Economy

Tuesday, August 2nd 2011 - 07:03 UTC
Brazil forecasted to become world’s third largest automobile manufacturer

Brazil’s car production capacity is expected to jump from the current 3.6 million units per year to 6.2 million by 2025 supported by massive investments from the industry estimated in 19 billion dollars by 2017, according to estimated from the Vanzolini Foundation in Sao Paulo.
Tuesday, August 2nd 2011 - 06:53 UTC
Brazil’s currency the most overvalued: anywhere from 52% to 149% vis-à-vis the US dollar

The Brazilian Real is the world's most expensive currency and is 149% overvalued against the dollar and the Colombian peso, the next most expensive currency is 108% above the US currency, according to British magazine The Economist, which has created a new version of the Big Mac index.
Monday, August 1st 2011 - 22:47 UTC
Record Foreign Direct Investment in Uruguay in 2010 with 2.35 billion dollars

Foreign Direct Investment, FDI, in Uruguay was record in 2010 with 2.35 billion dollars (47.8% higher than in 2009) according to the latest report on global investment from the UN Conference on Trade and Development, UNCTAD. FDI represented 30.5% of total gross investment in Uruguay last year.
Monday, August 1st 2011 - 20:37 UTC
US manufacturing expanded at its lowest in two years in July

US manufacturing grew at its slowest pace in two years in July as new orders contracted, a troubling development for the faltering economy. The Institute for Supply Management said its index of national factory activity fell to 50.9, the lowest level since July 2009, from 55.3 in June.
Monday, August 1st 2011 - 19:59 UTC
Nobel Prize Krugman criticized Obama for giving in on debt deal

The Nobel Prize winner economist Paul Krugman harshly criticized President Barack Obama for giving in to pressure compromising on a debt ceiling deal that defenders say will save the country from default.
Monday, August 1st 2011 - 07:16 UTC
Obama announces agreement to raise US debt-limit; Congress has to vote the deal

President Barack Obama announced Sunday Republican and Democratic leaders have reached an agreement on raising the US debt limit and avoiding default. He said the deal would cut one trillion dollars of spending over 10 years, and set up a committee to report by November on a proposal to further reduce the deficit.
Monday, August 1st 2011 - 07:02 UTC
Uruguayan Peso over-valued 17.4% against the dollar according to Big Mac’s PPP

The Uruguayan Peso is 17.4% over-valued against the US dollar according to the Big Mac index from The Economist which means the greenback should be trading in Montevideo money markets at 21.62 Pesos and not 18.25 Pesos as currently happens.
Monday, August 1st 2011 - 06:25 UTC
Brazil reiterates Falklands-flagged vessels will be banned from entering its ports

Brazil reiterated its intention of banning all Falklands’ flagged vessels from calling at the country’s ports and described as “illegal” the current round of oil exploration in the Islands’ waters.
Monday, August 1st 2011 - 06:21 UTC
Brazil ready to announce 30bn dollars tax relief for industry

Brazil is prepared for the event of a United States default if no agreement is reached in the US congress on the debt ceiling and will also implement a 30 billion dollars tax relief program to prop Brazilian industry competitiveness, announced Finance minister Guido Mantega.
Monday, August 1st 2011 - 06:19 UTC
All small retail outlets to be “privatized” by next October announced Cuba

Cuba will broaden private retail service beyond beauty parlours and barbers in October to include everything from coffee shops to locksmiths, and may even rent space on busy streets, an official told parliament.