Michigan Radio: The Associated Press

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2:35pm

Mon January 2, 2012
Economy

Brazil Sets Trade Records, Due To Chinese Demand

Brazil had record trade figures in 2011, logging $256 billion in exports and maintaining a $29.7 billion surplus on the back of high commodity prices and strong Chinese demand, officials said Monday.

Exports to China hit $44.3 billion, an increase of more than 43 percent over 2010. In 2009 China surpassed the U.S. as Brazil's biggest trading partner.

"It was an exceptional year for Brazilian foreign trade," said Alessandro Teixeira, deputy trade minister, who said China represented 17 percent of Brazil's exports.

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1:51pm

Mon January 2, 2012
Economy

U.S. Auto Sales Seen Continuing To Rebound In 2012

After hitting a 30-year low in 2009, U.S. auto sales are poised for a second straight year of growth in 2012 — the result of easier credit, low interest rates and pent-up demand for cars and trucks created by the Great Recession.

The sales forecast bodes well for the industry's continued recovery and for the broader American economy.

Just two years ago, Detroit automakers were in peril. Car sales plunged as unemployment soared, and loans became harder to get. Chrysler and General Motors filed for bankruptcy protection. Ford avoided bankruptcy only by borrowing billions.

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6:26am

Mon January 2, 2012
World

Iran's Navy Tests Surface-To-Surface Missile

Iran's navy said it test-fired a surface-to-surface cruise missile on Monday during a drill in international waters near the strategic Strait of Hormuz, the official IRNA news agency reported.

The missile, called Ghader, or Capable in Farsi, was described as an upgraded version of a missile that has been in service before. IRNA said the missile "successfully hit its intended target" during the drill.

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