Economy

• Thursday, January 7th 2010 - 17:17 UTC

  Political standoff in Argentina over sacking of Central Bank president

  

  A political standoff over the head of Argentina's central bank materialized Wednesday after the bank's president declined to support a plan to use 6.5 billion US dollars in reserves to pay debt.

• Thursday, January 7th 2010 - 17:13 UTC

  Argentina expects record corn yield and exceptional sorghum crop

  

  Argentina, the world’s second-largest corn exporter could increase output by more than 42% this year from initial estimates as spring rains boost yields to a record, the country’s main corn growers group said.

• Thursday, January 7th 2010 - 16:51 UTC

  Latest data show Chilean economy rebounding from recession

  

  Chile’s economic activity index, the IMACEC, rose a bigger-than-expected 3.1% in November from a year earlier, the central bank announced this week, the first monthly increase in a year. The market expected the economy of the world's top copper producer to expand by 2.5%, according to a median forecast from a Reuters’ survey.

• Wednesday, January 6th 2010 - 13:08 UTC

  Brazil consolidates position a world leader in meat markets

  

  Even when Brazilian meat and chicken exports are recovering at a slower pace than anticipated, representatives from the industry and market analysts anticipate that overseas sales should retake pre-crisis levels by the end of 2010, if not in price, in volume.

• Wednesday, January 6th 2010 - 11:20 UTC

  Brazil car sales grew 11% in 2009 and another 10% increase is forecasted for 2010

  

  Brazil’s new car sales could rise 10% this year as Latinamerica’s largest economy expands the most since 2007, the country’s dealership federation said on Tuesday. Sales in 2009 increased 11% to 3.14 million units.

• Wednesday, January 6th 2010 - 11:15 UTC

  Spanish unemployment at new records: 19.3% and 40% for the young

  

  Spanish unemployment rose to the highest in more than a decade in December, 19.3%, capping a year that saw the nation’s jobless rate soar to double the Euro- zone average. The number of people registering for unemployment benefits increased by 54,657, or 1.41 percentage points from November to 3.92 million.

• Wednesday, January 6th 2010 - 11:11 UTC

  Brazil has record increase of international reserves in 2009

  

  Brazil’s Central Bank reserves soared 23.4% in the last twelve months having reached 239 billion US dollars by December 31st, according to the latest data available. Nevertheless the Central Bank points out that this was below the December 2nd record of 239.4 billion USD.

• Wednesday, January 6th 2010 - 11:09 UTC

  Uruguayan exports fall of 8.7% in 2009 is considered a success

  

  Uruguayan exports dropped 8.71% and imports 17.62% during 2009 in line with the overall global contraction. Only five of Uruguay’s main trade partners received more exports and only five of the country’s main export products showed an increase in US dollar value sales.

• Tuesday, January 5th 2010 - 13:09 UTC

  Global trade recovery from major contraction in 70 years forecasted slow

  

  Global trade is expected to pick up again this year at a significant rate but not sufficient to overcome losses of 2009. Last year trade plunged 12.25% the worst result in seventy years and a full recovery can only be anticipated for 2011 when China will be confirmed as the world’s leading exporter.

• Tuesday, January 5th 2010 - 13:06 UTC

  Argentina’s inflation third highest in the world, say private consultants

  

  Private consultants estimate that Argentina’s inflation in 2009 and in spite of the devalued government statistics was the third highest in the world behind the Democratic Republic of Congo and Venezuela.