Economy

Tuesday, May 22nd 2007 - 21:00 UTC
Mercosur Bank of the South on track to its creation

Paraguayan President Nicanor Duarte and Mercosur ministers of Economy and Foreign Affairs decided Tuesday the creation of the Bank of the South, --an idea promoted by VenezuelaÃÂ¢€”that should act as an alternative for world multilateral organizations such as the World Bank, IMF and the Inter American Development Bank.
Tuesday, May 22nd 2007 - 21:00 UTC
Argentina's reserves at record level; unemployment 9.8%

Argentina's international reserves reached this week a record 40 billion US dollars according to the latest release from the Central Bank underlining that the strong position “effectively helps to reduce financial vulnerability, grants certitude to investors and reduces the country risk”.
Monday, May 21st 2007 - 21:00 UTC
Argentina drops to seventh place among global beef exporters

Argentina will drop from fourth to seventh place among world beef exporters this year, after having climbed in 2005 to the third position according to the latest information from the country's Ministry of Agriculture, Livestock, Fisheries and Food.
Sunday, May 20th 2007 - 21:00 UTC
Chile's ambitious project to triple beef production

In three years time Chile could triple its beef production from the current 247.000 annual tons to 750.000 tons according to the country's Cattle and Sheep Genetics improvement Council which depends from the Ministry of Agriculture.
Friday, May 18th 2007 - 21:00 UTC
China tightens credit and monetary policy to stem speculation

The People's Bank of China widened on Friday the fluctuation band of the Yuan, raised interest rates and curbed bank loans to tame a runaway economy and ease trade tensions with United States and Europe.
Thursday, May 17th 2007 - 21:00 UTC
Japan: rates unchanged at 0.5% as economy looses steam

The Bank of Japan on Thursday kept its key interest rate on hold at 0.5% after a recent slip in consumer prices but the country's chief banker cautioned about leaving rates “too low, too long”.
Thursday, May 17th 2007 - 21:00 UTC
World Bank begins nomination process to replace Wolfowitz

The World Bank Board announced late Thursday that President Paul Wolfowitz will resign June 30, putting an end to his two year controversial tenure finally undermined by the generous compensation he arranged for his girlfriend.
Thursday, May 17th 2007 - 21:00 UTC
Argentina's economy expands 8% in first quarter

Argentina's economy expanded 7.6% in March compared to a year ago and accumulated 8% growth in the first quarter of the year according to a release from the country's Statistics and Census Office.
Friday, May 11th 2007 - 21:00 UTC
Bank of England raises interest rates to six year high, 5.5%

The Bank of England on Thursday raised interest rates by 25 basis points to a six-year high of 5.5% as expected. It's the fourth increase in nine months, lifting the benchmark interest rate to its highest level since April 2001.
Friday, May 11th 2007 - 21:00 UTC
US March trade deficit up but 2007 first quarter is down 5.7%

The United States trade deficit widened by more than expected in March, as higher oil and petrol prices sent imports to the second-highest level on record.