Consumer prices in Uruguay during August increased 1.02%, surprising private estimates. According to the monthly release from the country's Statistics Institute, INE, accumulated retail inflation in the first eight months of 2008 reached 6.98% and 7.26% in the last twelve months.
South Africa and Venezuela sealed a major oil deal Tuesday during a visit by Venezuela's President Hugo Chavez, who touted it as an example of southern nations cooperating in a new strategic alliance.
The British pound has fallen to two-and-half-year low against the US dollar and record low against the Euro amid fears about the health of the UK economy.
French President Nicolas Sarkozy wants Europe to play a stronger role in international financial markets regulation to strengthen governance rules and boost confidence, his office said in a statement on Tuesday.
Brazil's Finance minister Guido Mantega said on Tuesday the government will not lower interest rates as long as inflation threatens to come in higher than the established target. He added that the country's benchmark lending rate will continue to rise until the government is assured that its original 4.5% inflation target will be met.
Hurricane Gustav began to lash the southern Louisiana coastline early Monday as it moved closer to an expected midday landfall, according to the National Hurricane Center in Miami.
Wall Street investment banks downplayed the risks of an Argentine default even with lower soy prices, a slowing down of the economy and soaring inflation. The announcement from Morgan Stanley, UBS and Barclays Capital follows weeks of speculation that Argentina was technically on the verge of another financial disaster.
With August gone and inflation estimates for the month in the range of 1.6 to 2.2% corporate Argentina has joined the bandwagon and is warning about the impact of double digit prices for consumers, industry and unions trigger clauses.
Alistair Darling took to the airwaves to clarify his comments in a newspaper interview, saying that he was referring to global economic conditions rather than those in Britain.
Chile's central bank policy makers voted unanimously to increase interest rates at their last meeting by half a percentage point for the third straight month.