Stories for May 2011

Saturday, May 28th 2011 - 07:18 UTC
Tough prospects for Japan: car output down; credit rating lowered and recession

A complicated week for Japan: car production in April plunged as manufacturers continue to face a shortfall in parts supply and credit rating agencies downgraded the outlook on the country’s debt to negative from stable.
Saturday, May 28th 2011 - 07:11 UTC
US Supreme Court confirms controversial Arizona anti-illegal immigrant employment law

The United States Supreme Court gave its blessing this week to one of the strong immigration control laws passed by the state of Arizona, a law that has served as a model for similar measures in other states.
Saturday, May 28th 2011 - 07:03 UTC
Mexico strikes major gas deposit in Gulf of Mexico deep water drilling

State-owned oil giant Petroleos Mexicanos, Pemex, announced this week it had struck between 400 billion and 600 billion cubic feet of natural gas and condensates at a deepwater well in the Gulf of Mexico.
Saturday, May 28th 2011 - 00:36 UTC
Uruguay successfully floats Samurai bonds; warnings of economy over-heating

Interest for Uruguayan ten-year bonds in Yens more than doubled the issue equivalent to 490 million US dollars. The bonds are guaranteed by Japan Bank for International Cooperation with a 1.6% yield.
Friday, May 27th 2011 - 22:42 UTC
Brazil/Argentina relations not contaminated by trade spat, in spite of industry worries

Robert da Fonseca, director of the Sao Paolo Industry Federation, FIESP admitted on Friday that Brazilian businessmen are “worried” with the commercial conflict that Argentina and Brazil face.
Friday, May 27th 2011 - 22:37 UTC
Chile’s pulp giant Arauco trebles profits in first quarter of 2011

Chile’s Arauco the forestry and pulp unit belonging to the Copec group, trebled profits in the first quarter boosted by higher international prices and sale volumes particularly pulp, according to the company’s latest financial report.
Friday, May 27th 2011 - 22:21 UTC
Brazilian government promises tax breaks in support of industry

Brazil will respond to the requests from industry and unions to reduce taxes to help boost local manufacturing and thus cut into the growing impetus of imports, promised Vice-President Michel Temer during a seminar sponsored by the powerful São Paulo Federation of Industries, FIESP, together with the two main organized labour unions.
Friday, May 27th 2011 - 22:07 UTC
Air France flight 447 stalled and in three and a half minutes crashed into the Atlantic

The Air France jet which crashed into the Atlantic en route from Rio in 2009 stalled and fell in three and a half minutes, French investigators report. The air accident investigations bureau (BEA) found the crew had struggled with contradictory speed readings just before the plane crashed.
Friday, May 27th 2011 - 22:03 UTC
Unasur Defence Council has to protect the region’s vast and strategic resources

The Union of South American Nations, Unasur, has among the objectives of the recently created South American Defence Council protecting the natural resources of the region which include 25% of the world’s drinking water and proven oil reserves estimated in 123 billion barrels of oil.
Friday, May 27th 2011 - 18:37 UTC
Lagarde too committed to the Euro to be nominated IMF chief, says top economist

Finance Minister Christine Lagarde is the wrong choice to head the International Monetary Fund as it gets deeper into the Euro-zone rescue, a former IMF chief economist said this week.