Economy

• Tuesday, June 8th 2010 - 23:46 UTC

  US Fed Reserve in no hurry to raise benchmark interest rates

  

  United States Federal Reserve Bank of Chicago President Charles Evans reiterated on Tuesday that now is not the right time for the US central bank to raise benchmark interest rates. He also said the US unemployment rate will decline slowly after the “disappointing” May jobs report.

• Tuesday, June 8th 2010 - 11:26 UTC

  Pound falls as Fitch warns of UK's ‘formidable’ debt challenge

  

  The pound fell in late morning deals after credit ratings agency Fitch warned the debt challenge facing the UK government was 'formidable', and that cuts would have to be deeper and quicker than former chancellor Alistair Darling had planned.

• Tuesday, June 8th 2010 - 05:47 UTC

  Germany and UK deciding drastic budget cuts; fears in the rest of Europe

  

  German Chancellor Angela Merkel is holding a special, two-day cabinet meeting to come up with a savings plan for the country's budget. Berlin wants to rein in its deficit to meet European Union rules, as a sovereign-debt crisis has hit markets and the Euro in the past few months.

• Tuesday, June 8th 2010 - 05:39 UTC

  Argentina imposes strict rules on foreign-exchange trading

  

  Argentina tightened foreign-exchange rules Monday in a step it says is aimed at limiting money laundering and tax evasion, but which most observers say it is geared to restrict the flow of dollars.

• Tuesday, June 8th 2010 - 04:05 UTC

  Uruguayan announces more “active role” in exchange market to boost exports

  

  The Uruguayan government plans a more active role in the foreign exchange market with the purpose of boosting exports competitiveness that have been suffering from the sliding depreciation of the US dollar.

• Tuesday, June 8th 2010 - 00:50 UTC

  Uruguay’s total meat exports in five months reach 613 million USD

  

  The value of Uruguay’s meat exports in the first five months of 2010 totalled 613million US dollars which represent a 33% increase over the same period a year ago, according to the latest data from the National Meats Institute, Inac.Of those 631 million USD, 81% correspond to beef and 5% to lamb and mutton.

• Monday, June 7th 2010 - 10:53 UTC

  Weakening Euro “good for Europe”; 1 Euro/ US dollars parity “not far”

  

  French Prime Minister Francois Fillon said that the weakening Euro was good for Europe. “I currently see only good news regarding the euro-dollar exchange rate” Fillon said at a press conference in Paris with Canadian Prime Minister Stephen Harper.

• Monday, June 7th 2010 - 10:51 UTC

  Uruguay’s May consumer inflation 0.16%

  

  Uruguay’s consumer prices rose in May at the slowest pace in six months amid falling costs for entertainment, transport and communication, according to the national statistics institute, INE. However the accumulated of the last twelve months is above target.

• Monday, June 7th 2010 - 09:25 UTC

  G-20 fails to reach consensus on proposal to impose global tax on banks

  

  The Group of 20 nations failed over the weekend to agree on a proposal to impose a global tax on banks that was aimed at making the financial industry shoulder the cost of bailouts, settling instead for a common set of guidelines.

• Saturday, June 5th 2010 - 06:16 UTC

  IMF identifies three challenges faced by Latinamerica as world crisis recedes

  

  Removing fiscal stimulus, absorbing capital flows and reducing unemployment are the main challenges facing Latinamerican and Caribbean countries as the global crisis recedes, said IMF Managing Director Dominique Strauss-Kahn during this recent visit to South America.