Economy

• Thursday, April 29th 2010 - 07:18 UTC

  Farm Exports Leading Latam Strong Recovery, Says FAO

  

  Latinamerica and the Caribbean are undergoing a strong recovery boosted mainly by agriculture exports, said José Graziano da Silva, head of FAO’s regional office in Panama, during the presentation of the Report on Agriculture and Rural Development 2010 Prospects for Latinamerica.

• Thursday, April 29th 2010 - 07:03 UTC

  Fearing an Over-Heated Economy Brazil Hikes Basic Rate 75 Points to 9.5%

  

  Central Bank of Brazil increased on Wednesday the benchmark interest rate for the first time in 19 months in an effort to cool an economy forecast to expand 6% this year, one of the highest rates in two decades.

• Thursday, April 29th 2010 - 06:59 UTC

  Obama Nominees for the Fed Support “Job Creation and Low Rates”

  

  US President Barack Obama is expected to announce this week his choice of Federal Reserve Bank of San Francisco President Janet Yellen as vice-chairman of the Fed Board of Governors, according to congressional sources.

• Thursday, April 29th 2010 - 06:50 UTC

  Argentina Opens Defaulted Sovereign Bonds’ Swap Next Monday

  

  Argentina filed with United States regulators the terms of its offer to swap up to 20 billion US dollars in defaulted debt, bringing the exchange a step closer to launching.

• Thursday, April 29th 2010 - 06:34 UTC

  Europe’s Financial Seism Reaches Spain: S&P Downgrades Credit Rating

  

  International credit rating agency Standard and Poor's downgraded on Wednesday Spain's credit rating from “AA+” to “AA” with a negative outlook. The move comes a day after S&P gave Greek bonds a junk rating and lowered Portugal's credit rating from “A+” to “A-”.

• Thursday, April 29th 2010 - 06:00 UTC

  Unemployment in Santiago de Chile “Has Eased” but Stands at 10.8%

  

  The University of Chile reported Monday a Santiago unemployment rate of 10.8%. While this is higher than what it was before the international recession (when it stood at around 8%), it is two percentage points less than what it was in March of 2009.

• Thursday, April 29th 2010 - 03:12 UTC

  Federal Reserve Anticipates Exceptionally Low Level Rates for an Extended Period

  

  The US Federal Reserve decided on Wednesday to leave interest rates unchanged saying the current recovery will not result in rampant inflation and anticipated exceptionally low level rates for an extended period.

• Wednesday, April 28th 2010 - 18:18 UTC

  IMF Warns of Greek Crisis Contagion; Germany Reluctant to Support Aid

  

  The head of the International Monetary Fund has warned that the crisis in Greece could spread throughout Europe. Dominique Strauss-Kahn said that every day lost in resolving Greece's problems risks spreading the impact “far away”.

• Wednesday, April 28th 2010 - 03:34 UTC

  European Financial Regulators Clear the Way for Argentina’s Bonds Swap Offer

  

  European financial regulators approved the outlines of the Argentine swap offer on up to 20 billion US dollars in defaulted bonds, putting Argentina a step closer to launching the exchange. The country aims to return to international debt markets by striking a deal with “holdout” creditors who rejected a tough 2005 restructuring of nearly 100 billion US dollars in defaulted debt.

• Wednesday, April 28th 2010 - 03:18 UTC

  Delayed Planned Bailout Forcing Greece Closer to Technical Default

  

  Shares across the globe fell sharply after German chancellor Angela Merkel said bond investors in Greece may have to take a hit even if a bail-out is agreed. With Merkel facing increased domestic opposition to the planned bailout and with elections imminent she has been talking tough, demanding Greece pay higher interest on any money it borrows than was originally agreed.