Economy

• Thursday, March 18th 2010 - 23:45 UTC

  Brazil leaves basic rate unchanged at 8.75%, in divided decision

  

  The Brazilian central bank kept its benchmark Selic interest rate at a record low 8.75% in a less-than-unanimous decision, signaling that borrowing costs may rise as soon as next month.

• Thursday, March 18th 2010 - 21:30 UTC

  Chile’s quake death toll, 700 and economic damage: 18% of GDP

  

  The Chilean government has updated the death toll from the Feb. 27 earthquake, saying 700 people lost their lives during or following the quake. Interior Minister Rodrigo Hinzpeter said just over 500 are confirmed dead, with another 200 missing.

• Thursday, March 18th 2010 - 21:23 UTC

  World Bank, IMF and IDB resume links (and loans) with Honduras

  

  Inter-American Development Bank (IDB) member countries this week agreed to resume lending to Honduras, the latest development institution to recognize the new government of President Porfirio Lobo.

• Wednesday, March 17th 2010 - 22:42 UTC

  Four banks accused of selling “toxic derivatives” to the city of Milan

  

  Four major banks have been ordered to stand trial in Italy in a fraud case related to derivatives trading. JP Morgan Chase, UBS, Deutsche Bank and Germany's Depfa bank have been told they will be tried for aggravated fraud, along with 13 other people. The charges relate to the sale of derivates to the city of Milan.

• Wednesday, March 17th 2010 - 22:37 UTC

  China forecasted to grow 9.5%; inflation and real estate bubble real threats

  

  The World Bank raised its China growth forecast this year to 9.5% from 9% but said Beijing needs to cool inflation and possible bubbles in real estate prices.

• Wednesday, March 17th 2010 - 06:05 UTC

  Chinese savers consider current inflation as “unacceptable”

  

  More than one in two Chinese savers regard the current inflation rate as unacceptable, according to a central bank survey that is likely to fan official concern about deteriorating inflation expectations.

• Tuesday, March 16th 2010 - 21:41 UTC

  Fed leaves rates unchanged in context of moderate growth and unemployment

  

  The United States Federal Reserve left its key interest rate near 0% once again Tuesday and said rates should stay this low for the foreseeable future. In its release the Federal Open Market Committee, FOMC, policymakers repeated their prediction that economic conditions are likely to result in “exceptionally low levels of the federal funds rate for an extended period”.

• Tuesday, March 16th 2010 - 18:20 UTC

  Petrobras planning to issue 60 billion US dollars of new stock

  

  Brazil’s government managed oil company Petrobras will issue as much as 60 billion US dollars of new stock, most of which will go to the government in exchange for oil rights, Energy Minister Edison Lobao announced Tuesday.

• Tuesday, March 16th 2010 - 05:13 UTC

  EC calls on Britain to further cut the budget deficit: “not ambitious enough”

  

  The European Commission will call on Britain to do more to cut the budget deficit, according to a draft document. The EU executive is also expected to say the UK's medium term plans are not ambitious enough. The report will see the light just weeks before a general election is expected to be announced.

• Tuesday, March 16th 2010 - 05:10 UTC

  Europe agrees to help Greece but loan guarantees have been ruled out

  

  Europe's finance ministers agreed Monday how to help Greece in its battle to control its finances. After a meeting in Brussels, they revealed few details, except that they had ruled out any loan guarantees.