Stories for March 3rd 2011

Thursday, March 3rd 2011 - 06:19 UTC
Fearing overheated economy Brazil raises basic interest rate 50 points to 11.75%

Brazil’s Central bank on Wednesday raised its benchmark overnight rate by a half-point for a second straight meeting to cool inflation that is approaching the upper limit of the government’s target range.
Thursday, March 3rd 2011 - 06:12 UTC
Venezuelan president proposes peace commission to mediate in Libyan conflict

Venezuelan President Hugo Chavez spoke with embattled strongman Moammar Gaddafi and discussed creating a multinational commission to mediate the unrest in Libya, according to an internet message posted Wednesday by a Venezuelan government official.
Thursday, March 3rd 2011 - 06:06 UTC
Vargas Llosa is “an enemy of Argentina and all populist governments”

In spite of President Cristina Fernandez instructions to scale down the controversy over the attendance of Literature Nobel Prize winner Mario Vargas Llosa to Buenos for the opening of the Book Fair, the exchanges continued Wednesday.
Thursday, March 3rd 2011 - 05:55 UTC
Argentine has ‘liberated’ 75% of retained import licences says Uruguayan minister

Uruguay’s cabinet meeting spokesperson confirmed Wednesday that Argentina had “liberated” 75% of the import licences that remained delayed and which was one of the main points of the agenda in the recent summit between Uruguayan president Jose Mujica and Argentina’s Cristina Fernandez de Kirchner.
Thursday, March 3rd 2011 - 05:46 UTC
IMF chief praises Uruguay, cautions good times are not for ever

IMF Managing Director Dominique Strauss-Khan praised the management and achievements of the Uruguayan economy and said it was a pleasure to visit a country that does not have major problems resulting from the 2008 global financial crisis, which is a “recurrent issue” of his busy agenda.
Thursday, March 3rd 2011 - 05:30 UTC
Velux 5 Oceans in Punta del Este; Van Liew with Le Pingouin wins third consecutive leg

The US skipper Brad Van Liew won his third consecutive leg in the Velux 5 Oceans race on Tuesday evening pulling into Punta del Este, Uruguay, eight days after rounding Cape Horn in his 60-foot Eco 60 Le Pingouin..
Thursday, March 3rd 2011 - 05:23 UTC
Argentine/Chinese corporation buys Exxon downstream assets in Mercosur

Pan American Energy has agreed to buy an oil refinery and more than 700 service stations in Argentina, Paraguay and Uruguay from Exxon Mobil Corp for which it will be paying an estimated 850 million US dollars.
Thursday, March 3rd 2011 - 05:18 UTC
US inflation ‘under control’; jobs insufficient to absorb new graduates, says Bernanke

The recent hike in oil prices will likely cause a “temporary and relatively modest increase in U.S. consumer price inflation,” but sustained increases could pose a more serious threat to the economy, Federal Reserve Chairman Ben Bernanke said earlier this week.