Economy

• Saturday, October 24th 2009 - 05:54 UTC

  Petrobras sells 4 billion US dollars in 2020 and 2040 bonds

  

  Brazilian oil giant Petrobras on Friday launched 2.5 billion US dollars of 2020 bonds and 1.5 billion USD of 2040 bonds, in what might be the largest ever sale of corporate debt by a Brazilian company.

• Saturday, October 24th 2009 - 05:43 UTC

  Brazilian financial sector “is crying with a full belly”

  

  Brazilian Economy minister Guido Mantega said that the financial sector is “crying with a full belly” in direct reference to complaints about inflowing capital tax which was decided this week to prevent a foreign exchange bubble between the local Real and the US dollar.

• Saturday, October 24th 2009 - 05:23 UTC

  Brazilian central bank leaves monetary expansion policy unchanged

  

  Brazil’s central bank kept its key Selic interest rate at a record low 8.75% and said its level was “consistent” with a non-inflationary recovery, signalling that no increase in borrowing costs is imminent.

• Friday, October 23rd 2009 - 12:11 UTC

  Botnia pulp mill in Uruguay transferred to world leading group UPM

  

  Uruguay’s Botnia pulp mill in Fray Bentos and the eucalyptus plantation forestry company Forestal Oriental Uruguay have been transferred to UPM which is one of the world’s leading forest industry groups.

• Thursday, October 22nd 2009 - 08:20 UTC

  US dollar slumps to its lowest in 14 months against the Euro, 1.50

  

  The US dollar slumped Wednesday, with the Euro rising above 1.50 for the first time in 14 months, as optimism about the global economic recovery boosted demand for higher yielding currencies.

• Thursday, October 22nd 2009 - 08:13 UTC

  Argentina’s trade surplus contracts 42.8% during September

  

  Argentina's September trade surplus narrowed 42.8% from the same month a year ago, with exports falling even faster than imports, the government said this week. September's 926 million US dollars surplus, which fell short of analysts' expectations, is the smallest since January.

• Thursday, October 22nd 2009 - 08:10 UTC

  Developed countries recovery “rests on growth in Asia and Latinamerica”

  

  The economic recovery of developed countries, including the United States, rests largely on the growth of developing Asian and Latin American countries, the chief economist of Spanish banking group BBVA said this week.

• Wednesday, October 21st 2009 - 22:47 UTC

  SeaCargo convention in Miami looks at Uruguay as Mercosur gateway

  

  Uruguay as the natural gateway to Mercosur, --South America’s main trading block-- will be the top issue to be discussed at the SeaCargo Americas AirCargo Americas Conference special seminar to he held November 5th in Miami with the participation of hemispheric port, airport and logistics leaders.

• Wednesday, October 21st 2009 - 12:47 UTC

  Brazil’s investment tax tumbles stock exchange and the Real

  

  Brazil's stock market suffered one of its worst one-day plunges in three months and the currency sank after the government imposed a tax on foreign investments in local stocks and bonds. The Bovespa index of the Sao Paulo stock exchange dropped 2.88% to 65,303.11, after closing at its strongest level since June 2008 the previous session.

• Wednesday, October 21st 2009 - 12:43 UTC

  The world on wheels: China reports record sales of cars

  

  Chinese annual car production has topped 10 million for the first time as carmakers boost output to meet growing demand, state media has said. The 10 millionth car produced this year rolled off the First Automobile Works Group assembly line in Changchun, the official Xinhua News Agency reported.
  In September sales soared 78% compared to a year ago totalling 1.33 million units.