Economy

Thursday, June 10th 2010 - 18:20 UTC
Global economic reforms impeded by China’s Yuan policy, claims US

Global economic reforms are being impeded by China's refusal to revalue its currency, the Yuan, US Treasury Secretary Timothy Geithner has said. Addressing the US Senate Committee on Finance he said that distortions caused by China's stance were “an impediment to the global rebalancing we need”.
Thursday, June 10th 2010 - 06:52 UTC
Cuba is coffee dry: the country has become a net importer of the bean

Cuban coffee production tumbled 90% in the last few years forcing the government of President Raul Castro to spend 50 million US dollars annually in importing the beans to ensure domestic consumption revealed the official weekly Trabajadores.
Thursday, June 10th 2010 - 06:47 UTC
Chinese exports displace Brazilian goods overseas and at home

Brazil lost an estimated 12.6 billion US dollars in exports between 2004 and 2009 because of Chinese penetration in the country’s main international markets according to a report from the powerful Federation of Sao Paulo States industries, FIESP, released Wednesday.
Thursday, June 10th 2010 - 06:42 UTC
Annual plunder of developing countries could finance 48.000 km of paved roads

At a time of global economic hardship, corruption fighters from around the world convened this week in Paris to work against further plundering of developing countries, by supporting efforts against asset theft and safe havens for ill-gotten gains.
Thursday, June 10th 2010 - 06:39 UTC
China’s exports soar 48.5% in May, the highest in more than six years

China’s exports jumped 48.5% in May from a year earlier, the biggest gain in more than six years. However the impact of the European crisis is still to be seen following on this week’s IMF warning that global economic risks have risen significantly.
Thursday, June 10th 2010 - 06:33 UTC
World Bank warns European crisis could derail global recovery

The global economic recovery continues to advance, but Europe’s debt crisis has created new hurdles on the road to sustainable medium term growth, cautions the World Bank’s latest Global Economic Prospects 2010, released Thursday online.
Thursday, June 10th 2010 - 06:15 UTC
Venezuela implements new foreign exchange market to contain inflation

Venezuela central bank set an implicit exchange rate of about 5.3 Bolivar per US dollar in a new currency market that made its debut Wednesday and aims to rein in surging inflation and have greater control over the alternative foreign exchange market.
Thursday, June 10th 2010 - 06:07 UTC
Brazil expects 145.8 million tons crop in 2010; soybeans area up 7.2%

Brazil's crop will reach 145.8 million tons in 2010, up 8.8% from 2009, according to a May projection released on Tuesday by the Brazilian Institute of Geography and Statistics (IBGE). The projection is 0.5% lower than April’s, released in May.
Wednesday, June 9th 2010 - 19:33 UTC
Top IMF official warns Asia to prepare for European developments’ consequences

Risks to the global economic outlook have “risen significantly” and policy makers have limited room to provide support to growth warned International Monetary Fund Deputy Managing Director Naoyuki Shinohara during a conference Wednesday in Singapore.
Wednesday, June 9th 2010 - 06:10 UTC
US dollar breaks through the 4 pesos barrier in Buenos Aires informal market

The new foreign currency controls that begun to be applied this week in Argentina had a marginal incidence in formal operations Tuesday, but in the parallel informal market the US dollar, under strong demand shot past the 4 Pesos milestone.