Economy

Tuesday, September 28th 2010 - 21:38 UTC
Brazil claims “global currency war” has broken out, but we have an ‘arsenal’

Brazilian Finance Minister Guido Mantega claimed that an “international currency war” has broken out but the government will buy all “excess dollars” in the market to curb the appreciation of the local currency Real.
Tuesday, September 28th 2010 - 21:35 UTC
Chinese freighter ‘Fortune Plum’ the millionth vessel to cross the Panama Canal

A Chinese freighter has become the millionth vessel to cross the Panama Canal three years ahead of the waterway's 100th anniversary, the Canal authority said Monday. The vessel actually crossed the canal September 4 with a load of 40.000 tons of steel products from the Pacific to the Atlantic but the authority announced the news only Monday.
Tuesday, September 28th 2010 - 21:18 UTC
Maersk Line increasingly serving Latin America to tap growing trade

The world's biggest container shipper, Maersk Line, is increasingly serving Latin America and Africa with ships sailing directly from Asia to tap accelerating growth in those markets, the Financial Times said.
Tuesday, September 28th 2010 - 05:16 UTC
Excellent news for Mercosur beef production from world meat congress

The increase in demand for meat will force world production to more than double by 2050, when the globe’s population is estimated to reach 9 billion, according to Arturo Lavallol a member of the International Meat Organization (OPIC) currently holding its 18th congress in Buenos Aires.
Tuesday, September 28th 2010 - 04:50 UTC
German unification conditioned to acceptance of Euro, reveal documents

Deceased French president Francois Mitterrand in 1989 gave his approval to German unification on condition that then Chancellor Helmut Kohl opened the way for the creation of an only currency in the European Union.
Tuesday, September 28th 2010 - 01:51 UTC
IMF mandatory surveillance of 25 countries, 90% of the world financial system

The Executive Board of the International Monetary Fund (IMF) has approved making financial stability assessments under the Financial Sector Assessment Program (FSAP) a regular and mandatory part of the Fund’s surveillance for members with systemically important financial sectors.
Monday, September 27th 2010 - 18:26 UTC
China alleges ‘dumping’ and imposes 104% tariff on US chicken imports

The Chinese Commerce Ministry said it would impose a 105.4% tariff on U.S. chicken exports after concluding they were unfairly priced. After a yearlong investigation, China concluded US exporters were selling chicken in China at prices that were lower than the costs of production, a practice known as product “dumping.”
Monday, September 27th 2010 - 15:31 UTC
Argentina retains a “competitive peso” in spite of global inflows of US dollars

Contrary to what is happening in the rest of emerging markets Argentine government efforts to weaken the peso are working. In the past three months the peso has declined 0.8% against the dollar, while for Mercosur associates Brazil and Uruguay their currencies have strengthened in the range of 3 to 5%.
Saturday, September 25th 2010 - 05:17 UTC
Mercosur meets in Brazil ahead of trade negotiation round with the EU

Next Wednesday Mercosur country members are scheduled to meet in Brazil to coordinate for the coming round of Mercosur/European Union trade negotiations that will be taking place in Brussels, October 11 to 15.
Saturday, September 25th 2010 - 05:06 UTC
Uruguay raises basic rate; gives priority to inflation target

Uruguay’s central bank raised on Friday its overnight lending rate to 6.5% from 6.25% as inflation expectations are above the target range of 4% to 6%. The decision took the market by surprise since exporters have been asking for a stronger US dollar, but the Economy ministry said “it did not visualize a loss of competitiveness”.