar--, as accelerating manufacturing growth in China improved the outlook for Chile’s raw material exports, mainly copper.

Wednesday, September 1st 2010 - 19:34 UTC

Chinese sovereign fund takes control of 10% of Morgan Stanley’s

CIC already holds 2.49% of Morgan Stanley common stock

The U.S. Federal Reserve Board announced it has approved the application by China Investment Corporation (CIC) to buy up to 10% of voting shares of investment giant Morgan Stanley.

Wednesday, September 1st 2010 - 19:08 UTC

Wheat prices drive FAO food prize index at its highest since September 2008

Drought and fire slashed the wheat production of Russia and Ukraine

Surging wheat prices drove international food prices up 5% last month in the biggest month-on-month increase since November 2009, FAO announced. The FAO Food Price Index (FPI) averaged 176 points in August, up nearly nine points from July, FAO said in its latest update on the global cereals supply and demand situation.

Wednesday, September 1st 2010 - 19:04 UTC

Canada satisfied with first contacts for trade agreement with Mercosur

International Trade Minister Peter Van Loan

Canada is “satisfied” with contacts held with the Argentine government for the possible beginning of discussions regarding a free trade agreement with Mercosur, said Canadian International Trade minister Peter Van Loan said at the end of a tour of four Latin American countries

Wednesday, September 1st 2010 - 06:34 UTC

Brazilian July industrial output grows at lower than expected rate

Automotive production surged 32.1% over July 2009

Brazilian industrial production output experienced an increase of 0.4% in July from a month earlier, which is less than expected according to a report released by the Brazilian national statistics bureau IBGE in Río de Janeiro, compared with a 1% decline in June.

Wednesday, September 1st 2010 - 06:02 UTC

Brazilian beef producer wants to sell abattoirs and reduce Argentine operations

Ban on beef exports and price caps have turned grasslands into soy bean plantations

Brazil’s JBS, the world's top beef producer is trying to sell three of its Argentine plants due to government policies that have depleted cattle stocks and supply and hurt profits, a trade group said on Tuesday.

Wednesday, September 1st 2010 - 05:57 UTC

Colombia’s Santos meets Lula da Silva in his first overseas visit

Regional affairs and bilateral trade figure with priority in the two presidents agenda (File)

Colombian president Juan Manuel Santos arrived Tuesday in Brazil for an official two-day state visit that begins Wednesday with a meeting with President Lula da Silva to address a regional political agenda and strengthen bilateral trade.

Wednesday, September 1st 2010 - 05:40 UTC

Unemployment in Euro zone 10% and 9.6% in EU; worst case Spain with 20.3%

Austria and Netherlands have the best employment records

As many as 23 million men and women in the EU were unemployed in July, according to data released by Eurostat on Tuesday. Of these, 15.833 million are from the Eurozone countries.

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