Economy

• Friday, November 6th 2009 - 03:49 UTC

  Brazilian industry suggests direct negotiations with EU, leaving aside Mercosur

  

  Brazil’s all powerful Sao Paulo Federation of Industries, FIESP, said it is willing to yield positions so a free trade agreement can be reached with the European Union but also suggested Brazil should leave Mercosur aside.

• Friday, November 6th 2009 - 03:36 UTC

  Magallanes Region economy contracted 1.3% from 2004 to 2008

  

  Magallanes Region, in the extreme south of Chile, economic performance from 2004 to 2008 has been one of the worst of the country according to the regional report from Chile’s Central Bank. The region experienced in the period a 1.3% GDP contraction, the only negative result of all Chilean regions.

• Thursday, November 5th 2009 - 12:59 UTC

  Argentina after an agreement with the IMF at the G20 Scotland meeting

  

  Argentina’s Economy Minister Amado Boudou travels to Scotland Thursday where he will participate in a meeting with his G-20 counterparts. Boudou is also scheduled to meet with International Monetary Fund (IMF) head Dominique Strauss-Kahn.

• Thursday, November 5th 2009 - 12:53 UTC

  Argentina/Brazil trade dispute: partners can’t agree who’s to blame

  

  Argentina has accused Brazil of not keeping to agreed “self regulated” bilateral trade understandings originally destined as an umbrella for Argentine industry, and instead has resorted to customs barriers which are delaying or impeding exports.

• Thursday, November 5th 2009 - 10:27 UTC

  Brazil fears a “bubble” pumped by exuberant investors; Real 19% too strong

  

  Brazilian central bank President Henrique Meirelles admitted “exuberant” investors might create an asset bubble in Latinamerica’s biggest economy.

• Thursday, November 5th 2009 - 09:53 UTC

  Brazil’s reserves reach new record in October: 232.9 billion US dollars

  

  Brazil's foreign reserves totaled 232.9 billion US dollars at the end of October, up from 224.2 billion at the end of September. In the first ten months of 2009, reserves were up 26.1 billion. Reserves ended last year at 206.8 billion.

• Thursday, November 5th 2009 - 08:27 UTC

  Fed leaves rates unchanged and admits businesses are still “cutting back”

  

  The Federal Reserve Open Market Committee kept US interest rates on hold at between 0% and 0.25%, as had been widely expected. Despite the US economy growing 3.5% in July to September - its first expansion since June 2008 - rates were left unchanged on Wednesday to further aid the recovery.

• Thursday, November 5th 2009 - 07:21 UTC

  US dollar falls to lowest rate in a year vis-à-vis the Chilean Peso

  

  The US dollar fell to an exchange rate of Chilean Pesos 528 on Tuesday, the lowest rate since September 2008, a tendency confirmed in Wednesday’s trading. Since the beginning of 2009, the dollar has fallen 113 Chilean pesos.

• Thursday, November 5th 2009 - 05:34 UTC

  GM decision to hang on to European subsidiaries triggers controversy

  

  General Motors decision to hang on to its European car unit Opel including Vauxhall in Britain, was welcomed in the UK but met with anger in Germany. Unite union chief Tony Woodley, a former Vauxhall worker, hailed the news as a “fantastic decision”.

• Thursday, November 5th 2009 - 05:21 UTC

  Gold at all time record following India’s purchase of IMF metal reserves

  

  The price of gold has touched an all-time high after a large sale of the precious metal by the International Monetary Fund (IMF) to India. Gold struck a high of 1,095.05 an ounce in London, against 1,084.50 late in New York on Tuesday.