Economy

• Saturday, August 28th 2010 - 06:55 UTC

  EuroFruit congress to be held in Uruguay next December

  

  Uruguay’s renowned sea resort Punta del Este will be hosting next December the 2010 Eurofruit Congress Southern Hemisphere. This is the first time the annual conference and exhibition event for the region’s fresh produce industry comes to Uruguay.

• Saturday, August 28th 2010 - 06:53 UTC

  US economy slows more sharply that expected in the second quarter

  

  US economic growth slowed more sharply than initially thought in the second quarter, held back by the largest increase in imports in 26 years, a government report showed. GDP expanded at a 1.6% annual rate, the Commerce Department said, instead of 2.4% percent pace it had estimated last month.

• Saturday, August 28th 2010 - 06:41 UTC

  Bank of Brasil targets US, Chile, Peru, Uruguay and Colombia to expand

  

  Bank of Brasil, Latin America’s biggest bank by assets plans the acquisition of banks in Chile and the United States and is holding negotiations to further expand in Peru, Colombia and Uruguay, said Aldemir Bendine the bank’s CEO.

• Saturday, August 28th 2010 - 06:23 UTC

  South Korea and Bolivia sign agreement for cooperation in lithium development

  

  South Korea and Bolivia agreed to deepen discussions for a possible joint venture on developing lithium deposits in the South American nation.

• Saturday, August 28th 2010 - 06:12 UTC

  Surprise performance of UK economy, “but don’t get carried away”

  

  The UK economy grew by more than initially thought in the second quarter of 2010, boosted by a strong performance by the construction sector. The economy grew by 1.2% in the quarter, the Office for National Statistics (ONS) said, revising up its initial estimate of 1.1% growth.

• Saturday, August 28th 2010 - 06:09 UTC

  US economy recovery “softened” but Fed ready to take further steps

  

  Federal Reserve Chairman Ben Bernanke said the economic recovery has softened more than expected and the Fed is ready to take further steps if needed to spur the stumbling economy.

• Friday, August 27th 2010 - 08:05 UTC

  Argentina’s hotel building boom: “symbol of climb back from global downturn”

  

  Argentina’s hotel building boom can be held up as a symbol of South America’s climb back from the global downturn. The country has 15 projects in the development pipeline representing 1,700 rooms, according to STR Global. Of those 1,700 rooms, 68.9% or 1,172 are currently in the in-construction phase of development.

• Friday, August 27th 2010 - 08:02 UTC

  Peru combats the inflow of capital raising banks’ reserve requirements

  

  Peru’s central bank will raise the reserve requirement for foreign banks depositing local currency in the domestic banking system after the Sol rose to a two- year high.

• Friday, August 27th 2010 - 07:48 UTC

  End of subsidized cigarettes for elderly Cubans

  

  Cuba's elderly will no longer be entitled to state-subsidised cigarettes, the government has said. All Cubans 55 or older are allocated four packs of cigarettes a month for about 25% the normal price, but this privilege is being ended in September.

• Thursday, August 26th 2010 - 03:24 UTC

  With strong farm sector recovery Paraguay economy forecasted to grow 9%

  

  Paraguay raised its 2010 economic growth forecast to 9% from 6% on an improved agricultural production outlook, the central bank said this week. This would be the Paraguayan economy largest annual expansion in almost three decades.