Economy

Friday, May 16th 2008 - 21:00 UTC
“Worst of financial turbulence is over”, but hangover persists

The worst of the global financial turbulence is over, but the effects on the world economy will be felt for some time, the head of the International Monetary Fund said Thursday in Brussels before a European Parliament committee.
Friday, May 16th 2008 - 21:00 UTC
Bernanke urges banks to continue capital-raising efforts

United States Federal Reserve chairman Ben Bernanke urged financial institutions to remain proactive in their capital-raising efforts as market and economic conditions improve but he also called for better risk management amid “ongoing fragility” in the markets.
Thursday, May 15th 2008 - 21:00 UTC
Barclays announces £1 billion write down and lower profits

Britain's Barclays has taken a further one billion sterling write-down on assets and confirmed profits for the first quarter of 2008 will be lower than last year. Last month, the bank warned that tough trading in its investment bank division Barclays Capital during March would cut group profits for the quarter.
Thursday, May 15th 2008 - 21:00 UTC
Uruguay downplays possible impact of Argentine situation

Uruguayan financial authorities minimized the possible economic impacts on Uruguay of the current uncertainty scenario in Argentina because of the ongoing conflict with farmers and which has temporarily suspended the neighboring country's cereal and oil seeds exports.
Thursday, May 15th 2008 - 21:00 UTC
Chilean wineries plan to hike investment in Argentina

Several Chilean wine makers have recently disclosed plans to increase their investments in Argentina, a country also well-known for the alcoholic beverage.
Thursday, May 15th 2008 - 21:00 UTC
Uruguayan exporters' gruel government's economic policies

Uruguay's economic team defended the current government's policies and denied any loss of competitiveness, increased government expenditure or inflation out of control. However the Uruguayan business community was not entirely convinced with the arguments and complained about the inefficiency and high costs of energy and fuel provided by government monopolies.
Thursday, May 15th 2008 - 21:00 UTC
Uruguayan made Chinese cars export to Argentina

In thirty days time Chery-Socma Uruguay, a Chinese, Argentine Uruguayan consortium will be making its first export of Uruguayan assembled cars to Argentina. The announcement was made during a visit this week to the plant by Uruguayan president Tabare Vazquez and Hui Liangyu, China's Deputy Primer Minister.
Thursday, May 15th 2008 - 21:00 UTC
Record soybean crop in Paraguay: 6.8 million tons

Paraguay's soy bean 2007/08 crop is expected to reach a record 6.8 million tons helped by good yields and an expansion of the area planted according to the country's soy exporters chamber.
Thursday, May 15th 2008 - 21:00 UTC
Brazil's ready to increase interest rates to contain inflation

Brazil's Central bank chairman Enrique Meirelles said this week that the bank is ready to cap pressure on prices with the purpose of keeping inflation under control even when this could impact on the strong economic growth of the economy.
Thursday, May 15th 2008 - 21:00 UTC
EU and Mercosur address trade accord in Peru

Negotiations for an association, trade and cooperation agreement between the European Union and Mercosur are in stand by waiting for results from the World Trade Organization, Doha round, said the European Commission president Jose Manuel Barroso.