Stories for October 26th 2012

Friday, October 26th 2012 - 21:33 UTC
US economy beats forecasts and expands on stronger consumer spending

The economy expanded more than forecast in the third quarter, paced by a pickup in consumer spending, a rebound in government outlays and gains in residential construction. GDP rose 2% annual rate after climbing 1.3% in the prior quarter, Commerce Department figures showed on Friday.
Friday, October 26th 2012 - 21:30 UTC
Spain unemployment and economic situation only comparable to Franco’s days

Spain's unemployment rate hit a record high in the third quarter, with one in four out of work and more expected to lose their jobs in 2013 as the next phase of government cutbacks kicks in.
Friday, October 26th 2012 - 21:27 UTC
End of bunga-bunga: ex PM Berlusconi handed jail sentence for tax fraud

Former Italian Prime Minister Silvio Berlusconi has been handed a jail sentence and barred from office after being found guilty of tax fraud. The Milan court sentenced him to four years but later cut it to one year because of an amnesty law.
Friday, October 26th 2012 - 21:20 UTC
Vulnerable Brazil: 53 million people in 11 states in the dark for over four hours

A massive blackout left as many as 53 million Brazilians in the dark late Thursday and early Friday, the latest in a string of energy shortages that have raised questions about whether Brazil's infrastructure is keeping pace with economic growth.
Friday, October 26th 2012 - 21:15 UTC
Chile places 1.5bn dollar-bonds at lowest financing cost of any emerging country

Chile placed 1.5 billion in dollar-denominated bonds on international markets at historic yields, giving the country the lowest borrowing cost of any emerging country, Finance Minister Felipe Larrain said on Thursday.
Friday, October 26th 2012 - 20:39 UTC
US Court rules against Argentina: all bondholders must be treated equally, including hold outs

US appeals court ruled Argentina discriminated against bondholders who refused to take part in massive debt restructurings in 2005 and 2010 by deciding to pay them later than bondholders who agreed to participate.
Friday, October 26th 2012 - 20:25 UTC
Falklands estimates oil earnings at 25% of gross value of the resource extracted

The Falkland Islands Government (FIG) is likely to earn somewhere in the region of 25 to 30% of the gross value of the oil resource spread over an expected field life of 25 years, it was stated at a public meeting in the capital Stanley earlier this week.
Friday, October 26th 2012 - 07:24 UTC
Falklands’ 2013 referendum: determined to be masters of their future

A group of Central American journalists recently visited the Falkland Islands for a week as guests of the Foreign Office together with Bruce Callow from the UK Costa Rica embassy. During Mr Callow wrote in his blog about the experience regarding important issues for the Falklands such as the referendum next March on the future of the Islands.
Friday, October 26th 2012 - 07:11 UTC
Believe it or not: Falklands, a nation with a comfortable budget surplus

The Falkland Islands Government accounts showed a surplus of £4.297 million compared to a revised budget surplus of £2.448 million (a positive performance of £3.190 million) for the first three months of the 2012/13 financial year, according to the Financial Management Report presented this week to the Standing Finance Committee.
Friday, October 26th 2012 - 07:06 UTC
Falklands to build a new deep-water port to cater for the oil and gas industry

The Falkland Islands will have a new deep-water port facility capable of meeting the demands of all incumbent industries it was announced following this week's meeting of Executive Council (ExCo).