Economy

• Wednesday, October 10th 2012 - 08:13 UTC

  Foreign exchange clamp forces Argentine province to pay dollar bonds in pesos

  

  The foreign exchange clamp in Argentina is reaching the provinces, one of which at least was unable to honor maturing bonds in dollars and made the payment in Argentine Pesos.

• Wednesday, October 10th 2012 - 08:05 UTC

  Argentine security forces reject government offer and continue conflict

  

  Argentina Coast and Border Guards voted on Tuesday to continue with the eight day conflict after they considered ‘insufficient’ the government’s reply to their demands of higher salary and improved working conditions.

• Tuesday, October 9th 2012 - 21:21 UTC

  Australia becomes world’s 12th economy ahead of Spain, Korea and Mexico

  

  Australia has become the world's 12th biggest economy as it continues to out-grow recession-ravaged parts of Europe. New figures from the IMF confirmed Australia had replaced Spain as the 12th biggest economy as measured by GDP at market exchange rates.

• Tuesday, October 9th 2012 - 21:07 UTC

  World Bank further lowers China’s growth prospect as Euro zone and US falter

  

  World Bank has lowered its growth forecast for China citing weak demand for its exports and lower investment growth. The bank said it expects China's economy to grow by 7.7% this year, down from its projection of 8.2% in May.

• Tuesday, October 9th 2012 - 20:34 UTC

  Economic downturn in Spain: Red Cross to make first ever public appeal

  

  The Red Cross is to make its first ever public appeal in Spain to help those affected by the economic crisis. It will ask Spanish people to donate money to help 300.000 of the most vulnerable people.

• Tuesday, October 9th 2012 - 20:15 UTC

  Ghana court to rule Thursday on the release of Argentina’s Navy vessel

  

  The case of the seized Argentine naval ship ARA Libertad was heard on Tuesday by a Ghana Commercial Court which will rule on Thursday whether to release the vessel impounded on arrival last week at the Port of Tema, according to the official Ghana News Agency.

• Tuesday, October 9th 2012 - 10:48 UTC

  Brazil and Argentina mend trade fences: end to impediments for fruit and pork

  

  Brazil announced on Monday it had fully restored agriculture trade with Argentina which means there should be no further impediments or red tape for Argentine fruit or for Brazilian pork.

• Tuesday, October 9th 2012 - 04:07 UTC

  Chinese auto manufacturers flocking to open plants in Brazil

  

  Anhui Jianghuai Automobile Co Ltd has become the latest Chinese automaker to invest in a production project in Brazil, the world's fourth-largest automobile market, to avoid the high taxes on imported vehicles.

• Tuesday, October 9th 2012 - 03:15 UTC

  IMF top economist points to global uncertainty; wishes forecasts were ‘inaccurate’

  

  The IMF cut its global growth forecast for the second time since April and warned US and European policymakers that failure to fix their economic ills would prolong the slump.

• Tuesday, October 9th 2012 - 03:10 UTC

  Euro-zone launches 500bn bailout fund; Spain “needs no aid program”

  

  Euro-zone finance ministers launched their permanent 500 billion Euro bailout fund on Monday but said Spain, the country widely expected to be first to draw on it, was taking steps to overhaul its economy and did not need a bailout for now.