Economy

• Thursday, September 2nd 2010 - 07:10 UTC

  Brazil announces major iron deposit discovery in Matto Grosso

  

  Brazil's Mato Grosso state government announced Wednesday it had registered a major mineral deposit discovery with an estimated 11.5 billion tons of iron ore of a 41% Fe grade plus another 428 million tons of phosphates.

• Thursday, September 2nd 2010 - 07:06 UTC

  Australia confirms it’s a world wine power and agrees labelling with the EU

  

  A new labelling deal with Australia may make Europe's winemakers feel more than a little light-headed as imitations will no longer be sold with names like champagne and sherry.

• Thursday, September 2nd 2010 - 06:55 UTC

  Minutes confirm Fed ready to purchase more government bonds to prop economy

  

  United States Federal Reserve will buy up more debt if the outlook worsens “appreciably”, minutes from its August meeting have revealed. The central bank preferred to purchase US government bonds, but did not rule out buying further mortgage debts.

• Thursday, September 2nd 2010 - 06:50 UTC

  Caterpillar expands manufacturing operations in Brazil to cater Mercosur

  

  Caterpillar Inc. (NYSE: CAT) announced Wednesday the expansion of its manufacturing operations in Brazil capitalizing on the expected growth of demand in the Mercosur regional block and Latin America.

• Wednesday, September 1st 2010 - 19:56 UTC

  Rapid recovery and strong copper demand sustain Chilean Peso appreciation

  

  The Chilean peso rose on the first day of September, --and now stands at 500 to the US dollar--, as accelerating manufacturing growth in China improved the outlook for Chile’s raw material exports, mainly copper.

• Wednesday, September 1st 2010 - 19:34 UTC

  Chinese sovereign fund takes control of 10% of Morgan Stanley’s

  

  The U.S. Federal Reserve Board announced it has approved the application by China Investment Corporation (CIC) to buy up to 10% of voting shares of investment giant Morgan Stanley.

• Wednesday, September 1st 2010 - 19:08 UTC

  Wheat prices drive FAO food prize index at its highest since September 2008

  

  Surging wheat prices drove international food prices up 5% last month in the biggest month-on-month increase since November 2009, FAO announced. The FAO Food Price Index (FPI) averaged 176 points in August, up nearly nine points from July, FAO said in its latest update on the global cereals supply and demand situation.

• Wednesday, September 1st 2010 - 19:04 UTC

  Canada satisfied with first contacts for trade agreement with Mercosur

  

  Canada is “satisfied” with contacts held with the Argentine government for the possible beginning of discussions regarding a free trade agreement with Mercosur, said Canadian International Trade minister Peter Van Loan said at the end of a tour of four Latin American countries

• Wednesday, September 1st 2010 - 06:34 UTC

  Brazilian July industrial output grows at lower than expected rate

  

  Brazilian industrial production output experienced an increase of 0.4% in July from a month earlier, which is less than expected according to a report released by the Brazilian national statistics bureau IBGE in Río de Janeiro, compared with a 1% decline in June.

• Wednesday, September 1st 2010 - 06:02 UTC

  Brazilian beef producer wants to sell abattoirs and reduce Argentine operations

  

  Brazil’s JBS, the world's top beef producer is trying to sell three of its Argentine plants due to government policies that have depleted cattle stocks and supply and hurt profits, a trade group said on Tuesday.