Economy

Thursday, June 7th 2007 - 21:00 UTC
With inflation under control Brazil lowers basic rate to 12%

Brazil's Central Bank on Wednesday shaved 50 points of the Selic reference interest rate which now stands at 12% a historic low and in line with market expectations.
Thursday, June 7th 2007 - 21:00 UTC
Euro basic interest rate hiked to 4% and further rises hinted

The European Central Bank raised its key interest rate by 25 points to 4% Wednesday and hinted that further hikes could come to tame inflation in a dynamic euro-zone economy.
Thursday, June 7th 2007 - 21:00 UTC
Uruguay's May inflation 0.76% and 5.37% in five months

Uruguay's consumer prices index increased 0.76% in May, totaling 5.37% in the first five months of the year and 8.25% in the last twelve months, according to the country's Statistics Institute.
Thursday, June 7th 2007 - 21:00 UTC
Spain needs more immigrants to sustain economic growth

Immigrants who live and work in Spain generated over half of the country's economic growth in the last five years, according to the report “España 2007” from the Encuentro Foundation which estimates that foreigners living in Spain represent 10% of total population, almost 4.5 million people.
Thursday, June 7th 2007 - 21:00 UTC
Venezuela and allies after defense bloc and development bank

President Hugo Chavez called for the creation of a common defense pact between Venezuela, Cuba, Nicaragua and Bolivia and announced the creation of a development bank to finance joint projects for the four countries.
Thursday, June 7th 2007 - 21:00 UTC
Argentina estimates annual inflation in the range of 9.5 to 10%

Argentine Economy minister Felisa Miceli estimated inflation this year will range between 9.5 and 10%, following the release of the May index, 0.4%. She also announced that the issuing of a bond in local currency to soak liquidity from the money market was very successful
Thursday, June 7th 2007 - 21:00 UTC
UK interest rate unchanged at 5.5% but inflation still above target

The Bank of England left Thursday UK interest rates unchanged at 5.5% but analysts say a rate rise later this year remains likely. UK rates have been increased four times since August last year in an attempt to rein in inflation.
Tuesday, June 5th 2007 - 21:00 UTC
Uruguay exports 70% of its milk production industrialized

Uruguay exports 70% of its milk production, which represents 280 million US dollars of income annually, according to figures released this week by the Uruguayan government in Montevideo.
Tuesday, June 5th 2007 - 21:00 UTC
Zoellick makes the round of World Bank members

Robert Zoellick, US President George W. Bush's choice to run the World Bank, is embarking on a US government-paid global tour to Africa, Europe and Mexico and Brazil in Latin America, as the US seeks to mend relationships strained by the turbulent tenure of the bank's outgoing president.
Tuesday, June 5th 2007 - 21:00 UTC
US economy set to rebound in spite of housing slump

The chairman of the United States Federal Reserve Ben Bernanke forecasted Tuesday the US economy will rebound in spite of the slump in housing and the “somewhat elevated” inflation.