Economy

• Monday, March 22nd 2010 - 20:53 UTC

  IDB agrees to 70 billion USD capital increase and condones Haiti’s debt

  

  The Inter American Development Bank’s (IDB) board agreed to a 70 billion US dollars capital increase, an amount that should allow the organization to lend 12 billion a year, bank President Luis Alberto Moreno said during the annual meeting in Mexico.

• Monday, March 22nd 2010 - 20:50 UTC

  Petrobrás second most profitable corporation in US and Latam

  

  Brazilian Government managed energy corporation Petrobras was the second most-profitable company in the US and Latin America in 2009, even ahead of corporations such as Microsoft according to a study released Monday.

• Sunday, March 21st 2010 - 19:47 UTC

  The Dark side of Brazil’s Olympic Dreams: 2016 Olympic Host Battles Poverty, Violent Crime, and Police Brutality

  With colorful and scandalous flourishes, in a nation where the bizarre is often normal, Brazil’s Carnaval kicked off throughout the country on February 12th. The celebration is especially exotic in Rio de Janeiro, Brazil’s second largest city, where the samba dancers’ elaborate talents draw millions of tourists each year.

• Saturday, March 20th 2010 - 02:03 UTC

  Guessing time: Argentine economy expanded or contracted in 2009?

  

  Argentine industrial output grew by 11% in February compared to a year ago and 3.4% over January, powered by car and steel plants feeding demand from neighbouring Brazil, which is recovering faster than expected from the global crisis.

• Saturday, March 20th 2010 - 01:56 UTC

  US February consumer prices flat; producer prices fall 0.6%

  

  United States Labour Department reported that the consumer price index was flat in February, though prices were 2.1% higher than a year ago. Core inflation - which strips away food and energy costs - saw a 0.1% rise.

• Friday, March 19th 2010 - 11:10 UTC

  Chile considers increasing mining royalty to help earthquake reconstruction

  

  Marking a break from established policy, the Chilean government is considering the opposition’s proposal to increase the mining royalty tax. Government ministers are currently studying the implications of a tax increase, the money from which would be used to aid in earthquake reconstruction.

• Friday, March 19th 2010 - 03:47 UTC

  Warning petrol in UK could reach 120p a litre; 3p increase from April

  

  Petrol prices could reach an eye-watering 120 pennies per litre later this year, the AA is warning. The organisation is claiming that unleaded fuel could even top the price, equivalent to £5.41 a gallon, and Alistair Darling is being urged to delay the introduction of a planned 3p increase in petrol duty due to come in on April 1.

• Friday, March 19th 2010 - 01:22 UTC

  Argentine government expects quick return to international bond markets

  

  Argentina moved a step closer to a planned swap of defaulted debt and an issue of up to 15 billion US dollars in new bonds, with an amended filing to the US Securities and Exchange Commission, SEC

• Friday, March 19th 2010 - 01:21 UTC

  Greece closer to the IMF; Euro plummets below 1.36 US dollars

  

  News that Greece may go cap in hand to the IMF for help with its debt crisis prompted investors to rush for the relative safety of the dollar, which soared against the Euro on Thursday. The Euro fetched 1.3603 dollars down more than a US cent on late trading.

• Thursday, March 18th 2010 - 23:45 UTC

  Brazil leaves basic rate unchanged at 8.75%, in divided decision

  

  The Brazilian central bank kept its benchmark Selic interest rate at a record low 8.75% in a less-than-unanimous decision, signaling that borrowing costs may rise as soon as next month.