Stories for July 16th 2012
International Monetary Fund on Monday cut its global growth forecast and warned that the outlook could dim further if policymakers in Europe do not act with enough force and speed to quell their region's debt crisis.
A worst-in-a-generation drought from stretching across the United States is damaging crops and rural economies and threatening to drive food prices to record levels. Agriculture, though a small part (1.2%) of the 15.5 trillion dollars US economy, had been one of the most resilient industries in the past three years as the country struggled to recover from the recession.
UniCredit SpA and Intesa Sanpaolo SpA were among 13 Italian banks that had long-term debt, deposit or issuer ratings cut by Moody’s Investors Service, which cited the government’s weakened creditworthiness.
English football club Manchester United retained their title as the world's most valuable sports team, according to an annual top 50 list released by Forbes on Monday that was dominated by National Football League (NFL) franchises.
A law giving gay and lesbian couples the right to marry in Argentina celebrated its second anniversary over the weekend. Argentina became the first Latin American country to legalize gay marriage after President Christina Fernandez signed the law on July 21, 2010.
Former Brazilian president Fernando Enrique Cardoso said that his country is rapidly loosing influence in South America to Venezuela, following on remarks about the suspension of Paraguay from Mercosur.
Borders & Southern Petroleum reported on Monday disappointing results in the Falkland Islands from the latest well to be drilled as part of the controversial search for oil in the South Atlantic islands over which Argentina claims sovereignty.
Britain’s Farnborough International Air-show opened last week with a joint flypast of the Red Arrows and the world’s last airworthy Avro Vulcan bomber XH558 commemorating the 30th anniversary of the Falklands War.
President Hugo Chavez underlined the significance of the defence cooperation memorandum signed between Venezuela and Argentina which is part of “the necessary strategic integration of the armed forces in the framework of Mercosur and turning the block into a military power”.
The Uruguayan economy is set to grow 3.57% in 2012 which is below the government’s forecast according to the latest analysts and businesspeople poll published last Friday by the central bank.