Economy

• Thursday, July 30th 2009 - 06:05 UTC

  IMF announces more loans and zero interest for the world’s poorest countries

  

  The IMF has announced a new framework for loans to the world’s poorest nations, including increased resources, a doubling of borrowing limits, zero interest rates until the end of 2011, and more flexible terms.

• Thursday, July 30th 2009 - 03:32 UTC

  NZ dairy farming group in Uruguay raised 30 million USD locally

  

  NZ Farming Systems Uruguay Ltd has raised 30 million US dollars by selling a first tranche of bonds in Uruguay. The non-convertible bonds have an expected maturity of about 15 years, and pay a fixed interest rate of 5% until September 30, 2010.

• Thursday, July 30th 2009 - 03:29 UTC

  Chile wine production increases in volume and quality

  

  The Chilean wine industry produced more wine, and of better quality, in 2009 than any previous year, according to a recent report by the Office of Agriculture and Livestock (SAG).

• Wednesday, July 29th 2009 - 12:32 UTC

  Capital flight in Argentina averages record 2 billion USD per month

  

  Capital flight from Argentina has reached proportions similar to those of 2001, according to economist Rodrigo Alvarez from consultants Ecolatina. He warned it was imperative for the government to restore confidence given the overall perception that “there is a limited capacity to solve problems”.

• Tuesday, July 28th 2009 - 15:07 UTC

  Uruguay downgrades 2009 growth estimate to 0.7%

  

  Uruguay’s Finance minister Alvaro García for the third time in eight months downgraded the country’s growth estimate for 2009. At a press conference following the regular Monday cabinet meeting, Gracía said that the economy will expand 0.7% this year, down from the April estimate of 2% and 3% from last December.

• Tuesday, July 28th 2009 - 14:44 UTC

  China displaces the US as main trading partner of Chile

  

  China overtook the United States as the principal consumer of Chilean goods in the first half of 2009, reaching its highest percentage share of Chilean exports yet. China’s continued appetite for Chilean copper, among other commodities, has helped cushion Chile’s overall drop off in exports.

• Tuesday, July 28th 2009 - 14:39 UTC

  US/China ever more competitors but also inter-dependent

  

  The relationship between United States and China will shape the 21st Century, said President Barack Obama as top officials met Monday in Washington for talks. “Co-operation, not confrontation” was the way forward, he said, with climate change, security and the economy all areas where common ground existed.

• Tuesday, July 28th 2009 - 14:35 UTC

  British Chancellor warns banks about interest rates

  

  Britain’s Chancellor of the Exchequer Alistair Darling has told bank chiefs that businesses should be given the lowest possible interest rates on borrowing.

• Tuesday, July 28th 2009 - 07:10 UTC

  Traffic in Panama Canal slowing down, reports administration

  

  The number of vessels passing through the Panama Canal declined by 6.4% during the third quarter of Fiscal Year 2009, according to the waterway’s administration latest report.

• Saturday, July 25th 2009 - 11:53 UTC

  Argentina and Brazil will address “trade differences” in Sao Paulo

  

  Argentina and Brazil agreed to hold talks next week to address the ongoing trade differences which threaten to sour the bilateral relation. The meeting of Presidents Cristina Fernandez de Kirchner and Lula da Silva was held on the sidelines of the Friday Mercosur summit in Paraguay.