Economy

• Tuesday, January 11th 2011 - 21:38 UTC

  FAO food prices index marks record; threat for global growth and social stability

  

  The United Nation's Food and Agricultural Organization, FAO, global food prices index reached a record high in December, 2010 reported the organization this week. The FAO food index tracks a basket of 55 key food commodities including items such as wheat, cooking oil and fats and sugar.

• Friday, January 7th 2011 - 05:22 UTC

  Falkland Islands: SAAS stoppage, director claims partners pressured

  

  THE planned increased use of containers for the shipment of fish, meat and wool received a blow this week with the news that the Islands’ only shipping service to South America is to end.

• Thursday, January 6th 2011 - 21:13 UTC

  Punta Arenas on strike over a planned 20% gas price hike

  

  The southern Chilean city of Punta Arenas had its largest strike in decades Wednesday in response to a government proposal to increase the price of gas in the region by 20%.

• Thursday, January 6th 2011 - 21:08 UTC

  Second contraction year for Venezuela; 2% expansion forecasted in 2011

  

  Venezuela’s economy contracted 1.9% 2010, marking a second year of recession according to a release from the Central Bank. The economy shrank 3.3% in 2009, but President Hugo Chavez's government said the country is now pulling out of recession and on course for 2% growth in 2011.

• Thursday, January 6th 2011 - 20:48 UTC

  Brazil enforces new reserve requirements to weaken the Real vis-à-vis US dollar

  

  The Brazilian currency Real weakened after the central bank introduced reserve requirements on short positions in U.S. dollars held by local banks with the purpose of weakening the Real which this week reached a historic high against the greenback.

• Thursday, January 6th 2011 - 20:45 UTC

  China to the rescue of Europe confirms purchase of Spanish sovereign debt

  

  Chinese Vice Premier Li Keqiang has said Beijing is willing to buy about Euro 6 billion worth of Spanish public debt, Spanish newspaper El Pais reported on Thursday, citing government sources.

• Thursday, January 6th 2011 - 20:16 UTC

  Chile’s measures to weaken the Peso are working in the short term

  

  Chile's peso was operating Thursday at 495 to the US dollar after depreciating around 6% in two sessions on a 12 billion US dollars central bank intervention program announced this week.

• Thursday, January 6th 2011 - 13:00 UTC

  Uruguay exports soar 23.8% in value during 2010 over the previous year

  

  Uruguayan exports soared 23.8% in value during 2010 compared to 2009 which represent a new record according to the country’s Union of Exporters. Sales totaled 6.76 billion US dollars while imports to the month of October (the latest Central Bank officially available data) reached 6.7 billion USD, which represent a 18.6% increase in the first ten months of last year.

• Thursday, January 6th 2011 - 12:56 UTC

  Cuban trade unions “guarantors” of the elimination of 500.000 state jobs

  

  Layoffs planned to eliminate some 500,000 state jobs in Cuba this year got underway this week, according to the island’s only legal workers’ organization. The official weekly Trabajadores cited a speech by CTC chief Salvador Valdes in the eastern province of Holguin, in which he said it was the union’s responsibility to “be the guarantor” of the process of labour reorganization.

• Thursday, January 6th 2011 - 12:46 UTC

  Bolivia back steps and offers new deal to attract foreign oil companies

  

  President Evo Morales’ government has offered to reimburse 100% of the cost of successful exploratory drilling in Bolivia by private oil and natural gas companies, state-owned energy company YPFB announced this week.