Economy

• Friday, May 14th 2010 - 04:05 UTC

  US Looking into Possible Banks-Credit Rating Agencies Collusion

  

  Eight banks are facing a US investigation into the rating of their mortgage products, the BBC understands. New York Attorney General Andrew Cuomo is looking at whether the relationship between the banks and credit rating agencies was manipulated to gain better ratings for risky securities.

• Friday, May 14th 2010 - 02:43 UTC

  Chilean Household Debt Increases with a Larger Portion of Non-Bank Personal Loans

  

  A recent study from the Central Bank of Chile written by economists José Miguel Matus, Nancy Silva, Alejandra Marinovic y Karla Flores found that Chilean household debt increased from 23% of GDP in 2000 to 39.1% in 2009.

• Thursday, May 13th 2010 - 11:01 UTC

  Europe Calls on Bulgaria, Cyprus, Denmark and Finland to Reduce Budget Deficits

  

  Government deficits in Bulgaria, Cyprus, Denmark and Finland have gone too far over the 3% of GDP reference value for the European Union and need to be brought down through stronger budget consolidation measures, concluded the European Commission in reports considered on Wednesday.

• 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.