Friday, September 25th 2015 - 23:14 UTC

“My most urgent task is to win back trust for the VW Group” said new CEO Mueller

Mr. Mueller is a veteran hand of the company and was head of Posche's sports car division.

Matthias Mueller has been named as Volkswagen (VW) chief executive in the wake of the scandal of rigged emissions tests in diesel cars. He succeeds Martin Winterkorn, who resigned on Wednesday. Mr. Mueller is a veteran hand of the company and was head of Posche's sports car division.

Friday, September 25th 2015 - 07:26 UTC

Argentina remains 'reluctant' and has 'reserves' about a trade accord Mercosur/ Europe

Argentina was 'very defensive' during the talks and foreign minister Hector Timerman abandoned the ministry by a side door

Mercosur foreign ministers meeting held this week in Paraguay to decide on the proposal to present the European Union for a trade agreement, apparently was not as “satisfactory” as announced because of Argentina's reluctance and 'reserves' about opening its market to the EU.

Friday, September 25th 2015 - 07:17 UTC

Brazil's Real recovers ground after Central bank promises to use all 'instruments available'

“In this process, all instruments are available for the central bank,” Tombini said. “Foreign reserves are an insurance that could and should be used.”

Brazil's depressed currency rebounded Thursday after the head of its central bank vowed to use all instruments in its arsenal to curtail the Real's collapse. Earlier in the day the Real tumbled to an all-time low of 4.248 to the U.S. dollar, but bounced back to 4.023 after central bank President Alexandre Tombini, in an unscheduled press briefing, did not rule out selling part of the country's $371 billion foreign reserves to calm the exchange rate market.

Friday, September 25th 2015 - 06:37 UTC

Minister Swire will open UK consulate in the Brazilian state of Minas Gerais

Swire will be accompanied on the occasion by UK ambassador in Brazil, Alex Ellis and staff from other British consulate offices in Brazil

The UK will be opening a general consulate office in Belo Horizonte, capital of Minas Gerais, one of Brazil's most dynamic states, which outstands both for agriculture and industrial production. Foreign Office minister for Latin America, Hugo Swire is scheduled to be present at the opening ceremony on Friday.

Friday, September 25th 2015 - 05:59 UTC

“Let the private sector make business with Falkland/Malvinas, a blockade in the Americas is unacceptable” said lawmaker Trobo

Trobo was in London this week and met for over an hour with Foreign Office minister for Latin American affairs Hugo Swire (L)

Uruguayan lawmaker Jaime Trobo said that a blockade in the Americas was 'unacceptable' and called for closer links between the Falkland/Malvinas Islands and the continent, urging the private sector to take advantage of the business opportunities in trade and services.

Thursday, September 24th 2015 - 09:05 UTC

Rousseff partial victory: Congress upholds vetoes cutting additional expenses

Congress voted to retain 26 of Rousseff's 32 vetoes on spending worth 127 billion Reais ($ 31.5 billion), including salary increases for government workers

Brazil's Congress on Wednesday voted to uphold most of President Dilma Rousseff's vetoes on billions of dollars in additional expenses, marking a partial victory for the president, who is fighting a weakening economy and calls for her ouster, plus a plunging currency.

Thursday, September 24th 2015 - 08:49 UTC

Aftershock fears for the symbol 'Made in Germany', following VW' scandal

One German newspaper has called it the “most expensive act of stupidity in the history of the car industry”.

Cars and the environment are two things that Germany cares so deeply about that they form part of the national character. So Germans are shocked to discover that for years the country's mightiest car manufacturer Volkswagen has been rigging environmental tests for diesel emissions in the US.

Wednesday, September 23rd 2015 - 11:09 UTC

France will appeal EU opt-out scheme to ban cultivation of GM crops

Monsanto's MON810 maize is the only GM crop grown in Europe, where it has been cultivated in Spain and Portugal for a decade

France is to use a new European opt-out scheme to ensure a ban on the cultivation of genetically modified crops in the country remains in place. The European Union's largest grain grower and exporter has asked the European Commission for France to be excluded from some GM maize crop cultivation under the new scheme, the farm and environment ministries said in a joint statement.

Wednesday, September 23rd 2015 - 10:11 UTC

Risk of 'corralito' (freeze of bank accounts) if Catalonia secedes from Spain

Linde recalled experiences in Latin American countries and most recently in Greece, where capital controls limited people’s ability to access their own assets.

Bank of Spain governor Luis María Linde on Monday stated that if Catalonia secedes from Spain, there could be a risk of a corralito, the popular term for economic measures that include a freeze on clients’ accounts, with the aim of halting a potential bank run.

Wednesday, September 23rd 2015 - 07:58 UTC

Volkswagen admits 11 million cars worldwide equipped with “cheating software”

“Everything will be laid on the table, as quickly, thoroughly and transparently as possible’’ CEO Winterkorn said, “...this must never happen again.’’

The scandal that has undermined Germany's Volkswagen in the United States spread to its core market of Europe on Tuesday, after the company admitted that eleven million of its diesel cars worldwide were equipped with software that was used to cheat on emissions tests in the US.


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