Stories for December 2010

Wednesday, December 8th 2010 - 05:07 UTC
Argentina discovers in Patagonia largest gas reserve in 35 years

Argentine President Cristina Fernández de Kirchner was in charge of leading the Tuesday ceremony in which Repsol-YPF announced the discovery of a massive shale gas reserve, the largest in 35 years that could help the country reduce its imports of the fuel.
Wednesday, December 8th 2010 - 04:56 UTC
IMF criticizes Europe’s disjointed response to the Euro debt crisis

The head of the International Monetary Fund criticized Europe's disjointed response to the Euro zone debt crisis after Germany and other states resisted his calls for bolder action.
Wednesday, December 8th 2010 - 04:50 UTC
Antarctic luxury cruise vessel heading for Ushuaia after suffering engine failure

A Maltese-flagged cruise ship with 160 people on board which on Tuesday declared an emergency as it was sailing across the Drake Passage off the southern tip of South America is limping back to Ushuaia, its port of destination, according to a release from the Argentine Navy.
Wednesday, December 8th 2010 - 00:58 UTC
Higher rates expected to dent into Brazil’s booming auto sales

Interest rates on financing car sales without a down payment have almost doubled in Brazil following last week’s liquidity tightening measures from the central bank, reports O Estado de Sao Paulo, adding that higher financial costs could dent automobile sales by as much as 20%.
Tuesday, December 7th 2010 - 20:26 UTC
Paraguay will not attend Mercosur summit if Argentina doesn’t lift fluvial blockade

Landlocked Paraguay has called on Argentina to put an end to the blockade of Paraguayan maritime agencies which has virtually cut the country’s foreign trade. Paraguayan Foreign Affairs minister Hector Lacognata also revealed that if the month-long issue is not solved in the next few days, “Paraguay will be absent from the coming Mercosur summit December 15”.
Tuesday, December 7th 2010 - 19:33 UTC
Brazil’s multi-billion jet fighter purchase will be decided by Dilma Rousseff

Brazilian President Lula da Silva has said he will not make a decision on a multi-billion-dollar jet fighter purchase before stepping down on January 1, state media reported.
Tuesday, December 7th 2010 - 19:27 UTC
Lula da Silva promises to veto bill on oil royalties sharing plan

Brazilian President Lula da Silva said on Tuesday he would veto a plan to change the distribution of oil royalties among state governments, paving the way for the implementation of a legal overhaul of Brazil's oil sector.
Tuesday, December 7th 2010 - 18:50 UTC
HSBC sued 9 billion USD by Maddoff’s investment liquidation trustee

The trustee for the liquidation of Bernard Madoff's investment firm is suing HSBC for 9 billion USD. Irving Picard, who is seeking to recover funds on behalf of Madoff's victims, is alleging 24 counts of fraud and misconduct against the bank.
Tuesday, December 7th 2010 - 18:46 UTC
US Treasury admits making 12 billion profit with Citigroup rescue package

The US Treasury has sold its remaining stake in Citigroup, in a deal which it says will make a 12 billion USD profit on its overall investment. Citigroup was one of the worst victims of the financial crisis, and the US government stepped in with 45 billion bail-out cash in 2008 and 2009.
Tuesday, December 7th 2010 - 18:38 UTC
EU ministers agree food labelling with nutritional content shown on packaging

European Union Health and Consumption ministers have agreed rules that will require the nutritional content of food to be shown on packaging.