Economy

• Saturday, February 12th 2011 - 05:17 UTC

  Brazilian shipyard wins Petrobras 4.6 billion contract for seven ultra-deep rigs

  

  Brazil's government managed oil and gas giant Petrobras said on Friday that local shipyard Estaleiro Atlantico Sul (EAS) had won the tender to build seven drilling rigs in Brazil.

• Friday, February 11th 2011 - 21:20 UTC

  US trade deficit soars 33% in 2010 as China imports hit record level

  

  The US trade deficit widened in December to its highest level in four months, the US government said in a report that also showed the annual trade gap expanded nearly 33% in 2010 as imports from China hit record levels.

• Friday, February 11th 2011 - 18:38 UTC

  Brazil tightens mining legislation focused on local processing and jobs

  

  Brazil announced an overhaul of the management of its mineral resources and booming mining industry geared to end what it describes as “reverse specialization” based on the export of raw unprocessed minerals with minimum benefit for local labour and processing industry.

• Friday, February 11th 2011 - 06:52 UTC

  Argentine business leaders urge government to “stop denying inflation”

  

  The head of Argentina’ powerful Business Leaders Association (ADE) urged the government to “stop denying inflation” and rejected the notion that businessmen are responsible for price hikes.

• Friday, February 11th 2011 - 06:45 UTC

  Tourist influx to Uruguay during January soars 40%

  

  During January (summer high season) Uruguay received 413.780 tourists, 40% more than a year ago, with the Argentines leading the inflow, according to the latest figures released by Migration Office and the Ministry of Tourism.

• Friday, February 11th 2011 - 06:42 UTC

  Brazil’ central bank forex surpass the 300 billion USD mark…but at a cost

  

  Brazil's forex reserves surpassed the 300 billion US dollars mark for the first time ever this week according to the country's central bank as a result of recent heavy foreign exchange inflows and accelerated US dollar buying by the institution.

• Friday, February 11th 2011 - 06:29 UTC

  Colombian oil and coal reserves attract Latam’s tycoons

  

  Carlos Slim considered by Forbes Magazine the richest man in the world said he’s seeking to boost his investments in Colombia because of the country’s open policy on oil exploration, its mineral assets and growing middle class.

• Thursday, February 10th 2011 - 23:24 UTC

  Bank of England at a crossroad leaves interest rates on hold at 0.5%

  

  Bank of England's Monetary Policy Committee (MPC) has kept UK interest rates on hold at 0.5%, and unveiled no new quantitative easing (QE) measures.

• Thursday, February 10th 2011 - 23:06 UTC

  Japan’s public debt and fiscal deficit “unsustainable” warns IMF

  

  The weight of Japan's public debt, the highest in the world, is unsustainable in the medium and long term warned this week Naoyuki Shinohara, Deputy Executive Director of the International Monetary Fund.

• Thursday, February 10th 2011 - 22:42 UTC

  “Currencies war”, new challenge for EU/Mercosur trade agreement

  

  The European Union Trade Commissioner Karen De Gucht anticipates a full trade agreement with Mercosur will be reached in a “short time” given the negotiations “unusual” speed but also cautioned about new challenges such as currencies over or under appreciation.