Economy

• Monday, January 3rd 2011 - 05:11 UTC

  Venezuelan currency devalued again

  

  Venezuelan government devalued its bolivar currency for the second time in 12 months on Thursday, abolishing the lowest exchange rate as the Opec member fights to revive its economy. Intended to spur local production in the largely import-dependent nation, the announcement followed a central bank estimate that the economy contracted 1.9 percent during 2010 - Venezuela's second straight year of recession.

• Sunday, January 2nd 2011 - 23:35 UTC

  Latam social indexes improving but 180 million are still considered poor

  

  The Inter-American Development Bank (IDB) approved a record number of 170 projects in 2010 totaling an estimated 12.9 billion USD, as the IDB continues to boost its efforts to help Latin American and Caribbean combat poverty and inequality, and promote sustainable growth.

• Sunday, January 2nd 2011 - 23:30 UTC

  China reiterates commitment to combat consumer inflation

  

  Chinese Premier Wen Jiabao vowed again to step up efforts to keep consumer inflation in check in 2011, state media reported on Sunday.

• Sunday, January 2nd 2011 - 22:18 UTC

  Bank of England remembers home owners rates sometime will ‘normalize’ at 5%

  

  United Kingdom home owners need to prepare for a series of interest rate rises to around 5%, a Bank of England official has warned. Paul Fisher, who is a member of the Bank's rate-setting Monetary Policy Committee (MPC), said officials would like the current 0.5% base rate to rise to a “normalized” level 10 times as big.

• Monday, December 27th 2010 - 09:07 UTC

  Drought stricken-Uruguay praises Argentina’s “formidable gesture”

  

  President Jose Mujica described as a “formidable gesture” the Argentine government’s decision to facilitate the export of grains and fodder to Uruguay which in under an “agriculture emergency” because of a severe drought that threatens much of the cattle to the north of the country.

• Monday, December 27th 2010 - 09:02 UTC

  Chilean ovine exports poised to set a new record: 50 million USD in 2010

  

  Chilean lamb and mutton exports are expected to total over 50 million US dollars in 2010, the highest ever, according to “Ovine Consortium” in its latest Ovine Indicators publication where it analyzes the industry’s performance and future both domestically and at international level.

• Monday, December 27th 2010 - 08:50 UTC

  Bolivia announced plans to invest 1.7 billion in the energy industry next year

  

  Bolivia plans to invest 1.73 billion US dollars in the energy industry in 2011, focusing on gas to ensure adequate production to supply Argentina and Brazil, as well as the domestic market, the head of state-owned oil company YPFB, Carlos Villegas, said.

• Monday, December 27th 2010 - 08:15 UTC

  Seafood delicacy with over 10.000 years of history, Chilean abalone

  

  A 19-year investigation by two Chilean researchers confirms that Chilean abalone, known locally as “locos,” have been a staple in the diet for people living near the coasts in this part of the world for at least the past 10,400 years.

• Monday, December 27th 2010 - 08:02 UTC

  China raises interest rate determined to contain inflation, credit and property prices

  

  China’s central bank raised interest rates for the second time in less than three months as authorities ramp up efforts to curb borrowing, rein in property prices and tame inflation.

• Monday, December 27th 2010 - 07:55 UTC

  South Africa invited to join the BRIC group of emerging markets

  

  South Africa has been formally asked to join the BRIC group of major emerging markets, comprising Brazil, Russia, India and China, according to a statement on the web from China’s Foreign Affairs minister Yang Jiechi.