Economy

• Thursday, June 23rd 2011 - 13:23 UTC

  Chile’s fourth retail chain collapses under 1bn USD debt; super manager contracted

  

  La Polar, Chile’s fourth largest retail chain is in deep water. Company stock has fallen 80% in the last two weeks and the entire board of directors has offered to resign.

• Thursday, June 23rd 2011 - 08:58 UTC

  A Uruguayan debt ‘profiling’, an option to help Greece avoid defaulting

  

  With Greece on the precipice of financial collapse and a full Euro confidence crisis looming while EU leaders can’t agree on the next steps, the example of Uruguay in 2002/03 stands out as a successful smart way out of the crisis that spilt over from neighbouring Argentina.

• Wednesday, June 22nd 2011 - 23:54 UTC

  Solar energy conference in Chile brings together world experts

  

  Chile, a country where the demand for energy has skyrocketed over the past decade, experts are gathering to discuss another answer to Latin America’s increasing energy needs: solar power.

• Wednesday, June 22nd 2011 - 23:36 UTC

  Fed admits it does not have a “precise read” of why US economy is slowing

  

  The Federal Reserve has cut its growth forecast for the US economy in the face of the impact of higher energy prices. It now estimates that the US economy will expand between 2.7% and 2.9% this year, down from its April forecast of 3.1% to 3.3%.

• Wednesday, June 22nd 2011 - 23:33 UTC

  G20 agriculture summit to discuss food security and regulating global markets

  

  World food prices that rose 37% in a year, driving 44 million more people into poverty, are a “plague” that needs action from world leaders now, said French President Nicolas Sarkozy during the two-day Group of 20 agriculture ministers in Paris.

• Wednesday, June 22nd 2011 - 23:08 UTC

  Latam millionaires ‘smarter’ than Asia-Pacific peers during 2007/10 recession

  

  Millionaires in Latin America fared better than their compatriots in other regions during the global recession. A combination of a conservative investing streak and Latin America's brisk recovery helped millionaires in the region minimize losses in the last four years, according to the latest annual Merrill Lynch-Capgemini World Wealth Report.

• Wednesday, June 22nd 2011 - 16:31 UTC

  World’s largest bond fund predicts default for Greece “and other European economies”

  

  The head of PIMCO, the world's biggest bond fund, predicted that Greece and other European economies would default on their debts to resolve their problems as the Euro area deals with its debt crisis.

• Tuesday, June 21st 2011 - 21:35 UTC

  Luxembourg has highest EU GDP per capita; 6.5 times Bulgaria

  

  Luxembourg is by far the richest country in the European Union in terms of GDP per capita, more than six times more affluent than the 27-nation bloc's poorest member Bulgaria, data showed.

• Tuesday, June 21st 2011 - 05:50 UTC

  UK Deputy PM arrives in Brazil to promote trade and investment

  

  British Deputy Prime Minister Nick Clegg arrives Tuesday in Brazil with a numerous delegation of business leaders, academics and sports figures to promote bilateral trade with Latin America’s largest economy.

• Tuesday, June 21st 2011 - 03:16 UTC

  Petrobras told to control costs of its massive investment program

  

  Petrobras oil and gas corporation needs to control costs in its investment program, Brazil's Finance minister said on Monday, days after he and other board members told the company to revise an update of its 224 billion US dollars spending plan.