Economy

Tuesday, October 30th 2012 - 07:11 UTC
Petrobras confirms: no fuel price increases in the immediate future

Municipal elections are over and the Brazilian government had a good performance at the polls having recovered among others the City of Sao Paulo, but contrary to investors’ expectations, the country’s oil and gas corporation Petrobras will not be hiking gasoline prices in the immediate future.
Monday, October 29th 2012 - 14:16 UTC
Mercosur and EU committed to continue advancing in trade and political talks

The Brazilian Foreign ministry revealed in a brief release that during October discussions between Mercosur and the European Union representatives both sides “confirmed their commitment to advance negotiations to achieve a wide ranging, balanced and ambitious agreement”.
Monday, October 29th 2012 - 12:31 UTC
Wall Street closes down Monday, Tuesday as hurricane Sandy advances on New York area

Wall Street stock and options markets will be closed on Monday and possibly Tuesday, the exchange operator said, going back on a plan that would have kept electronic trading going on Monday.
Monday, October 29th 2012 - 12:26 UTC
With the charisma of Lula da Silva, Brazilian ruling party takes control of Sao Paulo city

Fernando Haddad of Brazil’s ruling Workers Party, a protégé of ex-president Lula da Silva, won Sao Paulo’s mayoral runoff election, according to official results. With 92% of ballots counted, Haddad had secured 56% to defeat his opposition rival and former presidential candidate Jose Serra of the Brazilian Social Democratic Party who received 43.9%.
Saturday, October 27th 2012 - 04:23 UTC
Argentina rejects bonds’ discrimination ruling and will go to US Supreme Court

Argentina downplayed the significance of the US Appeals Court ruling in support of investment funds that were ‘discriminated’ in the payment of their sovereign bonds vis-à-vis those that accepted the restructure of the massive 2002 Argentine default.
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 - 21:15 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.