Economy

• Wednesday, March 31st 2010 - 02:25 UTC

  Argentina begins next week to pay debts with Central Bank reserves

  

  Following an Argentine federal court ruling approving the use of Central Bank reserves for the payment of foreign debt the administration of President Cristina Fernandez de Kirchner will begin transactions next week using the liberated funds.

• Wednesday, March 31st 2010 - 02:21 UTC

  NZ dairy company in Uruguay sells land to pay debts, but plans to remain

  

  New Zealand Farming Systems Uruguay, listed in the NZ stock exchange, has sold 2,500 hectares of land on its Tobay farm in eastern Uruguay for 8.5 million US dollars in a move that will allow it to repay nearly half an outstanding debt to shareholder PGG Wrightson.

• Wednesday, March 31st 2010 - 02:14 UTC

  Main traders agree on quarterly contracts for iron ore, but no mention of China

  

  Two of the world's biggest mining companies have agreed landmark deals with Asian steel mills to buy iron ore on quarterly contracts. The deals could mark the end of annual contracts that have formed the basis for pricing in the steel industry for decades.
  Vale and BHP Billiton said the new system was fairer and more transparent.

• Wednesday, March 31st 2010 - 02:10 UTC

  Argentina expects a 2009/2010 crop of 91 million tons, up 48%

  

  Argentina’s 2009/2010 crop is estimated in 91 million tons, 48% higher than the previous mainly because of improved yields thanks basically to more regular rainfall, courtesy of the El Niño climate phenomenon.

• Wednesday, March 31st 2010 - 02:04 UTC

  UK economy recovery in fourth quarter revised upwards

  

  The United Kingdom economy grew faster than previously thought in the last quarter of 2009, the Office for National Statistics says. It revised October to December's growth to 0.4%, up from the previous estimate of 0.3%.

• Tuesday, March 30th 2010 - 23:00 UTC

  Quake impact leaves Chilean farmers short of storage, cooling and irrigation

  

  Chile’s annual fall harvest season continues apace, notwithstanding earthquake damage to Chile's roads, irrigation systems, electric grid, packing houses, and other infrastructure.

• Tuesday, March 30th 2010 - 04:46 UTC

  Argentine dockworkers strike expands; 5.000 trucks waiting to unload

  

  Argentine dockworkers expanded the strike to eight terminals, mainly in the Greater Rosario port area, the heart of the country’s soy bean belt, demanding higher pay and improved working conditions. The conflict comes when Argentina, the world’s third exporter of the oil seed prepares to ship the latest crop.

• Tuesday, March 30th 2010 - 04:34 UTC

  Rio Tinto executives sentenced to lengthy jail terms for bribery by Chinese court

  

  Four Rio Tinto executives have been found guilty of bribery and stealing secrets by a Chinese court and have all been handed lengthy jail terms. Australian Stern Hu was handed a 10-year sentence. Wang Yong was given 14 years, Liu Caikui seven years and Ge Minqiang eight years.

• Tuesday, March 30th 2010 - 04:31 UTC

  Lula da Silva unveils massive four year infrastructure program

  

  Brazilian President Luiz Inacio Lula da Silva announced Monday an 886 billion US dollars infrastructure investment plan that would be carried out by his chosen successor, Cabinet Chief Dilma Rousseff, should she win the October presidential election.

• Tuesday, March 30th 2010 - 04:23 UTC

  Relief in European Union: Greece manages to take 5 billion Euros in 7 year bonds

  

  Greece on Monday took five billion Euros with a seven-year bond just days after being given a lifeline by the European Union to help resolve its unprecedented debt crisis but analysts noted timid demand for the offer.