Stories for July 14th 2011

Thursday, July 14th 2011 - 23:50 UTC
Murdoch and son James think twice and agree to testify before British Parliament

Media tycoon Rupert Murdoch and his son James bowed late Thursday to threats to find them in contempt of British Parliament and agreed to testify about the phone-hacking scandal to lawmakers on July 19.
Thursday, July 14th 2011 - 22:53 UTC
Global economic prospects fragile and downside risks higher, says IMF

The International Monetary Fund called on emerging G-20 economies for a rapid macroeconomic policy tightening and demand rebalancing, while “pragmatic use of macro-prudential tools may be needed to manage large capital inflows”.
Thursday, July 14th 2011 - 22:18 UTC
IMF assessing quality of Argentina’s economic data reporting

IMF said on Wednesday that it is assessing the quality of Argentina's reporting on economic data based on a report presented by the fund’s management which recently visited the country member.
Thursday, July 14th 2011 - 22:09 UTC
Brazil has a “North Sea of oil” along its Atlantic coast, says Petrobras

Brazil’s oil reserves, including recent discoveries in deep waters of the Atlantic Ocean, are of a similar size to those found in the North Sea, said a Petrobras exploration official in an interview in London.
Thursday, July 14th 2011 - 22:01 UTC
Fitch upgrades Uruguay ratings on improved external and fiscal solvency ratios

Uruguay had its foreign currency issuer default rating raised to BB+ from BB by Fitch Ratings, which cited improved external and fiscal solvency ratios. The rating outlook was revised to stable from positive.
Thursday, July 14th 2011 - 19:11 UTC
Faklands government encourages young people to live and work in the Camp

In a bid to encourage young people to live and work in the Camp, the Falkland Islands Training Centre is now offering an Agriculture Apprenticeship following much research and planning that started in early 2010.
Thursday, July 14th 2011 - 18:38 UTC
Gibraltar’s current debt level makes Europeans “green with envy”

Gibraltar’s economy is performing well and its current debt levels are not a cause for concern said Professor Albrecht Ritschl from the London School of Economics interviewed by Radio Gibraltar to provide an independent assessment of the latest economic data presented in the local Parliament last week.
Thursday, July 14th 2011 - 18:31 UTC
Media tycoon Murdoch refuses a summons by British Parliament

Media tycoon Rupert Murdoch refused a summons by Britain's parliament to answer questions over alleged crimes at one of his newspapers, leaving a senior executive from his media empire to face lawmakers keen to break the media mogul's grip on politics.
Thursday, July 14th 2011 - 18:27 UTC
Bernanke warns Congress of “calamitous outcome” if the US defaults on its debt

Federal Reserve Chairman Ben Bernanke warned the United States Congress that overzealous cuts to government spending could derail an already fragile recovery and said a US debt default could wreak financial havoc.
Thursday, July 14th 2011 - 18:07 UTC
Falklands’ students reminded of dangers of 1982 minefields laid by Argentina

Falkland Islands students were reminded this week of the dangers of the 30 year old minefields, laid by the Argentines, surrounding the capital Stanley, when British forces’ experts visited the Infant and Junior School and the Community School.