Economy

• Friday, July 25th 2008 - 21:00 UTC

  Housing rescue bill moves swiftly in US Congress

  

  United States House of Representatives passed on Thursday a massive housing rescue bill that could help struggling homeowners get cheaper loans. The vote came after the White House announced that President George Bush had dropped his threat to veto it.
  
  The bill will now be passed to the Senate for approval before being signed into law.

• Friday, July 25th 2008 - 21:00 UTC

  Argentine farm row impacts strongly on industrial activity

  Industrial activity in Argentina during the month of June expanded 1.8% compared to the same month a year ago but dropped 4% against May as a consequence of the prolonged stand off between farmers and the administration of President Cristina Fernandez de Kirchner.

• Friday, July 25th 2008 - 21:00 UTC

  Last minute efforts to break global trade deadlock

  

  The ministerial meeting in Geneva in the framework of the World Trade Organization (WTO) long-running Doha round talks has failed to break the deadlock and several issues remain intractable, from farm subsidies to car import duties.

• Thursday, July 24th 2008 - 21:00 UTC

  Argentina authorizes export of 45.000 tons of beef in July

  

  Argentina authorized the export of 45.000 tons of beef, following on June's 51.000 tons but still short of orders for 77.000 tons. The monthly export figures are regulated by an agreement reached between the government and farmers' organization which privileges domestic consumption.

• Thursday, July 24th 2008 - 21:00 UTC

  S&P raises Uruguay's credit rating one level to BB-

  

  Uruguay's debt rating was raised one level by Standard & Poor's, citing the country's economic expansion and international debt reduction. S&P lifted Uruguay's foreign-debt rating to BB-, three levels below investment grade, from B+. The outlook on the rating is stable, S&P said in a statement.

• Thursday, July 24th 2008 - 21:00 UTC

  Brazil fertilizer industry expects record sales year

  

  With high prices for soy and corn, which are spurring growers to plant more, the Brazilian fertilizer industry expects a record volume sales year. However fertilizers high cost could have an impact for some crops.

• Thursday, July 24th 2008 - 21:00 UTC

  BHP Billiton makes huge copper discovery in Chile

  

  Anglo-Australian BHP Billiton has made a big discovery near its Escondida copper mine in Chile and has announced plans to spend 327 million US dollars to shore up the resource and two others nearby as it looks to extend the life at the world's biggest copper mine.

• Thursday, July 24th 2008 - 21:00 UTC

  Moscow and Tokyo most expensive cities third year running

  

  Moscow and Tokyo top the list of the world's most expensive locations for the third year running, according to the annual report from consultants Mercer which considers 143 cities all over the world. Asunción in Paraguay figures as the less expensive place to live.

• Thursday, July 24th 2008 - 21:00 UTC

  Brazil raises basic interest rate 75 basis points to 13%

  Brazil's central bank raised interest rates by 75 basis points to 13% on Wednesday, lifting borrowing costs for the third time in four months in a bid to prevent resurgent inflation from undermining economic growth.

• Thursday, July 24th 2008 - 21:00 UTC

  Investment and exports behind Uruguay's growth

  

  Productive investment and exports have been behind the sustained growth of the Uruguayan economy since the crisis of 2002, according to Fernando Lorenzo head of the Macroeconomic and Financial Advisors Office from the country's Ministry of Economy.