Economy
EconomyBrazilean central bank inflation warning; rate hike expected in January
Brazil's central bank reiterated Wednesday its clear commitment to raise interest rates soon, as the outlook for inflation has become “far less favorable” than it had previously thought.
Brazilian soy crop estimate up; coffee prices reach a 13-year high
Soybean growers in Brazil, the world’s largest producer after the U.S., may harvest more of the oilseeds next year than the government estimated earlier this month, Agriculture Minister Wagner Rossi said on Wednesday.
Oil World reduces Argentine soybean crop estimates because of lack of rain
Oil World has for a second time in two weeks reduced Argentina soybean crop hopes warning that, thanks to dry weather, it could be on course for a fall of more than 20%.
Ernst & Young accused of helping Lehman Brothers hide financial problems
New York prosecutors sued Ernst & Young, accusing the accounting firm of helping to hide Lehman Brothers Holdings Inc's financial problems, the first major government legal action stemming from the Wall Street bank's 2008 downfall.
Portugal on notice for possible credit rating cut in next three months
Portugal was put on notice that its credit rating could be cut and fellow Euro zone debtor Spain had to pay more to issue new debt, suggesting the currency bloc's crisis will rage unabated in 2011.
OECD says Spain needs urgent labour market and tax reforms
Spain is slowly emerging from recession but needs to cut spending further and introduce labour market reforms, the Organisation for Economic Co-operation and Development (OECD) has said.
Chile’s government determined to make oil company ENAP “economically viable”
Chile's government wants to make state-owned oil and gas company Empresa Nacional del Petroleo SA, (ENAP) “economically viable” through a management overhaul and streamlining of production.
Brazilian exports set to increase 12% in 2011 reaching 220 billion US dollars
Following the 30% expansion in 2010, Brazilian exports are forecasted to grow 12%, in 2011 according to Foreign Trade Secretary Weber Barral. He added that in 2010 the recovery was quite strong compared to the downturn of 2009, but in 2011 global trade growth rate is expected to slow down.
Toyota expects strong showing from production and sales overseas
Toyota, the largest car-maker in the world is forecasting a 2% rise in global production across Toyota, Daihatsu and Hino models to 8.69 million units, compared to this year’s expected global output of 8.55 million units. Overseas production next year is expected to rise 6% to 4.81 million units, offsetting a 4% drop in domestic output to 3.89 million units.
Unemployment is going down in Latam but job-quality has become the challenge
Latin America and the Caribbean experienced rapid employment recovery in 2010 to pre-crisis levels, according to data provided by the International Labour Organisation (ILO). However, the quality of jobs now being offered to those made jobless in the contracted worldwide recession over the past two years is fast becoming a problem in itself.
