Uruguayan Economy minister Danilo Astori who next week steps down to return to his Senate bench and hopefully to become the presidential candidate for the ruling coalition, said that a balanced budget has no political color be it left or right and anticipated that this will be a record growth year for the economy.
The Peruvian Central Bank raised on Thursday its benchmark interest rate to 6.5% from 6.25%, the latest of several measures to curb inflation. The announcement followed a release from the Ministry of Economy and Finance saying the economy had expanded in July at an estimated 8.9% boosted y by domestic demand and construction industry.
Brazil's economy expanded 6.1% in the second quarter of 2008 compared to the same period a year ago and 1.6% over the previous quarter, according to the latest release from the Brazilian Geography and Statistics Institute, IBGE. Similarly in the first half of this year Brazil's GDP increased 6% compared to the same period a year ago.
China's trade surplus hit a monthly record of 28.7 billion US dollars in August, despite weaker world demand. Other official data showed consumer inflation in the month decreased considerably to a 14 month low of 4.9%.
Norway is banning its sovereign wealth fund from investing in Anglo-Australian mining firm Rio Tinto because of environmental concerns. The country's Finance minister Kirsten Halvorsen said the 875 million US dollars stake held by the country's oil fund would be sold.
Troubled US investment bank Lehman Brothers has reported a massive third quarter net loss and outlined radical plans to strengthen its finances.
Brazilian and Argentine presidents Lula da Silva and Cristina Fernandez de Kirchner signed on Monday an agreement which officially launches the use of their countries currencies for bilateral trade instead of the US dollar.
Brazil's Bovespa index fell 4.5% on Tuesday and the lowest level in a year as prices for top commodity exports slumped and Finance minister Guido Mantega predicted the currency will extend its steepest monthly decline since 2002.
The United States government decision to place its leading mortgage agencies into conservatorship will help support markets and by extension the economic and financial situation said International Monetary Fund Managing Director Dominique Strauss-Kahn in a Monday release.
Global shares rallied on Monday after the US government said it was taking over troubled mortgage lenders Freddie Mac and Fannie Mae. Investors hoped the largest bail-out in US history would prop up the country's housing market and ultimately help to end the credit crunch, analysts said