Stories for October 12th 2011
UK unemployment at its highest since 1994 reaches 2.57 million
Unemployment in Britain has jumped to its highest level since 1994, with young people hit hardest as private companies fail to make up for job losses in the public sector, piling pressure on the government to boost a stagnant economy.
Slovakia parties agree to vote for Euro rescue plan, and advance elections
Parties in Slovakia's fallen government struck a deal with the leftist opposition Wednesday to ratify a plan to bolster the Euro zone's rescue fund by Friday, effectively ending a crisis that had threatened the currency's main safety net.
US labour market remains ‘serious challenge’ admits Fed ‘hawk’
The September jobs report was “a bit of positive news”, but the pace of jobs growth is still too slow to make a significant dent in the unemployment rate, a Federal Reserve policymaker said Wednesday.
EC president calls for decisive action on Euro banks recapitalization and Greece
The president of the European Commission called Wednesday for EU leaders to bring forward the introduction of a permanent rescue mechanism for states to mid-2012 from mid-2013 and called for more rigorous capital standards for banks.
Argentine president improving from hypotension bout resumes activities Thursday
President Cristina Fernández de Kirchner showed “improvement” after suffering from a bout of hypotension Tuesday and will resume presidential activities as of Thursday, said doctors from the Government House.
Falklands Desire Petroleum and Rockhopper reach farm-out agreement and on new drillings
Falkland Islands Desire Petroleum plc announced Wednesday that it has agreed the terms of a farm-out agreement, subject to the approval of the Falkland Islands Government, with Rockhopper Exploration PLC over the northern section of its Tranche D (PL004) licence.
S&P and Fitch downgrade main Spanish banks ratings on “dimmed” prospects
Spanish banks including Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA had their ratings cut by Standard & Poor’s, which cited “dimming” growth prospects and “heightened” market turbulence.
Colombia supports Palestinian state, but insists negotiations with Israel are crucial
Palestinian leader Mahmud Abbas left Colombia empty-handed Tuesday after failing to secure support from President Juan Manuel Santos for his bid to gain state recognition at the United Nations.
Uruguayan president on ten-day European trade and business tour
Uruguayan president Jose Mujica left on Tuesday for a ten day visit to Europe that will take him to Sweden, Norway, Germany and Belgium, where he is expected to promote trade, investments and economic development.
Great moment for Latin America but “beware of complacency”
Latin America is going through a “great moment” but can’t be complacent when the European Union and the US are facing major challenges, and the region must definitively address the large integration challenges, warned Enrique García, head of the Andean Promotion Corporation, CAF.
