Economy

• Wednesday, September 30th 2009 - 02:55 UTC

  Latinamerica will need 400 billion USD in new capital next year

  

  Latinamerica will need to borrow 400 billion US dollars next year to compensate the lack of national capital and to help reactivate its economy after the downturn, according to Pamela Cox, World Bank vice-president for Latinamerica.

• Wednesday, September 30th 2009 - 01:39 UTC

  Latinamerican offshore banking industry ready for the future

  

  Mercopress had a chance to catch up with Nate Suppaiah, founder and managing editor of Alternative Latin Investor (ALI), a bimonthly digital publication that features information on alternative investments in the LatAm region. Some of their topics include: hedge funds, forex, private equity, real estate, renewable energy, art, wine, and philanthropy.

• Tuesday, September 29th 2009 - 13:18 UTC

  Weakening dollar and rising Euro and Yuan, anticipates World Bank

  

  The president of the World Bank cautioned US authorities on Monday against assuming the dollar would maintain its role as the world's reserve currency. Robert Zoellick said other currencies such as the Euro and the Chinese Yuan could win increasing acceptance in international currency markets.

• Monday, September 28th 2009 - 15:11 UTC

  Hong Kong “equally important” to London, says HSBC CEO

  

  The chief executive of HSBC, Michael Geoghegen, will move to Hong Kong from London as the banking group seeks to focus on Asia.

• Monday, September 28th 2009 - 09:01 UTC

  Bank of England reveals dramatic moments from the October crisis

  

  Two UK banks almost collapsed in October last year, the governor of the Bank of England has revealed. HBOS - now part of Lloyds Banking Group - and RBS were within hours of going under, Mervyn King told BBC Two's The Love of Money program.

• Sunday, September 27th 2009 - 18:31 UTC

  South American leaders sign agreement creating South Bank

  

  The presidents of Argentina, Brazil, Paraguay, Uruguay, Ecuador, Bolivia and Venezuela, signed on Saturday night an agreement establishing the South Bank with an initial capital of 20 billion U.S. dollars.

• Saturday, September 26th 2009 - 12:44 UTC

  G20 summit announces “tough new regulations” but short of specific rules

  

  The world's leading nations have agreed “tough new regulations” to prevent another global financial crisis, US President Barack Obama said on Friday. These relate to the amount of money banks have to hold in reserve and to excessive pay for bankers.

• Saturday, September 26th 2009 - 12:34 UTC

  Argentina holds first meeting with Club of Paris

  

  Argentina’s Economy Minister Amado Boudou met Friday with his French counterpart, Christine Lagarde, during the G-20 summit, in order to advance in the Club of Paris negotiations over Argentina's debt, one of the government's priorities.

• Saturday, September 26th 2009 - 06:25 UTC

  Paraguayan economy contracts for second quarter running

  

  Mercosur junior member Paraguay’s economy again plunged in the second quarter of this year, 4.3%, compared to a year ago, almost the same percentage contraction as in the first quarter, 4.2%, according to the latest release from the country’s Central Bank.

• Saturday, September 26th 2009 - 00:28 UTC

  Uruguayan economy becoming growingly Brazil dependent

  

  Brazil has become Uruguay’s main trade partner and investor having taken over vital spaces of the country’s economy in its most dynamic sectors, according to different reports that have surfaced during the campaign for next month’s presidential election.