Tuesday, Jun 27th

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Colombia in peace talks with FARC

Colombian President Juan Manuel Santos and the top leader of Colombia’s one of the most ferocious rebel groups on Wednesday announced a breakthrough in peace negotiations to de-escalate the decades-long armed conflict.

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Puerto Rico slides into default on bond payment

The debt-burdened Puerto Rico failed to meet a $58 million bond payment deadline Monday, triggering one of the biggest municipal defaults in US history. The government confirmed that it did not have the appropriate fund available to pay more than $50 million due on bonds after a desperate effort to stay afloat.

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Cuba undervalues currency to match US dollar

Cuba undervalues currency to match US dollar

Cuba is diminishing its currency by about 8 percent compared to the United States dollar as part of efforts to revitalize the economy. The hard-currency exchangeable peso utilized mostly by foreign firms and tourists will now be as equal as the dollar. The central bank asserted the objective was to increase local production and exports.

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Brazil firms Petrobras and Vale post record profits

Brazil firms Petrobras and Vale post record profits

Brazil's two largest firms have registered record profits for 2010, which is a good sign for the South American nation's growing economy. The oil giant Petrobras - which is partly state-owned - registered $20bn (£12.4bn).

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Brazil pledges 50bn reais of spending cuts

Brazil pledges 50bn reais of spending cuts

Brazil's government has said it'll implement 50bn reais ($30bn; £19bn) of spending cuts in order to curb inflation and help to prevent the economy from overheating. Finance Minister Guido Mantega said all stimulus packages introduced since the onset of the worldwide financial crisis would be removed.

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