Economy

• Thursday, December 10th 2009 - 13:24 UTC

  Idle capacity and low inflation allow Brazil to keep basic rate unchanged

  

  Brazil’s central bank kept the benchmark Selic interest rate at a record low for the third straight meeting as inflation remains below target. The bank’s eight-member board, led by President Henrique Meirelles, voted unanimously on Wednesday to keep the overnight rate at 8.75%.

• Thursday, December 10th 2009 - 11:42 UTC

  Global food prices on the rise four months running, cautions FAO

  

  Global food prices are on the ascent again with the United Nations Food and Agriculture Organisation (FAO) Food Price Index – a food basket composed of cereals, oilseeds, dairy, meat and sugar – registering four straight monthly rises.

• Thursday, December 10th 2009 - 07:39 UTC

  Mercosur considering “sovereign fund” as protection against weak US dollar

  

  Fearful of the continued depreciation of the US dollar vis-á-vis other global currencies, Mercosur country members admitted one of the possibilities under consideration for the management of international foreign reserves is the creation of a kind of sovereign fund.

• Wednesday, December 9th 2009 - 14:41 UTC

  Mercosur summit committed to advance trade negotiations with Europe

  

  Mercosur is committed to advance trade negotiations with the European Union and expects to have drafted a viable position when leaders from Latinamerica and the Caribbean meet with their European Union counterparts next May for the Madrid summit.

• Wednesday, December 9th 2009 - 14:29 UTC

  Venezuelan top private bankers help to calm markets and depositors

  

  A two-week banking crisis in Venezuela seems to be settling down following President Hugo Chavez announcement that private banks will be respected but new rules to make the system more transparent and production-geared will begin to be enforced.

• Wednesday, December 9th 2009 - 08:42 UTC

  Cruise visitors in Uruguay this season close to 400.000

  

  Uruguay’s Ministry of Tourism forecasts some 400.000 tourists and crew members will be visiting the country during this summer cruise season, which represents a slight increase over the previous year.

• Wednesday, December 9th 2009 - 08:38 UTC

  Economists suggest coordinated rates cuts to protect Latam currencies

  

  Latinamerica should consider the possibility of a coordinated interest rate cut, in consultation with the IMF to combat the appreciation of local currencies was suggested Tuesday by a group of former government financial officials and economists from the region.

• Monday, December 7th 2009 - 23:44 UTC

  Brazilian inflation and interest rates forecasted to increase in 2010

  

  The Brazilian economy is forecasted to expand 0.21% in 2009 according to a Central Bank poll among financial experts and which is published weekly in the Focus Bulletin. In the previous edition the growth estimate was 0.20%.

• Monday, December 7th 2009 - 23:41 UTC

  Chile, gateway for illegal phony name brands products mainly from China

  

  Phony name brand products produced in China are increasingly a headache for Chile’s customs and police authorities.

• Monday, December 7th 2009 - 11:03 UTC

  Britain planning windfall tax on bankers’ bonuses

  

  British Chancellor Alistair Darling has left the door open to a windfall tax on bankers' bonuses amid reports that the move could be central to this week's Pre-Budget Report. Darling warned the better-off that they would have to pay more towards the cost of the economic recovery but sidestepped questions about the prospect of a temporary levy targeted at British-based banks.