Economy

• Thursday, August 9th 2012 - 06:47 UTC

  For Argentine unions, food basket inflation is 52% higher than the official index

  

  Argentine organized labour CGT, announced that based on their own analysis of the products that make up the basic food basket, on average they are 52% more expensive than those analyzed by the official statistics office, Indec

• Thursday, August 9th 2012 - 06:38 UTC

  Chilean inflation flat in July; accumulates 2.5% in the last 12 months

  

  The Chilean consumer price index showed no variation in July in contrast to the surprise 0.3% drop in June, as increases in food and non-alcoholic drinks offset falls in clothing, footwear and utilities, according to the national statistics agency INE.

• Thursday, August 9th 2012 - 06:33 UTC

  Venezuela inflation slows down for seventh month running: 19.4% in last 12 months

  

  Venezuela's annual inflation slowed for a seventh straight month in July, coming in below 20% for the first time in years. Finance Minister Jorge Giordani said annual inflation to July was 19.4% percent, below the 20 to 22% estimated in the government's budget for this year.

• Thursday, August 9th 2012 - 06:29 UTC

  Venezuelan currency overvalued by 83% according to the Big Mac index

  

  The Big Mac index computed by The Economist showed that the Venezuelan Bolivar is the most overvalued currency worldwide with respect to the US dollar, reflecting the imbalance of the Venezuelan economy.

• Thursday, August 9th 2012 - 06:08 UTC

  New Zealand launches program for high quality marbled beef off grass

  

  The New Zealand government announced last week it will be supporting a program to produce high-quality marbled beef off grass, by combining specific high-marbling genetics with the country’s strengths in pastoral agriculture, according to Joe Burke from the Meat Division of Bord Bia-Irish Food Board.

• Wednesday, August 8th 2012 - 19:41 UTC

  In carefully worded statement British bank rejects money laundering claims by US regulator

  

  As British bank denies accusations it hid 250 billion dollars in transactions with Iranian banks, its share price falls sharply. Standard Chartered has rejected a US regulator's claim that it hid 250 billion dollars in transactions with Iranian banks in violation of US sanctions.

• Wednesday, August 8th 2012 - 18:46 UTC

  Organized pickets in Andalusia raid supermarkets for food to distribute among the needy

  

  Pickets of unemployed and union members in the south of Spain took over supermarkets and took food produce which they then delivered to social organizations and needy families to protest and warn of the consequences of the tough measures implemented by the government.

• Wednesday, August 8th 2012 - 18:28 UTC

  Continental animal virus reached UK and spreads throughout the country

  

  The Schmallenberg virus reached the UK this summer and could spread throughout the country, scientists say. Staff from the Royal Veterinary College (RVC) and Institute for Animal Health (IAH) found the virus in animals on the RVC farm in Hertfordshire in June.

• Wednesday, August 8th 2012 - 18:16 UTC

  Panama Canal unveils new tolls structure and increases some categories

  

  Following the recommendation from the Board of Directors of the Panama Canal Authority (ACP), the Panamanian government approved this week the proposal to restructure the Panama Canal's pricing system.

• Wednesday, August 8th 2012 - 06:47 UTC

  Poll shows deeper interest rates cuts expected from the Brazilian central bank

  

  Weak economic growth will likely prompt Brazil's central bank to cut interest rates deeper than previously expected this year, a weekly central bank survey of economists showed on Monday.