Argentine organized labour, CGT, sent over the week end strong messages to the government of President Cristina Fernandez a day after their leader Hugo Moyano in a comeback speech called government official pre-programmed ‘teacher’s pets” and anticipated a complicated round of salary negotiation with many ‘possible conflicts’.
Chancellor Angela Merkel tried to deflect growing international pressure on Germany to agree an increase in the Euro zone's bailout funds by saying talks were still continuing.
Brazil’s central government exceeded its budget target for 2011 by posting a primary surplus (excluding interest payments) of 93.5 billion Reais (53.7 billion dollars) for the year.
The credit ratings of Italy, Spain and three other Euro-area countries were cut by Fitch Ratings, which said the five nations lack financing flexibility in the face of the regional debt crisis.
Exxon Mobil Corp and Americas Petrogas Inc have “phenomenal” tight natural-gas prospects in Argentina and expect “explosive” output growth in 5 years, said Guimar Vaca Coca, managing director of Americas Petrogas.
The US economy grew at its fastest pace in one and a half years in the fourth quarter of 2011, but a strong rebuilding of stocks by businesses and a slower pace of spending on capital goods hinted at softer growth early this year.
Corn advanced heading for the biggest weekly gain in five as concerns that a renewed heat wave in Argentina and south Brazil may damage crops boosted demand for US grain. Soybeans were little changed.
Uruguay’s credit-rating outlook was raised on Thursday to positive by Moody’s Investors Service, which cited the government’s commitment to keeping its budget deficit in check.
United Kingdom’s Prime Minister David Cameron urged the European Union to take a “bold and decisive action” to curb the economic crisis hovering over the Euro Zone and also described the plan for a financial transaction tax as “simply madness”.
Billionaire investor George Soros said that German-driven austerity plans in Europe risk creating tensions that could splinter the region as it struggles with a debt crisis entering its third year.