Economy

• Thursday, May 13th 2010 - 10:56 UTC

  Brazil Poised to Raise Rates and Make Significant Cuts in Government Spending

  

  Brazilian President Lula da Silva on Wednesday said the country's interest rates could go up again this year “if necessary,” even in the run-up to the presidential election. Brazil is holding elections next October and will be voting for the successor of Lula da Silva who is barred from running a third consecutive mandate.

• Thursday, May 13th 2010 - 10:47 UTC

  US Corn Futures Rise to Two-Month High on Mounting Demand from China

  

  Corn futures rose to a two-month high on mounting demand from China, the world’s second-biggest consumer.

• Thursday, May 13th 2010 - 10:41 UTC

  Morgan Stanley Denies Having Misled Investors about Mortgage Derivatives

  

  Morgan Stanley (NYSE:MS) CEO James Gorman denied allegations the US bank misled investors about mortgage derivatives it sold them. The firm is being probed by US prosecutors over whether the bank misled clients when it sold them collateralized debt obligations as its own traders bet that the value of the securities would drop, the Wall Street Journal reported Wednesday.

• Thursday, May 13th 2010 - 10:34 UTC

  US Trade Deficit Jumps in March with Imports Underlining Recovery

  

  United States trade deficit rose to a 15-month high in March as rising imports underlined the economy's recovery. Figures from the Commerce Department showed the gap between imports and exports rose 2.5% to 40.4 billion US dollars.

• Thursday, May 13th 2010 - 10:31 UTC

  Federal Budget April Revenue Falls 7.9% with Deficit Reaching 82.7 Billion

  

  The US reported its largest April budget deficit on record, 82.7 billion USD as receipts declined in a month that typically sees an increase in individual income tax payments, according to the latest release from the Treasury Department.

• Wednesday, May 12th 2010 - 18:58 UTC

  Healthy Surplus in South Georgia Finances, Spurred by Fishing, Tourism and Stamps

  

  The financial statements from the government of South Georgia and South Sandwich Islands ending December 2008 show a healthy surplus with fisheries licences, tourism and stamps, the three main sources of revenue.

• Wednesday, May 12th 2010 - 07:16 UTC

  China April Inflation Accelerates and Property Prices Jump 12.8%

  

  April inflation in China has accelerated as bank lending exceeded estimates and property prices jumped by a record, increasing pressure on the government to raise interest rates and let the currency appreciate.

• Wednesday, May 12th 2010 - 07:07 UTC

  Uruguayan Government Raises 2010 Economic Growth Forecast to 5.1%

  

  Uruguay’s government raised its 2010 economic growth forecast and said it will focus on health programs, security and infrastructure to maintain expansion of at least 4% annually, Economy Minister Fernando Lorenzo said.

• Wednesday, May 12th 2010 - 07:01 UTC

  Argentina Confident Bondholders Will Join Debt-Swap: Wednesday D Day

  

  Argentine Economy Minister Amado Boudou held a meeting Tuesday with 40 international investors at the New York Palace Hotel, within the framework of his United States road show to encourage bondholders to join the Government's debt-swap.

• Wednesday, May 12th 2010 - 03:54 UTC

  IMF: Euro Countries Must Focus on Cutting Deficits; Denies “Blanket Commitment”

  

  European countries saddled with debt should focus on cutting deficits in the wake of policy makers' unprecedented efforts to contain the region's sovereign-debt crisis, said John Lipsky from the International Monetary Fund.