Economy

• Friday, April 8th 2011 - 03:08 UTC

  FAO food prices index drops 2.9% in March but is still 39% over a year ago

  

  The FAO Food Price Index has dropped for the first time after eight months of continuous price spikes, FAO announced Thursday. The Index averaged 230 points in March 2011, down 2.9% from its peak in February, but still 37% above March 2010.

• Thursday, April 7th 2011 - 20:10 UTC

  Chile’s 20 major corporations booming with profits up 18% last year

  

  Business is booming in Chile as the nation’s top 20 major businesses increased their revenue by 18% in 2010. The largest increase in profits came from Chile’s mining sector, where profits grew to 10.9 billion US dollars last year, up 60% since 2009.

• Thursday, April 7th 2011 - 20:07 UTC

  Bank of England priority list has recovery before inflation: rates unchanged

  

  The Bank of England’s Monetary Policy Committee (MPC) has decided to retain the United Kingdom’s interest rate at 0.5%. The rate, the lowest in the Bank of England’s history, has now been unchanged for over two years despite speculation that higher rates may help combat inflation.

• Thursday, April 7th 2011 - 19:05 UTC

  Euro zone raises interest rate fearing inflation; “sorry peripheral countries”

  

  Euro-zone interest rates have been raised to 1.25% from the record low of 1% by the European Central Bank (ECB). Interest rates had been held at 1% for just under two years following the financial crisis and global recession.

• Thursday, April 7th 2011 - 18:26 UTC

  Global trade forecasted to grow 6.5% this year after a record 14.5% in 2010

  

  Global commerce will grow 6.5% this year after expanding a record 14.5% in 2010 as economies from China to Brazil recover from the worst recession in six decades, the World Trade Organization said on Thursday.

• Thursday, April 7th 2011 - 18:05 UTC

  In spite of latest measures, Brazil’s ‘currency war’ looks set to rumble on

  

  If recent evidence is anything to go by, Brazil’s latest effort to stem the rise in the Real is unlikely to have a lasting impact on the markets, according to Capital Economics.

• Thursday, April 7th 2011 - 10:15 UTC

  Brazil’s latest effort to stem flood of capital and contain the ‘Mighty Real’

  

  Brazil unveiled Wednesday the latest effort to stem a flood of foreign capital that is driving the local currency sky-high and undermining the competitiveness of the country’s exports. Finance Minister Guido Mantega blamed the currency woes on the Federal Reserve policy that keeps US interest rates near zero.

• Thursday, April 7th 2011 - 10:11 UTC

  Uruguay’s public debt to abandon foreign currencies for local Pesos

  

  Uruguay this year plans to swap part of its foreign-currency bonds for debt denominated in Pesos, said Economy Minister Fernando Lorenzo. Uruguay will also sell Peso securities and use the proceeds to pay off bonds denominated in other currencies, Lorenzo said without providing further details.

• Thursday, April 7th 2011 - 09:11 UTC

  Portugal admits the facts, formally requests a bailout from the EU

  

  Portugal's caretaker government said on Wednesday it had decided to seek financing from the European Union in an abrupt turnaround after resisting a bailout for months despite sharply deteriorating financial conditions.

• Thursday, April 7th 2011 - 09:01 UTC

  Colombia and Obama closer to having US Congress approve free trade agreement

  

  White House officials said the United States and Colombia have reached a deal on a free trade agreement. President Barack Obama and Colombian President Juan Manuel Santos are to meet Thursday to discuss the deal.