Economy

• Monday, July 23rd 2012 - 20:16 UTC

  Spain’s economy sinks deeper into recession; financial costs balloon

  

  Spain's economy sank deeper into recession in the second quarter, its central bank said as investors spooked by an undeclared funding crisis in its regions pushed the country ever closer to a full bailout

• Monday, July 23rd 2012 - 20:02 UTC

  Sao Paulo benefits from Argentina’s lack of “legal and economic security”

  

  The President of Investe São Paulo -the gateway for companies that intend to settle their operations in the Brazilian state- referred to the ongoing foreign investment boom in the neighbouring country is due in part to the “lack of both legal and economic security that Argentina and its government have.”

• Monday, July 23rd 2012 - 09:20 UTC

  ECB chief says “Euro is irreversible”; praises will to create supranational bodies

  

  European Central Bank President Mario Draghi said that the Euro was not in danger despite some analysts' worse case scenarios for a break-up and said that greater financial, budgetary and political union among Euro zone countries was inevitable.

• Monday, July 23rd 2012 - 08:55 UTC

  Brazil corrects IMF: outdated facts, credit expansion slower and inflation under control

  

  The Brazilian government questioned as outdated the latest IMF report, released Friday July 20, in which the Fund calls for more domestic savings and greater attention to inflation.

• Monday, July 23rd 2012 - 08:46 UTC

  The global super-rich have at least 21trillion dollars hidden in secret tax havens

  

  The global super-rich elite had at least 21 trillion dollars hidden in secret tax havens by the end of 2010, according to a major study. The figure is equivalent to the size of the US and Japanese economies combined.

• Monday, July 23rd 2012 - 08:41 UTC

  Euro-zone countdown for Greece: Germany and IMF will not yield on austerity measures

  

  German Finance Minister Wolfgang Schaeuble warned Greece in a newspaper interview Monday that it must redouble efforts to comply with bailout conditions imposed by international creditors. “If there were delays, Greece must make up for them,” he told the daily Bild.

• Monday, July 23rd 2012 - 04:15 UTC

  After 18 years of negotiations Russia is member of World Trade Organization

  

  President Vladimir Putin signed the bill ratifying Russia’s entry to the World Trade Organisation after 18 years of often acrimonious negotiations, the Kremlin press office said.

• Monday, July 23rd 2012 - 04:06 UTC

  EU parliament president warns economic crisis could spark “social explosion”

  

  European Parliament president Martin Schulz warned this weekend that Spain's economic crisis could spark a “social explosion” across the continent.

• Saturday, July 21st 2012 - 07:45 UTC

  Good signals from the Brazilian economy: inflation picks up in mid July

  

  Consumer prices in Brazil rose faster than expected in the month to mid-July on higher food costs, suggesting the central bank may have less room than previously believed to cut interest rates much further.

• Saturday, July 21st 2012 - 07:38 UTC

  Brazilian government cuts 2012 growth forecast from 4.5% to 3%

  

  The Brazilian government said Friday it was cutting its economic growth forecast for this year from 4.5% to 3% due to the impact of the global slowdown. However the figure is still higher than the 2.5% predicted by the Central Bank.