Economy

Tuesday, October 9th 2007 - 21:00 UTC
Banco del Sur will be launched on November in Caracas

Seven South American countries agreed to establish Banco del Sur, a regional development bank championed by Venezuelan President Hugo Chavez, in an effort to expand regional trade and growth with their own resources.
Tuesday, October 9th 2007 - 21:00 UTC
Chilean exporters howl as US dollar falls to below 500 pesos

The US dollar continued on Tuesday its rapid erosion and closed at 498 Chilean pesos, its lowest value against the local currency since 1999. So far this year the Chilean peso has appreciated 6.41% against the US dollar compared to 3.95% for the twelve months of 2006.
Tuesday, October 9th 2007 - 21:00 UTC
Cristina K rejects “monetarist” and “neo-liberal” economics

Argentine Senator Cristina Fernandez de Kirchner said if elected president her administration would discard “monetarist” and “neo-liberal” solutions to combat any outbreak of inflation, which has become the main campaign issue of those opposing her husband President Nestor Kirchner.
Tuesday, October 9th 2007 - 21:00 UTC
EU farmers lobby for ban on Brazilian meat imports

The European Union may resort to a ban on Brazilian meat imports if the country does not improve food safety standards, the European Union's health chief said on Tuesday addressing members of the European Parliament.
Monday, October 8th 2007 - 21:00 UTC
Greenspan says US economic growth slowing

Alan Greenspan, who served for 19 years as chairman of the Federal Reserve and has made a new splash with a memoir critical of Republicans and the Bush White House for not getting better control over federal spending, says today that the odds of a recession in coming months are “less than 50-50”.
Monday, October 8th 2007 - 21:00 UTC
Region gives final touches to launching of Bank of the South

Economy and Finance ministers from all South American countries, except for Peru and Colombia, are meeting Monday in Brazil to discuss final details of a regional development financial institution sponsored by Venezuela's President Hugo Chavez.
Monday, October 8th 2007 - 21:00 UTC
IMF Rato warns Latam about impacts of US sub prime crisis

The credit squeeze will force governments worldwide to make substantial changes to their budget plans, Rodrigo Rato, outgoing managing director of the International Monetary Fund, has warned. He said that the credit squeeze was a “serious crisis” that was not over yet and would curtail growth worldwide.
Monday, October 8th 2007 - 21:00 UTC
Argentine dairy farms tempted to turn to wheat and soy

Farmers from Argentina's dairy belt, one of the most productive in the world are considering converting into cereals and oil seeds given the low reference prices imposed by the Argentine government.
Saturday, October 6th 2007 - 21:00 UTC
Record budget surplus in Chile this year: 8.1% of GDP

Because of high copper prices, Chilean treasury officials now believe that they will end the year with a historic budget surplus of 8.1% of the Gross Domestic Product (GDP).
Friday, October 5th 2007 - 21:00 UTC
Soaring wheat prices cause food crises in poor countries

Up to 36 countries worldwide are facing food crises at a time when the price of wheat has hit record levels and stocks are described as worryingly low by the latest crop and food situation report published by the UN Friday.