Economy

Friday, May 9th 2008 - 21:00 UTC
Euro zone and Bank of England leave rates unchanged

The European Central Bank kept on Thursday interest rates for the 15-nation Euro bloc steady at 4% amid increasing signs that economic growth is winding down. ECB signaled that it was not in a rush to cut rates, as it forecast inflation would stay “high for a protracted period of time”.
Friday, May 9th 2008 - 21:00 UTC
Citigroup wants to sell U$S 400 billion of assets in three years

The United States banking giant Citigroup announced it wants to sell 400 billion US dollars of assets over the next three years as part of its bid to return to profit. It has 500 billion US dollars of “legacy assets” that it wants to reduce to 100 billion
Friday, May 9th 2008 - 21:00 UTC
IMF warns inflation risks have become a global challenge

Prospects for continued relatively strong growth in emerging and developing economies suggests that demand growth for energy and commodities will remain solid, even as global growth is slowing, according to the International Monetary Fund, IMF, First Deputy Managing Director John Lipsky.
Friday, May 9th 2008 - 21:00 UTC
Brazil's April annualized inflation climbs to 5.04%

Brazilian Consumer Prices Index experienced its biggest increase in four months in April, 0.55% (up from March's 0.48%) because of higher food costs, according to the Brazilian Geography and Statistics Institute, IBGE.
Thursday, May 8th 2008 - 21:00 UTC
Climate conditions could reduce Argentina's soybean

Bad weather may reduce Argentina's soybean crop below previous forecasts this year but the precise outlook is still unclear, Hamburg-based oilseeds analysts Oil World said this week.
Thursday, May 8th 2008 - 21:00 UTC
Half of Argentine 2007/08 crop retained in the farms

The extended Argentine farmers/government conflict, which was triggered in early March when the new sliding export taxes system was announced, and its renewed eight days of protest, have left an estimated 44 million tons of grains and oil seeds unsold, valued in approximately 12 billion US dollars, according to market analysts interviewed by the Buenos Aires press.
Wednesday, May 7th 2008 - 21:00 UTC
Brazil working on idea of a sovereign wealth fund

Brazil's Finance Minister Guido Mantega announced in Brasilia that the government is working on creating a sovereign wealth fund of as much as 20 billion US dollars. The fund would help finance overseas investment and acquisitions by Brazilian companies.
Wednesday, May 7th 2008 - 21:00 UTC
IMF helping Latam with second effects of food prices

IMF Managing Director Dominique Strauss-Kahn warned on Wednesday about soaring food prices and the need to cushion the impact on the poor and revealed that the fund is already advising governments and central banks in Latin America on how to limit the second-round effects of the price shocks on the poor.
Wednesday, May 7th 2008 - 21:00 UTC
WTO has no short term solution to soaring food prices

The World Trade Organisation cannot deliver a short-term solution to soaring food prices but a successful end to global trade talks would help in the longer term, WTO chief said on Wednesday.
Wednesday, May 7th 2008 - 21:00 UTC
Argentina's car manufacturing posts record in April

Argentina's car manufacturing industry posted an increase in production of 31.5% in April compared to the same month a year ago. The total number of units manufactured in April was 54.622, according to ADEFA car manufacturer's organization.