Economy

• Monday, December 6th 2010 - 05:15 UTC

  Germany reaffirms commitment to Euro as markets test EU monetary union

  

  German Finance minister Wolfgang Schaeuble said financial markets are currently testing whether the Euro zone will survive but he insisted the 16-nation monetary union won't break up. However he also warned about the risk of the emergence of an anti-Euro party.

• Sunday, December 5th 2010 - 16:33 UTC

  Drastic budget cuts anticipated if Brazil is to consolidate 3.3% of GDP surplus

  

  The incoming Brazilian administration next January first will have to implement a tougher program of savings than President Lula da Silva in 2003 if the primary budget surplus is to consolidate at 3.3% of GDP in 2011, according to economists from the prestigious think-tank Getulio Vargas Foundation, FGV.

• Saturday, December 4th 2010 - 02:59 UTC

  China, Brazil announce “macro-prudent” measures to cut liquidity, tighten credit

  

  Two of the strongest emerging economies Brazil and China announced Friday measures to withdraw liquidity tighten credit and contain inflation. Brazil’s “macro-prudent” measures are geared to cut on money circulation, while China said monetary emphasis will change from “relatively loose” to “prudent”.

• Friday, December 3rd 2010 - 06:29 UTC

  Uruguay headed for a record year in exports; Brazil main trade partner

  

  Uruguay’s exports jumped 23.3% during the first eleven months of 2010, anticipating a new value record for the year. Exports totalled 6.1 billion US dollars between January-November compared to 4.95 billion in the same period a year earlier and are higher than the twelve month previous record of 6.1 billion in 2008, according to Uruguay’s Exporters’ Union.

• Friday, December 3rd 2010 - 06:18 UTC

  IMF chiefs rules out double-dip recession, praises South American countries

  

  IMF Managing Director Dominique Strauss-Kahn ruled out any possibility of an impending double-dip recession even as he warned against downward risks posing the countries while they were recuperating, albeit languidly.

• Friday, December 3rd 2010 - 06:13 UTC

  IMF prepares for crisis scenario: plans to double lending capacity to 450 billion

  

  IMF expects to double its lending capacity to 450 billion US dollars over the next few months, giving it additional firepower to deal with the sovereign-debt crisis engulfing Europe, according to IMF officials and documents.

• Friday, December 3rd 2010 - 06:10 UTC

  Mercosur economies forecasted to grow between 7.5% and 10.1% this year

  

  Spanish bank BBVA Studies Group increased its 2010 growth forecast for Latinamerica to 5.8% (from 5.2%) mainly because of the strong showing of domestic economies boosted by stimuli packages. The report also praised the performance of all four Mercosur full members (Argentina, Brazil, Uruguay and Paraguay) with their economies expanding over 7.5%.

• Friday, December 3rd 2010 - 06:02 UTC

  Brazil’s Vale targets a million tons copper production annually in Chile by 2015

  

  Brazil’s Vale Doce, the world’s largest iron-ore producer, is aiming to boost copper output more than fivefold by 2015 as it seeks to diversify sales and catch up with rivals, announced top officials from the company during the inauguration of a project in Chile.

• Thursday, December 2nd 2010 - 23:05 UTC

  Relief in Euro zone as ECB extends availability of emergency loans to banks

  

  The European Central Bank moved Thursday to contain the continent's government debt crisis, extending the availability of emergency loans and keeping its benchmark lending rate at one percent.

• Thursday, December 2nd 2010 - 21:56 UTC

  Paraguayan grains and oil seeds 2010 crop reached a record 12.7 million tons

  

  Paraguay summer and winter crops in 2010 totalled 12.688.908 tons establishing a new record according to agronomist Luis Cubilla from the Agriculture Biotechnology Institute. The last best harvest was in 2008 with 10.5 million tons.