Economy

• Friday, February 18th 2011 - 23:48 UTC

  Argentina/Brazil agree on monitoring committee to oversee bilateral trade

  

  Argentina and Brazil agreed Friday to set up a Monitoring Committee in order to exclude Brazilian products from being affected by the imports non-automatic licence system announced this week by the administration of President Cristina Fernandez de Kirchner.

• Friday, February 18th 2011 - 19:34 UTC

  Brazil’s proven oil reserves increase 11% in 2010 reaching 14.25 billion barrels

  

  Brazil’s proven oil reserves rose 10.65% in 2010 to nearly 14.25 billion barrels, the biggest annual increase in the past eight years, the ANP oil regulator announced this week. Total reserves, overwhelmingly offshore, which also include probable and possible reserves, soared 34.57% to 28.47 billion barrels.

• Friday, February 18th 2011 - 19:18 UTC

  Chilean vineyards face shortage of field workers; most migrate to construction

  

  Chile’s white wine grapes slated for harvest at the end of the month may not find enough hands to pick them. The grape harvest is the most labour-intensive period of the year for vineyards, but this year, vineyards having trouble tracking down temporary workers to work the harvest season.

• Friday, February 18th 2011 - 16:53 UTC

  “Beginning of the end for Mercosur” warn Uruguayan industrialists

  

  The chairman of the Uruguayan Chamber of Industry, Washington Burghi, warned that Argentina’s decision to restrict imports could be “the beginning of the end” for the Mercosur. However Argentine ambassador in Montevideo said decisions are targeted against Asian imports with the purpose of defending Argentine jobs.

• Friday, February 18th 2011 - 16:38 UTC

  China again raised bank reserves (eight times in 12 months) to rein inflation

  

  China’s central bank raised reserve requirements for lenders 10 days after boosting interest rates as Premier Wen Jiabao tackles accelerating inflation and the risk of asset bubbles in the fastest-growing major economy.

• Friday, February 18th 2011 - 15:45 UTC

  Chile hikes rates but faces dilemma of imbalances and Peso appreciation

  

  The Central Bank of Chile (CBC) hiked interest rates by 25bps to 3.5% on Thursday night targeting growing economic imbalances and the threat of higher inflation, reports Capital Economics latest update.

• Friday, February 18th 2011 - 05:23 UTC

  European MPs warn about “a flood of meat imports” from Mercosur

  

  Members from the European Parliament representing rural constituencies have come out strongly against a possible trade deal between Europe and Mercosur arguing that an influx of meat imports could have a devastating impact on the EU beef industry.

• Friday, February 18th 2011 - 05:13 UTC

  US inflation pushed by food and fuel prices increases 0.4% in January

  

  United States prices rose 0.4% in January compared with the previous month, mostly due to rising food and fuel prices. The rate of change was the same as seen in December.

• Friday, February 18th 2011 - 04:55 UTC

  EU/Korea trade agreement effective next July; eliminates 98% of barriers

  

  Having pushed through a strong safeguard clause to protect European industry and received guarantees from Seoul that the new Korean legislation on car CO2 emission limits would not be detrimental to European car makers, the Parliament on gave its consent to the most ambitious trade agreement the EU has ever negotiated.

• Friday, February 18th 2011 - 04:51 UTC

  IMF calls for fiscal discipline and a “weaker dollar” ahead of G20 meeting

  

  The International Monetary Fund will warn G20 finance ministers this weekend of growing risks to the world economy from surging food prices and public finances while also advocating a somewhat weaker dollar.