Economy

• Wednesday, June 30th 2010 - 06:00 UTC

  China and South America crucial for globalized General Motors recovery

  

  General Motors CEO Ed Whitacre Jr. told analysts Tuesday that the automaker has changed since bankruptcy from a “shell-shocked” and “overly complicated company” to a sharply focused one that has a clearer sense of its global strengths and a passion to win back customers in the United States.

• Wednesday, June 30th 2010 - 05:50 UTC

  US dollar should be replaced by a more stable system, says UN report

  

  The US dollar is an unreliable international currency and should be replaced by a more stable system, the United Nations Department of Economic and Social Affairs said in a report released Tuesday.

• Wednesday, June 30th 2010 - 05:21 UTC

  Brazil largest meat processor JBS targeting US top pork producer

  

  Shares of Smithfield Foods Inc., the top U.S. pork producer, jumped as much as 8.3% Tuesday on speculation the company may be a takeover target for Brazil-based meat processor JBS S.A. A report in the Brazilian publication Valor Economico, citing market sources said JBS may seek discussions over an acquisition with Smithfield.

• Wednesday, June 30th 2010 - 05:14 UTC

  Caterpillar expanding plant in Brazil to meet growing Latam demand

  

  US corporation Caterpillar Inc. said Tuesday it will build a new manufacturing facility in Brazil to meet growing customer demand there and across Latin America.

• Wednesday, June 30th 2010 - 05:10 UTC

  BIS recommends slashing budget deficits and rising borrowing costs

  

  Governments must slash budget deficits decisively and central banks should not wait too long to raise borrowing costs as side effects from measures prescribed to tackle the global recession may create the next crisis according to the Bank for International Settlements.

• Tuesday, June 29th 2010 - 05:40 UTC

  Boosted by agriculture Paraguay set to expand 6% in 2010

  

  Paraguay expects an annual growth of 5% by the end of President Fernando Lugo’s administration which finishes in 2013 and inflation should not be higher than one digit said Economy Minister Dionisio Borda.

• Tuesday, June 29th 2010 - 05:30 UTC

  Brazil to implement new banking reserve requirements bases on Basel Index

  

  Brazil's government will implement new reserve requirements on credit operations undertaken by the nation's banks, in compliance with the latest changes in the Basel Index, by 2012, the Central Bank of Brazil said in a statement Monday.

• Tuesday, June 29th 2010 - 05:25 UTC

  Fitch lifts Brazil’s credit rating to investment-grade; further ‘improvement’ needed

  

  Brazil’s credit rating outlook was boosted to positive from stable by Fitch Ratings, which cited the country’s “growth dynamics” and “prudent” policies. Fitch rates Brazil BBB-, the lowest investment-grade rating and in line with rankings from Standard & Poor’s and Moody’s Investors Service.

• Tuesday, June 29th 2010 - 05:04 UTC

  European crisis ‘key risk’ for UK banking sector, warns Bank of England

  

  The European debt crisis is a “key risk” to the UK's banking sector and banks should build up their cash reserves in response, the Bank of England has warned. In its latest financial stability report, the central bank welcomed recent measures taken by the EU to stem the crisis.

• Monday, June 28th 2010 - 22:19 UTC

  Greece wants Mercosur/EU talks conditioned to end of Argentine trade barriers

  

  On the eve of the resumption of European Union/Mercosur trade talks, the EU has again complained about Argentina’s ‘protectionist’ measures on some EU agriculture produce and Greece is demanding discussions be conditioned to an end to barriers.