Stories for June 23rd 2011

Thursday, June 23rd 2011 - 23:19 UTC
Release of strategic reserves (to counter Libya’s absence) rattles world oil market

Oil rose in New York, recovering from a plunge sparked by an International Energy Agency announcement that its members will release crude from strategic reserves.
Thursday, June 23rd 2011 - 22:49 UTC
Former IMF head admits to made many silly mistakes and errors with Argentina

Former managing director of the IMF, Michel Camdessus admitted Thursday in Buenos Aires that during his time working for the organization, they 'made many mistakes with Argentina,' particularly highlighting the 90s.
Thursday, June 23rd 2011 - 22:28 UTC
Paraguay’s economy expands 4.6% in first quarter; down 0.7% from previous quarter

Mercosur full member Paraguay’s economy expanded 4.6% in the first quarter of 2011 compared to a year ago boosted by agriculture in spite of a slowdown in cattle farming and construction, according to the country’s Central bank latest report.
Thursday, June 23rd 2011 - 22:17 UTC
In spite of Asian rust and GSS, Paraguay confirms record crop of soy beans

In spite of bouts of Asian rust and the appearance of the ‘green stem syndrome’, GSS, Paraguay harvested a record 8.3 million tons of soy beans with a yield of 2.917 kilos per hectare and a 7.1% expansion of the area dedicated to the oilseed.
Thursday, June 23rd 2011 - 21:31 UTC
Brazilian president ‘votes’ for Cristina Fernandez and anticipates re-election

Brazilian president Dilma Rousseff said she is convinced of her Argentine peer Cristina Fernandez de Kirchner re-election victory next October 23. Argentina is Brazil’s main associate in Mercosur and third trade partner.
Thursday, June 23rd 2011 - 18:04 UTC
G20 farm ministers agree to boost output and food market transparency

The G20 farm ministers’ summit in Paris agreed on Thursday measures to tackle high food prices in a deal that steered clear of divisive details and paved the way to greater international cooperation on sensitive agricultural issues.
Thursday, June 23rd 2011 - 18:01 UTC
Italy’s Dragui confirmed at the next president of the European Central Bank

The European Parliament formally endorsed on Thursday Italy's Mario Draghi to be the next president of the European Central Bank. European Union leaders are expected to give their formal backing to the appointment at a summit allowing Draghi, 63, to take over as head of the bank when Jean-Claude Trichet steps down at the end of October.
Thursday, June 23rd 2011 - 17:53 UTC
The volcanic ash cloud fools forecasts: flights to Argentine Patagonia delayed

The Puyehue volcano ash cloud has again fooled forecasts and submitted air travellers to further misery. A number of flights to Argentine Patagonia were cancelled Thursday morning due to the shift in the movement of the lingering ash cloud and was predicted to reach Buenos Aires Province over the course of the next few hours.
Thursday, June 23rd 2011 - 17:49 UTC
Argentine Patagonia faces major agriculture and tourism disaster

While air passengers in the Southern hemisphere continue exposed to the vicissitudes of the volcanic ash cloud Patagonian farmers have a much serious problem: feeding 1.5 million sheep and livestock when fields are covered with sludge of volcanic debris and snow.
Thursday, June 23rd 2011 - 13:23 UTC
Chile’s fourth retail chain collapses under 1bn USD debt; super manager contracted

La Polar, Chile’s fourth largest retail chain is in deep water. Company stock has fallen 80% in the last two weeks and the entire board of directors has offered to resign.