Economy

• Monday, May 23rd 2011 - 06:01 UTC

  Mexico Casterns throws his hat into the IMF MD election ring

  

  Mexico central bank Governor Agustin Carstens will be presented as a candidate for managing director of the IMF, the Finance Ministry said in an e-mailed statement Sunday.

• Monday, May 23rd 2011 - 00:31 UTC

  Over 300.000 Cubans have opted to work in the private sector as ‘self-employed’

  

  The number of Cubans working in the private sector continues to rise and now includes over 300,000 as a result of President Raul Castro government’s economic reforms that have been implemented since last October.

• Sunday, May 22nd 2011 - 23:06 UTC

  Brazil’s Real will depreciate when the US and Europe raise interest rates

  

  Dollar inflows into Brazil are returning to normal levels, and the Brazilian Real will start to depreciate once interest rates in the US and Europe start to rise, said Brazil Finance Minister Guido Mantega. He also anticipated tax reforms to boost Brazilian competitiveness.

• Sunday, May 22nd 2011 - 22:46 UTC

  Argentina and Peru main recipients of Chilean investments in services sector

  

  Argentina and Peru are the top recipients of Chilean overseas investments in the service sector according to report released last week covering a two decade period from 1990 to 2010.

• Sunday, May 22nd 2011 - 13:26 UTC

  Argentine economic activity expands 7.8% in March over a year ago

  

  Economic activity in Argentina expanded 7.8% in March compared to the same month a year ago and 0.5% over February, according to the provisional percentages from the government’s National Statistics Institute, INE.

• Sunday, May 22nd 2011 - 13:09 UTC

  Greece’s credit rating downgraded and risks a ‘sovereign default’

  

  Greece’s credit rating was cut on Friday three levels by Fitch Ratings, which said that even a voluntary extension of its bond maturities being studied by EU policy makers would be considered a default.

• Sunday, May 22nd 2011 - 12:58 UTC

  Standard & Poor’s ‘yellow card’ for Italy; promise of balanced budget in 2014

  

  Italy’s Treasury said it will “intensify” structural changes in the economy and push ahead with measures to balance the budget by 2014 after Standard & Poor’s said its debt rating is at risk of a downgrade.

• Sunday, May 22nd 2011 - 12:32 UTC

  European powers endorse French minister Lagarde as next IMF chief

  

  European leaders raced Saturday to nominate a successor for fallen IMF chief Dominique Strauss-Kahn before a G8 summit in France next week, with French Economy Minister Christine Lagarde in pole position.

• Saturday, May 21st 2011 - 10:18 UTC

  Delhi proposal to triangle South Africa Customs Union, India and Mercosur

  

  India will be launching negotiations for a comprehensive economic cooperation agreement (CECA) with Mercosur although it will first “expedite” talks for a preferential trade agreement with the South African Customs Union (SACU).

• Saturday, May 21st 2011 - 09:59 UTC

  Argentina posts strong primary surplus pushed by economic growth and inflation

  

  Argentina posted a primary budget surplus 1.97 billion Pesos (455 million US dollars) in April, up 4.8% from the 1.88 billion Peso surplus a year earlier, the government said on Thursday.