Economy

• Wednesday, October 20th 2010 - 22:58 UTC

  Argentina to declare wine “a national drink” helping promote the industry

  

  Argentina will soon declare wine “a national drink” given its growing quality production and long rooted consumption dating back to the time of the colony several centuries ago.

• Wednesday, October 20th 2010 - 22:46 UTC

  Uruguay and Switzerland sign a Double Taxation Agreement

  

  The governments of Uruguay and Switzerland agreed a Double Taxation Agreement (DTA) on October 18. The document was signed by the Uruguay’s Economy Minister, Fernando Lorenzo, and his Swiss counterpart, Hans-Rudolf Merz.

• Wednesday, October 20th 2010 - 03:14 UTC

  Strong recovery in Latin America but eye on overheating warns IMF

  

  With many Latin American and Caribbean economies recovering faster than anticipated, the challenge for policymakers is ensuring a moderation in domestic demand to avoid overheating, the IMF said.

• Wednesday, October 20th 2010 - 03:06 UTC

  US Treasury launches fourth sale of Citigroup common stock

  

  The US Treasury Department said it has launched a fourth sale of 1.5 billion shares of Citigroup Inc common stock under a prearranged trading plan.

• Wednesday, October 20th 2010 - 03:02 UTC

  Fiat plans to invest 6 billion USD by 2015 in Brazil to boost production

  

  Italy's Fiat will invest 10 billion Reais (USD 6 billion) in Brazil by 2015 in operations that include production of cars, auto parts and agricultural machinery.

• Wednesday, October 20th 2010 - 02:58 UTC

  Lehman bankruptcy proceedings expenses crossed the billion US dollars

  

  Expenses related to the bankruptcy proceedings of Lehman Brothers Holdings, whose collapse worsened the financial meltdown in 2008, has crossed the 1 billion US dollar mark.

• Wednesday, October 20th 2010 - 01:12 UTC

  Indian commerce chambers underline Mercosur business opportunities

  

  The potential for expanding trade and investments with Mercosur was underlined by the Federation of Indian Chambers of Commerce and Industry, Fecci, following on last month’s visit to the region by a delegation of Indian business people.

• Wednesday, October 20th 2010 - 01:04 UTC

  In a surprise move China raises interest rate for the first time since 2007

  

  China has raised interest rates for the first time since 2007, as it tries to rein in inflation and dampen its red-hot real estate market. The People's Bank of China said it will raise its one-year lending rate to 5.6% from 5.31% and its one-year deposit rate to 2.5% from 2.25%.

• Wednesday, October 20th 2010 - 01:02 UTC

  Geithner vows not to devalue the dollar for export advantage

  

  Treasury Secretary Timothy Geithner vowed that the United States would not devalue the dollar for export advantage, saying no country could weaken its currency to gain economic health.

• Wednesday, October 20th 2010 - 00:59 UTC

  China purchases 70.000 tons of Argentine soybean oil; in November 80.000 tons?

  

  China has bought at least 70,000 tons of Argentine soybean oil after Beijing decided to unlock the imports ban that had resulted in a mounting-tension conflict. The move came after China agreed to allow all products coming from Argentina to enter its ports and was reported by Oil World magazine.