Economy

• Friday, November 2nd 2007 - 20:00 UTC

  Canadian dollar soars to record 107 US cents

  

  The Canadian dollar jumped more than two U.S. cents Friday to a record 107.18 US cents on strong employment data and a rise in oil prices, while the green back resumed its weakness against most major currencies. So far this year the Canadian dollar has appreciated 24% against the US dollar.

• Friday, November 2nd 2007 - 20:00 UTC

  IMF says it's time Argentina deals with outstanding debt

  

  In one of his first statements since becoming the IMF new managing director, Dominique Strauss-Kahn said it was time Argentina deals with the issue of its outstanding debt, including to the Paris Club of creditor nations, thus favoring the return of investments to the country.

• Friday, November 2nd 2007 - 20:00 UTC

  US labor market surprise: 4.7% steady unemployment

  The number of new jobs created by the United States economy leapt dramatically in October with employers adding 166.000 posts, twice the expected number, reported the Labor Department.

• Friday, November 2nd 2007 - 20:00 UTC

  Argentina's incoming government pending issues on debt front

  Argentina, Latin America's third largest economy is on track to grow more than 8% for the fifth straight year, rivaling Asian expansion rates. But there are some pending issues on the debt front.

• Friday, November 2nd 2007 - 20:00 UTC

  Uruguay cattle supplies tight and beef exports down

  

  Uruguay's meat exports in the first nine months of this year totaled 368.662 tons equivalent to 816 million US dollars, compared to 429.376 tons and 919 million US dollars in the same period a year ago, according to the latest release from the country's National Meat Institute of Uruguay (INAC).

• Thursday, November 1st 2007 - 20:00 UTC

  Mercosur fares poorly in global report on competitiveness

  The United States tops the overall ranking in The Global Competitiveness Report 2007/2008. Switzerland is in second position followed by Denmark, Sweden, Germany, Finland and Singapore, respectively. The report is not encouraging for Mercosur members or Latinamerican leading economies.

• Wednesday, October 31st 2007 - 20:00 UTC

  UK pound and Euro reach new highs against US dollar

  

  With a growing perception that US interests rates will be cut this week while UK interest rates will remain unchanged next week, the pound sterling hit its highest level against the US dollar in 26 years.

• Wednesday, October 31st 2007 - 20:00 UTC

  Fed cuts interest rate to 4.5% but admits risks to inflation

  The United States Federal Reserve by a clear majority voted on Wednesday to cut US interest rates 25 basis points from 4.75% to 4.5%. The widely expected decision was taken to help revive the country's faltering housing and credit markets.

• Wednesday, October 31st 2007 - 20:00 UTC

  US subprime crisis hits Chilean wood molding industry

  

  The subprime lending crisis in the United States recently forced Chile's Celulosa Arauco (CELCO), the forestry arm of the Angelini group, to close the La Araucana sawmill located in Los Álamos in Arauco province. The decision left 130 people unemployed.

• Wednesday, October 31st 2007 - 20:00 UTC

  Chile drops in most globalized countries ranking

  Chile fell nine spots in the 2007 Globalization Index, compiled by Foreign Policy magazine and the management consulting firm AT Kearney. Additionally, Chile is no longer the most globalized Latin American country, as Panama and Costa Rica jumped to higher spots on the list