Economy

• Saturday, February 27th 2010 - 00:47 UTC

  IMF chief suggests “exploring” possible new international reserve currency

  

  The head of the International Monetary Fund said it would be “intellectually healthy to explore” the possible creation of an international reserve currency that would serve as an alternative to the US dollar-.

• Friday, February 26th 2010 - 16:55 UTC

  China recommends US takes steps to promote confidence in the dollar

  

  China defended its move to reduce its holdings of U.S. Treasury securities, saying the United States should take steps to promote confidence in U.S. dollar.

• Friday, February 26th 2010 - 06:50 UTC

  Falklands’ oil companies could be takeover targets, says financial report

  

  United Kingdom oil and gas companies drilling near the Falklands Islands may become takeover targets this year, Deloitte & Touche LLP said in a report released Thursday in London.

• Friday, February 26th 2010 - 06:30 UTC

  Chile’s largest copper producer increases output: first time in five years

  

  Chile’s Codelco, the world’s largest copper producer, increased production in 2009 for the first time in five years, helped by a new mine. The company also generated an impressive surplus over the last four years.

• Friday, February 26th 2010 - 01:27 UTC

  Peru/China free trade agreement becomes effective next March first

  

  The free trade agreement between Peru and China becomes fully effective as of next Monday March first, according to the publication on Thursday of the official decree in Peru’s gazette. China has become Peru’s main trade partner behind the US.

• Friday, February 26th 2010 - 01:23 UTC

  Fed probe into Wall Street firms role in helping Greece mask debt woes

  

  The role of Wall Street firms in deals that may have helped Greece mask its debt woes are under scrutiny in the US, the Federal Reserve chief has said. Ben Bernanke said the Fed and the US financial watchdog were “looking into a number of questions” related to banks' derivatives arrangements with Greece

• Thursday, February 25th 2010 - 05:03 UTC

  Argentine court keeps freeze on Central Bank reserves

  

  An Argentine federal court kept a hold on the government’s plan to use 6.6 billion US dollars in Central Bank reserves to pay debt, sending the case to the Supreme Court for a final ruling, Argentina’s Court Information Center Web site said.

• Thursday, February 25th 2010 - 04:52 UTC

  Bernanke reaffirmed low interest rates for an extended period

  

  United States stocks rose on Wednesday after the Federal Reserve chairman reaffirmed his commitment to keep interest rates low for an extended period to sustain the still fragile recovery. Ben Bernanke told Congress a weak job market and tame inflation warranted keeping rates close to their near-zero level for the time being.

• Thursday, February 25th 2010 - 04:48 UTC

  Official Argentine economy data shows recovery in underway

  

  Argentina's trade surplus widened 25% in January from the same month a year ago as both exports and imports rose, signalling an economic recovery is underway.

• Thursday, February 25th 2010 - 01:25 UTC

  EU ready to reach trade agreements with Latinamerica by next May

  

  Spanish president Jose Luis Rodríguez Zapatero and European Commission president Jose Manuel Durao Barroso said they were confident of a successful conclusion of trade and cooperation agreements the EU is currently in the process of negotiations with Latinamerica.