Stories for August 3rd 2011

Wednesday, August 3rd 2011 - 22:27 UTC
UK Commons Defence Select Committee warns about level of military cuts

Senior British MPs launched on Wednesday their latest stinging attack on the UK government’s defence cuts, saying they could leave the military overstretched, reports the Portsmouth press.
Wednesday, August 3rd 2011 - 22:11 UTC
“Buy Brazil Act” and Super Real are here to stay, says Minister

Brazil's strong currency (the so-called Super Real) is here to stay, and businesses have to get used to this new environment, said Trade and Industry Minister Fernando Pimentel a day after the government announced a massive industry support program which was described is the equivalent of the US “Buy America Act”
Wednesday, August 3rd 2011 - 22:06 UTC
IDB approves a financial support plan of 1.8 billion dollars for Uruguay

The Inter American Development Bank, IDB, approved this week a new country ambitious strategy with Uruguay with a financial plan for the period 2010–2015 of up to 1.8 billion dollars of for sovereign-guaranteed loans.
Wednesday, August 3rd 2011 - 22:02 UTC
Uruguay’s second pulp project receives 200 million loan from IDB

The Inter-American Development Bank (IDB) approved a 200 million dollars loan for Uruguay’s second major pulp mill investment, Celulosa y Energía Punta Pereira S.A. and Zona Franca Punta Pereira S.A., belonging to the Montes del Plata Group.
Wednesday, August 3rd 2011 - 06:58 UTC
CFK and Mujica underline ‘importance of dialogue’ and overcoming conflicts

President Cristina Fernandez de Kirchner, CFK, underlined the importance of dialogue between Argentina and Uruguay which enable to overcome ‘conflicts’, while her Uruguayan peer Jose Mujica said that the “good neighbours” policy is the only way forward and a win-win situation for both sides.
Wednesday, August 3rd 2011 - 06:53 UTC
China Dagong agency downgrades US credit rating from A+ to A with negative outlook

Chinese rating agency Dagong Global Credit Rating Co. said Wednesday it has cut the credit rating of the United States from A+ to A with a negative outlook after the U.S. federal government announced that the country's debt limit would be increased.
Wednesday, August 3rd 2011 - 02:53 UTC
Uruguay disappointed with Indian group downgrading iron-ore project priority

The Uruguayan government was taken aback by the announcement that the Indian iron-ore mining group Zamin Ferrous has decided to downgrade the priority of its several hundred millions dollar project in Uruguay from position one to four.
Wednesday, August 3rd 2011 - 00:31 UTC
Brazil announces 16bn dollars plan to prop industry and weaken the Super Real

A package of tax breaks and incentives unveiled Tuesday by Brazilian president Dilma Rousseff represent a good start to help local companies overcome competitive challenges presented by adverse local and global economic factors, but still fall short of what's needed, Brazilian industrial leaders said.
Wednesday, August 3rd 2011 - 00:10 UTC
China says there’s no way of escaping dollar dominance… in the short term

United States' debt woes still threaten the global economy despite the last-minute deal struck by the White House and political party leaders, China's main official newspaper said on Tuesday, adding there was no short-term escape from the dominance of the dollar.