Economy

Saturday, August 28th 2010 - 06:09 UTC
US economy recovery “softened” but Fed ready to take further steps

Federal Reserve Chairman Ben Bernanke said the economic recovery has softened more than expected and the Fed is ready to take further steps if needed to spur the stumbling economy.
Friday, August 27th 2010 - 08:05 UTC
Argentina’s hotel building boom: “symbol of climb back from global downturn”

Argentina’s hotel building boom can be held up as a symbol of South America’s climb back from the global downturn. The country has 15 projects in the development pipeline representing 1,700 rooms, according to STR Global. Of those 1,700 rooms, 68.9% or 1,172 are currently in the in-construction phase of development.
Friday, August 27th 2010 - 08:02 UTC
Peru combats the inflow of capital raising banks’ reserve requirements

Peru’s central bank will raise the reserve requirement for foreign banks depositing local currency in the domestic banking system after the Sol rose to a two- year high.
Friday, August 27th 2010 - 07:48 UTC
End of subsidized cigarettes for elderly Cubans

Cuba's elderly will no longer be entitled to state-subsidised cigarettes, the government has said. All Cubans 55 or older are allocated four packs of cigarettes a month for about 25% the normal price, but this privilege is being ended in September.
Thursday, August 26th 2010 - 03:24 UTC
With strong farm sector recovery Paraguay economy forecasted to grow 9%

Paraguay raised its 2010 economic growth forecast to 9% from 6% on an improved agricultural production outlook, the central bank said this week. This would be the Paraguayan economy largest annual expansion in almost three decades.
Thursday, August 26th 2010 - 03:04 UTC
Brazil forecasted to harvest smallest orange crop in eight years

Orange growers in Brazil, the world’s biggest producer, will harvest the smallest crop in at least eight years after rains hindered flowering, said Margarete Boteon, a University of Sao Paulo researcher.
Thursday, August 26th 2010 - 00:51 UTC
Uruguay committed to Mercosur, but also to greater world diversification

While Uruguay supports the regional trade group Mercosur, “we are also trying to diversify the economy more to other parts of the world” said central bank president Mario Bergara during his recent visit to meet investors in New York.
Wednesday, August 25th 2010 - 04:18 UTC
Violence in some Latin American countries is an “epidemic” says OAS

Organization of American States (OAS) chief José Miguel Insulza, said that the violence in some Latin American countries with high homicide rates can be compared to an “epidemic.”
Wednesday, August 25th 2010 - 04:11 UTC
US sales of existing homes plunge 27% in July, lowest level in ten years

Sales of existing homes in the US plunged 27.2% in July compared with June to their lowest level in more than 10 years, figures suggest. Home sales completed in the month stood at an annualised rate of 3.83 million, according to the National Association of Realtors (NAR).
Tuesday, August 24th 2010 - 05:27 UTC
Uruguay confident in recovering investment grade “within one or two years”

Uruguay whose credit rating was cut to junk in 2002, expects to return to investment grade within two years, central bank President Mario Bergara said. “We are confident that in one or two years we will have investment grade again,” Bergara said at an investors’ conference in New York Monday.