Economy

• Thursday, October 29th 2009 - 09:50 UTC

  Brazilian government lowers tax to benefit consumers and farmers

  

  Brazil’s main meat processor JBS praised the government for lowering a local tax that will ultimately benefit consumers and farmers. JBS is also in the process of becoming the world’ leader in animal protein food by taking over US chicken producer Pilgrim’s Pride and merging with Brazil’s Bertin SA.

• Thursday, October 29th 2009 - 07:11 UTC

  Brazil confirms the gradual elimination of US dollar in trade operations

  

  Brazilian Central Bank president Henrique Meirelles said the country is considering the gradual elimination of the US dollar in trade with China, Russia and India, which together with Brazil make up the BRIC group.

• Thursday, October 29th 2009 - 06:54 UTC

  EC approves UK’s Northern Rock split into a “good” bank and a “bad” bank

  

  The European Commission has approved the Government's plans for splitting United Kingdom’s Northern Rock in two: a “good” bank and a “bad” bank. The “good” bank will continue Northern Rock's economic activities, while the “bad” bank will become in effect an asset management company running down the remaining toxic assets.

• Thursday, October 29th 2009 - 02:32 UTC

  Massive support for French farmers; Sarkozy blasts commodities speculation

  

  French President Nicolas Sarkozy announced a 650-million Euro exceptional aid plan for France's subsidized but still struggling farmers, along with one billion Euros in cheap loans. He also called on the European Commission to limit market speculation on agricultural commodities prices.

• Wednesday, October 28th 2009 - 20:35 UTC

  Chilean vineyards moving south in anticipation of climate change

  

  Some of Chile’s most renowned vineyards may have to relocate in the face of global warming, suggests a recent study conducted by the British consultancy firm PricewaterhouseCoopers (PwC).

• Wednesday, October 28th 2009 - 14:29 UTC

  France’s Crédit Agricole selling its banking assets in Uruguay

  

  French bank Credit Agricole officially announced this week it had begun consultations to sell its banking interests in Uruguay where it operates under the name of Credit Uruguay.

• Wednesday, October 28th 2009 - 14:22 UTC

  IMF praises Argentina’s potential for growth, but …

  

  Argentina has the potential for a faster growth, but it needs to do more, especially in policies to return to financial markets said the director of the Western Hemisphere Department of the International Monetary Fund Nicolás Eyzaguirre.

• Wednesday, October 28th 2009 - 14:19 UTC

  US pushing for a stronger Yuan, but China remain reluctant

  

  The United States welcomes the rise in the Yuan's exchange rate in recent years but wants the currency to climb further, visiting Commerce Secretary Gary Locke said. However, a Chinese trade official said that despite pressure for the Yuan to appreciate, the currency would probably not see a major adjustment until the country's exports improve noticeably.

• Wednesday, October 28th 2009 - 06:07 UTC

  Trade disputes cast doubts on the “Argentine-Brazilian” strategic alliance

  

  Trade obstacles imposed by Brazil against Argentine exporters in reprisal for similar measures by the Argentine government of President Cristina Fernandez de Kirchner escalated Tuesday when the Brazilian ambassador was summoned to the Argentine Foreign Affairs ministry.

• Tuesday, October 27th 2009 - 12:23 UTC

  Brazil planning to cut taxes to stimulate domestic consumption

  

  Brazil is considering extending stimulus tax cuts on home appliances even as the country’s economic recovery shows signs of gaining momentum. Tax cuts helped Brazilian auto industry sales to soar.