Economy

• Friday, August 6th 2010 - 03:01 UTC

  Wheat futures soar as drought-stricken Russia halts grain exports

  

  Wheat futures soared on Thursday after the world’s number three exporter the Russian Federation said it would temporarily halt grain shipments. The worst drought on record have devastated crops in parts of Russia and caused international grain prices to spike as markets anticipate a drop in global supplies.

• Friday, August 6th 2010 - 00:50 UTC

  Paraguay Senate waiting for political deal, postpones vote on Unasur membership

  

  The Paraguayan Senate under opposition control postponed the consideration of Paraguay’s incorporation to Unasur, Union of South American Nations, without any mediate timetable to review the issue. The Senate also has it its “frozen” agenda a vote on Venezuela’s incorporation to Mercosur as full member.

• Friday, August 6th 2010 - 00:34 UTC

  IMF praises Brazil’s “carefully calibrated” policies and forecasts 7.1% growth

  

  The International Monetary Fund reiterated its forecast for Brazil’s economy to expand 7.1% this year, as result of capital inflows and the expansion of credit. However the IMF also cautioned about the official credit policy of the country’s development bank.

• Thursday, August 5th 2010 - 16:26 UTC

  Over fifty fishing vessels docked in Montevideo because of labour conflict

  

  An estimated Uruguayan flagged fifty fishing vessels have been docked in Montevideo for over a month because of a labour conflict over a new work contract with the owners of the vessels and processing plants.

• Thursday, August 5th 2010 - 16:11 UTC

  Japan rice stockpiles to reach the highest in eight years in 2011

  

  Japan’s food rice stockpiles may reach the highest level in eight years at the end of June 2011, leading to a price drop and planting curbs by growers next year. Private and government inventories are forecast to climb 2.5% to 3.24 million metric tons from 3.16 million tons a year earlier, the Ministry of Agriculture, Forestry and Fisheries said in a report Wednesday.

• Thursday, August 5th 2010 - 09:09 UTC

  Obama administration wants to end Bush era tax cuts for the rich

  

  The George Bush administration's “misguided” policies are to blame for huge US budget deficits, Treasury Secretary Timothy Geithner charged as he sought to build an election-year case for ending tax cuts for the wealthiest US citizens.

• Thursday, August 5th 2010 - 04:51 UTC

  Germany recognizes Latin America’s new economic and diplomatic might

  

  German Foreign Minister Guido Westerwelle presented a new Latin America strategy Wednesday that he said finally did justice to the burgeoning region's new economic and diplomatic might.

• Thursday, August 5th 2010 - 04:45 UTC

  Argentine economy picks up strongly, forecasted to expand 7% in 2010

  

  Argentina's GDP will reach 7% this year based on a strong domestic demand, Economy Minister Amado Boudou said on Wednesday. The announcement follows earlier in the week reports that the Consumer Confidence index ICC has increased 2.9% in July over a year ago.

• Thursday, August 5th 2010 - 01:33 UTC

  Walmart is Latin America’s single largest employer, says Latin Business

  

  The single largest employer in Latin America is US-based retailer Walmart, according to the first annual ranking of Latin America’s Top 60 Employers from Latin Business Chronicle.

• Wednesday, August 4th 2010 - 21:57 UTC

  Santander takes over 318 branches from Royal Bank of Scotland

  

  Royal Bank of Scotland has agreed to sell 318 branches to Santander for a premium of £350 million on the assets' value. The sale includes 311 RBS-branded branches in England and Wales, and seven NatWest branches in Scotland.