Economy

Thursday, December 9th 2010 - 16:31 UTC
Moody’s rates Uruguay just below ‘investment grade’ but next step 'distant'

Moody's Investors risk Service raised the sovereign foreign currency credit rating for Mercosur member Uruguay by two notches to Ba1 from Ba3 on Wednesday, leaving it just below investment grade, citing improved debt and fiscal indicators.
Thursday, December 9th 2010 - 15:46 UTC
UK Treasury increases bank levies, ‘fair contribution to the public coffers’

The United Kingdom Treasury has raised the rate it will impose on banks under its new levy in 2011 and 2012. The Treasury said in draft legislation for the Finance Bill 2011 that the levy for 2011 will be 0.05% of total liabilities rather than the 0.04% announced in June. The levy for 2012 will rise to 0.075% instead of the previously proposed plan levy of 0.07%.
Thursday, December 9th 2010 - 15:34 UTC
Bank of England decision on further liquidity injection expected for February

The Bank of England’s monetary policy committee (MPC) voted Thursday to hold the base interest rate at its record low of 0.5%. As expected, the Bank did not extend its £200 billion program of quantitative easing and is not expected to make a decision on whether to follow the US Federal reserve with a second bout of economy boosting bond-buying – or QE2 – until February.
Thursday, December 9th 2010 - 07:24 UTC
Uruguay, Mexico and Chile have the most numerous middle-class in Latam

According to the 2011 Latin American Economic Outlook report released on Dec. 3 by the Organization for Economic Cooperation and Development (OECD), Chile has the third highest percentage of middle-class citizens in Latin America.
Thursday, December 9th 2010 - 07:18 UTC
Heavy rains force temporary suspension of traffic in the Panama Canal

Heavy rains have forced the temporary suspension of traffic along the Panama Canal, the major shipping waterway connecting the Atlantic and Pacific oceans which handles 5% of global trade.
Wednesday, December 8th 2010 - 17:11 UTC
US dollar to strengthen, but US fiscal health worse than Europe’s warns China

The U.S. dollar will be a safe investment for the next six to 12 months because global markets are focused on the Euro zone's troubles but the US fiscal health is worse than Europe's, an adviser to the Chinese central bank said on Wednesday.
Wednesday, December 8th 2010 - 07:19 UTC
Obama defends tax deal with Republicans: “real money for real people”

President Barack Obama said on Tuesday the tentative tax deal he struck with Republicans is a good deal for the American people and a long political fight over tax cuts would have been bad for the US economy.
Wednesday, December 8th 2010 - 05:07 UTC
Argentina discovers in Patagonia largest gas reserve in 35 years

Argentine President Cristina Fernández de Kirchner was in charge of leading the Tuesday ceremony in which Repsol-YPF announced the discovery of a massive shale gas reserve, the largest in 35 years that could help the country reduce its imports of the fuel.
Wednesday, December 8th 2010 - 04:56 UTC
IMF criticizes Europe’s disjointed response to the Euro debt crisis

The head of the International Monetary Fund criticized Europe's disjointed response to the Euro zone debt crisis after Germany and other states resisted his calls for bolder action.
Wednesday, December 8th 2010 - 00:58 UTC
Higher rates expected to dent into Brazil’s booming auto sales

Interest rates on financing car sales without a down payment have almost doubled in Brazil following last week’s liquidity tightening measures from the central bank, reports O Estado de Sao Paulo, adding that higher financial costs could dent automobile sales by as much as 20%.