Economy

• Thursday, September 2nd 2010 - 07:21 UTC

  Brazilian central bank keeps benchmark interest rate on hold at 10.75%

  

  Brazil's central bank held on Wednesday its benchmark interest rate at 10.75%, ending a monetary tightening cycle that helped cool the economy as the country prepares for October 3 presidential election.

• Thursday, September 2nd 2010 - 07:19 UTC

  Korea and Peru conclude free trade agreement effective next year

  

  Korea and Peru concluded in Lima negotiations for a free trade agreement (FTA), which is expected to go into effect midway through next year once it is approved by the parliaments of the two countries.

• Thursday, September 2nd 2010 - 07:10 UTC

  Brazil announces major iron deposit discovery in Matto Grosso

  

  Brazil's Mato Grosso state government announced Wednesday it had registered a major mineral deposit discovery with an estimated 11.5 billion tons of iron ore of a 41% Fe grade plus another 428 million tons of phosphates.

• Thursday, September 2nd 2010 - 07:06 UTC

  Australia confirms it’s a world wine power and agrees labelling with the EU

  

  A new labelling deal with Australia may make Europe's winemakers feel more than a little light-headed as imitations will no longer be sold with names like champagne and sherry.

• Thursday, September 2nd 2010 - 06:55 UTC

  Minutes confirm Fed ready to purchase more government bonds to prop economy

  

  United States Federal Reserve will buy up more debt if the outlook worsens “appreciably”, minutes from its August meeting have revealed. The central bank preferred to purchase US government bonds, but did not rule out buying further mortgage debts.

• Thursday, September 2nd 2010 - 06:50 UTC

  Caterpillar expands manufacturing operations in Brazil to cater Mercosur

  

  Caterpillar Inc. (NYSE: CAT) announced Wednesday the expansion of its manufacturing operations in Brazil capitalizing on the expected growth of demand in the Mercosur regional block and Latin America.

• Wednesday, September 1st 2010 - 19:56 UTC

  Rapid recovery and strong copper demand sustain Chilean Peso appreciation

  

  The Chilean peso rose on the first day of September, --and now stands at 500 to the US dollar--, as accelerating manufacturing growth in China improved the outlook for Chile’s raw material exports, mainly copper.

• Wednesday, September 1st 2010 - 19:34 UTC

  Chinese sovereign fund takes control of 10% of Morgan Stanley’s

  

  The U.S. Federal Reserve Board announced it has approved the application by China Investment Corporation (CIC) to buy up to 10% of voting shares of investment giant Morgan Stanley.

• Wednesday, September 1st 2010 - 19:08 UTC

  Wheat prices drive FAO food prize index at its highest since September 2008

  

  Surging wheat prices drove international food prices up 5% last month in the biggest month-on-month increase since November 2009, FAO announced. The FAO Food Price Index (FPI) averaged 176 points in August, up nearly nine points from July, FAO said in its latest update on the global cereals supply and demand situation.

• Wednesday, September 1st 2010 - 19:04 UTC

  Canada satisfied with first contacts for trade agreement with Mercosur

  

  Canada is “satisfied” with contacts held with the Argentine government for the possible beginning of discussions regarding a free trade agreement with Mercosur, said Canadian International Trade minister Peter Van Loan said at the end of a tour of four Latin American countries