Economy

Economy
Wednesday, October 6th 2010 - 23:21 UTC

Chilean state oil company ENAP strikes natural gas deposit in Tierra del Fuego

Methanex, ENAP’ main natural gas client in Punta Arenas

Chilean state owned oil and gas company Empresa Nacional del Petroleo SA, Enap, discovered a new natural-gas well on the Arenal exploration block on the Tierra del Fuego island in the extreme south Magallanes region, the company said Wednesday.

Wednesday, October 6th 2010 - 23:01 UTC

Chinese millionaires love foreign luxury cars: 460.000 in seven months

Two delights: the Lincoln Navigator and the Cadillac Escalade, with a starting price of 250.000 US dollars

China's imported auto market continues to flourish with sales of 460,000 in the first seven months of this year. It represents a growth rate of 150% compared with the same period of last year.

Wednesday, October 6th 2010 - 22:41 UTC

Chilean wine exports reach 1.5 billion USD in 12 months, but profits down

A cheap dollar is eroding the industry’s competitiveness

Chilean bottled wine exports soared 33.3% and 25.8% during August in volume and value helping to reach the 1.5 billion US dollars and 749 million litres in the last twelve months, with 18.9% and 11.2% increases in volume and value according to the latest release from Vinos de Chile.

Wednesday, October 6th 2010 - 17:39 UTC

IMF and Kirchner administration agree: economy to expand strongly 2010/11

Strong trade with Brazil vital for Argentina’s good performance

The International Monetary Fund warned of considerably high price index inflation and seemed sceptic of official GDP growth reports in Argentina as it presented its World Economic Outlook report, although it forecast a 7.5 percent growth, with a strong expansion partly due to the favourable global scenery and a strong trade with Brazil.

Wednesday, October 6th 2010 - 17:34 UTC

“Argentina seeks to service all its debts” promises Mrs Kirchner in Germany

The Argentine president and Chancellor Angela Merkel

“Argentina seeks to service all its debts” said President Cristina Fernández de Kirchner following a meeting with German Chancellor Angela Merkel at the chancellery in Berlin. Mrs. Kirchner is on a three day high profile visit to Germany where she also met with President Christian Wulff in Berlin’s Bellevue Palace.

Wednesday, October 6th 2010 - 02:19 UTC

IMF says financial system remains “Achilles heel of global recovery”

José Viñals, Financial Counselor and Director of the IMF Monetary and Capital Markets Department

Progress to restore global financial stability has suffered a setback in advanced economies, the International Monetary Fund said in its latest Global Financial Stability Report, with markets still sensitive to negative surprises.

Wednesday, October 6th 2010 - 02:15 UTC

IMF chief admits danger of “currencies as a policy weapon”

Managing Director Dominique Strauss-Kahn second thoughts

Countries risk undermining the global economic recovery if they use their currencies to try to boost domestic growth, the head of the International Monetary Fund warned on Tuesday in a newspaper interview.

Wednesday, October 6th 2010 - 00:13 UTC

Fed and ECB “flood of liquidity” plunging the world into “chaos” warns Stiglitz

Economics Nobel Prize Stiglitz: Brazil and Japan reacted correctly

The policies of extremely low interest rates maintained by the Federal Reserve and the European Central Bank are plunging the world into chaos instead of helping with the recovery of the global economy, the winner of the Nobel Prize in economics, Joseph Stiglitz, said on Tuesday.

Tuesday, October 5th 2010 - 23:32 UTC

“Disaster risk” and potential economic losses in 17 Latam countries

How to anticipate impact of a Chilean-quake phenomenon

Latin America and the Caribbean face potentially crippling economic and social costs from natural disasters and need to do more to reduce risks and prepare government finances to respond to eventual catastrophes, says a new set of indicators by the Inter-American Development Bank (IDB).

Tuesday, October 5th 2010 - 23:20 UTC

Brazil doubles tax on foreign investors buying local bonds and fixed return assets

The Real has more than doubled in value since Lula da Silva took office

Brazil doubled this week the tax on foreign investors buying local bonds or making deposits in fixed returns in an attempt to curb a currency rally that has turned into an issue in the country's presidential race.

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