Stories for October 12th 2011

Wednesday, October 12th 2011 - 21:30 UTC

UK unemployment at its highest since 1994 reaches 2.57 million

Young people hit the hardest

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.

Wednesday, October 12th 2011 - 21:28 UTC

Slovakia parties agree to vote for Euro rescue plan, and advance elections

PM Iveta Radicova lost a confidence vote

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.

Wednesday, October 12th 2011 - 21:27 UTC

US labour market remains ‘serious challenge’ admits Fed ‘hawk’

Charles Plosser, president of the Philadelphia Federal Reserve Bank

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.

Wednesday, October 12th 2011 - 21:26 UTC

EC president calls for decisive action on Euro banks recapitalization and Greece

Jose Manuel Barroso said confidence must be restored

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.

Wednesday, October 12th 2011 - 21:25 UTC

Argentine president improving from hypotension bout resumes activities Thursday

CFK was scheduled to open state of the art publishing plant to promote book publishing in Argentina

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.

Wednesday, October 12th 2011 - 06:39 UTC

Falklands Desire Petroleum and Rockhopper reach farm-out agreement and on new drillings

A well will be drilled during the current campaign using the Ocean Guardian rig.

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.

Wednesday, October 12th 2011 - 06:27 UTC

S&P and Fitch downgrade main Spanish banks ratings on “dimmed” prospects

“We no longer see 2012 as a turnaround year for Spanish banks” said S&P.

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.

Wednesday, October 12th 2011 - 06:00 UTC

Colombia supports Palestinian state, but insists negotiations with Israel are crucial

Mahmud Abbas with Colombian president Santos (Photo AFP)

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.

Wednesday, October 12th 2011 - 05:58 UTC

Uruguayan president on ten-day European trade and business tour

Mujica expects to promote trade and investments

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.

Wednesday, October 12th 2011 - 05:56 UTC

Great moment for Latin America but “beware of complacency”

Garcia said the region’s governments are ‘scared’ of the magnitude of the Euro and US crises

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.

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