Economy

• Wednesday, September 23rd 2009 - 12:47 UTC

  In anticipation of the G20 summit, US dollar falls against major currencies

  

  The Euro rose Tuesday to the highest level against the US dollar since August 2008 as investors looked to the Group of 20, G20, summit in Pittsburgh this weekend for more signs about the world economic recovery.

• Wednesday, September 23rd 2009 - 12:43 UTC

  Uruguay sells 500 million dollars of bonds maturing 2025

  

  Uruguay sold 500 million US dollars of bonds maturing in 2025 in its first international debt issue in three years. The 16-year bonds are to yield 340.3 basis points above US Treasuries.

• Wednesday, September 23rd 2009 - 12:24 UTC

  Long lasting consequences of the global financial crisis, according to IMF

  

  The global financial crisis is likely to leave long-lasting scars on the world economy, but governments can act to stimulate a quicker revival and counter output losses, according to a new IMF study.

• Wednesday, September 23rd 2009 - 12:07 UTC

  “Europeans to loose clout to China” in IMF restructuring, says Strauss-Kahn

  

  China will get the biggest increase in voting power at the IMF (*) when the global lender completes a long-awaited restructuring in 2011, the head of the IMF said Tuesday. In an interview with Reuters, IMF Managing Director Dominique Strauss-Kahn said European nations, which have resisted a dilution of their global economic clout in the IMF, increasingly recognized it was time for change.

• Wednesday, September 23rd 2009 - 12:04 UTC

  Lamy remains cautious about Doha Round outlook

  

  World Trade Organization (WTO) chief Pascal Lamy said Tuesday that he was still cautious about the outlook of the Doha Round of global trade negotiations despite a detailed work program drawn up by senior officials last week. He also called for leadership and responsibility from G-20 leaders meeting this week in Pittsburgh.

• Wednesday, September 23rd 2009 - 11:52 UTC

  Moody’s confirms Brazil’s investment grade Baa3

  

  Moody's Investors Service raised Brazil's sovereign debt ratings to investment grade on Tuesday and underlined the resilience of Latinamerica's largest economy to the global financial crisis.

• Wednesday, September 23rd 2009 - 11:45 UTC

  China appeals WTO decision on imports of US DVDs and other media products

  

  China has appealed a World Trade Organisation (WTO) decision against its restrictions on the import of US DVDs and other media products. The WTO settlement had said China was breaching international trade rules by blocking foreign-owned firms from being importers and wholesalers.

• Wednesday, September 23rd 2009 - 11:20 UTC

  World’s biggest iron ore producer under pressure to invest in steel industry

  

  Brazilian billionaire Eike Batista said he may be interested in acquiring a stake in the world’s biggest iron-ore producer Vale do Rio Doce, after one of the company’s shareholders said he showed “interest” in buying its stock.

• Tuesday, September 22nd 2009 - 12:55 UTC

  Argentina: no agreement yet with holdouts from 2005 debt restructuring

  

  Argentina has not yet reached a definitive agreement with holdouts from its 2005 debt restructuring, the country's Economy Minister Amado Boudou said on Monday. He added that Argentina's economic strategy is “to access the international markets in order to obtain credits”.

• Tuesday, September 22nd 2009 - 12:43 UTC

  Argentina’s primary surplus plunges in August

  

  Argentina reported another sharp drop in the fiscal primary surplus for August, while the overall government accounts were once again in the red. Growth in public spending has outpaced growth in tax revenues, eroding the surplus adding to the economic downturn.