Economy

• Friday, June 3rd 2011 - 23:54 UTC

  With no accord on US debt limit, Moody’s could downgrade US ratings

  

  Moody's has warned it may downgrade the US debt rating if Congress fails to increase the US debt limit in the coming weeks and risks default. The agency warned of political “entrenchment” preventing an increase.

• Friday, June 3rd 2011 - 23:44 UTC

  Consumer inflation in Uruguay climbs to an annualized 8.53%

  

  Consumer prices in Uruguay rose sharply again in May, led by steep increases in prices at restaurants and hotels, for housing and for health costs accumulating 8.53% in the last twelve months and 4.34% in the five months of 2011.

• Friday, June 3rd 2011 - 23:29 UTC

  Brazil expanded at an annualized 5% in first quarter, will grow “modestly” in 2Q

  

  Brazil's first quarter GDP grew 1.3% compared to the previous quarter – an annualized rate of over 5% – and 4.2% against the first quarter of 2010 revealed on Friday the Brazilian government.

• Friday, June 3rd 2011 - 23:22 UTC

  White House admits jobless rate is “unacceptably high” following May’s 9.1%

  

  White House said on Friday the US unemployment rate was unacceptably high while trying to put a brave face on a report that showed employers hired far fewer workers than expected in May.

• Friday, June 3rd 2011 - 23:19 UTC

  Greece is not Uruguay; the Athens debt case is more like Argentina, says economist

  

  Past voluntary debt re-profiling in Latin America have worked to varying degrees, but “soft” restructuring is not going to solve Greece's debt problems, according to Stuart Culverhouse, chief economist of frontier markets specialist Exotix.

• Friday, June 3rd 2011 - 12:43 UTC

  Hyundai plans to produce 150.00 vehicles at its first plant in Brazil

  

  Hyundai Motor Company, South Korea’s largest automaker is constructing its seventh overseas plant in Piracicaba, Sao Paulo state, Brazil to actively respond to soaring demand in one of the world’s fastest growing markets and to bring its manufacturing presence in so-called BRIC countries full circle.

• Friday, June 3rd 2011 - 07:53 UTC

  Korean group plans shipyard in south Brazil to cater “Malvinas” fishing fleet

  

  The Korean fishing group Insung signed this week an letter of intent with a Brazilian consortium for the construction of a ship yard in the Rio Grande/Pelotas area , state of Rio Grande do Sul, which could cater to the Korean fishing vessels operating in the “Falklands/Malvinas” area.

• Friday, June 3rd 2011 - 03:07 UTC

  Chile, Peru and Colombia launch second largest regional stock market

  

  Chile, Peru and Colombia formally combined operations of their stock markets on Monday to form the Latin American Integrated Market (Mercado Integrado Latinoamericano, or Mila).

• Friday, June 3rd 2011 - 02:02 UTC

  Argentina and Brazil agree on terms to unlock the bilateral trade conflict

  

  Argentina and Brazil agreed Thursday to abide by the 60-day retention period applied to products affected by non automatic tariff trade barriers and accelerate trade in the agricultural sector with the purpose of overcoming the conflict that erupted mid May and had virtually frozen bilateral operations.

• Friday, June 3rd 2011 - 01:56 UTC

  Rousseff tries to overcome internal rift and launches plan to eliminate extreme poverty

  

  Brazilian President Dilma Rousseff launched an ambitious plan to eliminate dire poverty in Brazil within four years by lifting more than 16 million people from conditions of “misery”.