Economy

Monday, September 15th 2008 - 21:00 UTC
Brazil: Development of oil will help expand 4% in 2009

Brazil's economy is forecasted to expand 4% in 2009 as oil exploration bolsters investment even as the United States and European Union slowdown hamper global growth, according to the country's Planning Minister Paulo Bernardo.
Monday, September 15th 2008 - 21:00 UTC
Uruguay favors more trade accords, with or without Mercosur

Uruguay formally proposed its Mercosur partners to begin a round of negotiations geared to reach trade agreements with the European Union, United States, South Korea and Canada. The proposal had been advanced early August but was formalized early September in Brazil during a meeting of the Mercosur Foreign Relations Commission.
Monday, September 15th 2008 - 21:00 UTC
Lehman Brothers files for bankruptcy. Wall Street in turmoil

The fourth-largest investment bank in the US, Lehman Brothers, has said it will file for bankruptcy protection, amid a growing global financial crisis.
Monday, September 15th 2008 - 21:00 UTC
Nobel Prize Stiglitz: crisis should be less serious than 1929

The crisis now gripping world financial markets should be less serious than that of 1929, Nobel Prize laureate Joseph Stiglitz said on Monday because new monetary and fiscal “instruments” could prevent a Great Depression.
Monday, September 15th 2008 - 21:00 UTC
Bank of America takes over Merrill Lynch for 50 billion USD

Bank of America is to buy Merrill Lynch in a deal worth 50 billion US dollars that will create a new financial giant. The deal came amid a hectic weekend on Wall Street, with Lehman Brothers announcing that it would file for bankruptcy protection.
Friday, September 12th 2008 - 21:00 UTC
Countdown for Lehman Brothers and little of Blucher on sight

Executives at United States investment bank Lehman Brothers are racing to meet a deadline of Sunday night to find a new owner for the troubled bank, the BBC has learned.
Friday, September 12th 2008 - 21:00 UTC
Debt strapped Spanish builder wants out from Repsol-YPF

The impact of Spain's housing market crash has a new chapter: construction company Sacyr Vallehermoso SA is considering selling its 20% stake in oil major Repsol-YPF, as it struggles with a sinking property market and soaring financial costs, according to an announcement released Friday by Spain's Markets Commission, CNMV.
Thursday, September 11th 2008 - 21:00 UTC
Record 2007/08 harvest in Brazil, 143.8 million tons

Brazil confirmed that the 2007/08 was the greatest grain and oilseed crop ever, 143.8 million tons. The Ministry of Agriculture said it was 9.2% above the previous season and could further increase when the final volumes of the northeast second corn harvest are completed.
Thursday, September 11th 2008 - 21:00 UTC
JP Morgan: Uruguay “exposed” to Argentine slowdown

US investment bank JP Morgan said the expected deceleration in Argentina will have an impact for the performance of neighboring Uruguay's economy, according to reports published in the Montevideo press.
Thursday, September 11th 2008 - 21:00 UTC
Brazil raises basic rate to 13.75%, highest in two years

The Brazilian Monetary Policy Committee (Copom) of the Central Bank (BC) raised the base interest rate (Selic) by 0.75 percentage point, from 13% to 13.75% a year. This is the fourth consecutive hike in Selic and the highest is almost two years.