Economy

• Tuesday, July 3rd 2012 - 02:16 UTC

  Euro zone unemployment reaches another record high in May

  

  Joblessness in the Euro zone rose to a new record high in May, pushed up by lay-offs in France, Spain and even stable Austria, as the several years long debt crisis continues to eat away at the currency bloc's fragile economy.

• Tuesday, July 3rd 2012 - 01:37 UTC

  ECB tells Greece to implement reforms: forget about “softer” austerity program

  

  Greece must not lose time trying to renegotiate its foreign bailout but focus on reforms instead, European Central Bank policymaker Joerg Asmussen said on Monday, in a blow to Greek hopes of winning quick concessions from its lenders.

• Tuesday, July 3rd 2012 - 00:55 UTC

  Brazil and Argentina to benefit most from Venezuela’s Mercosur incorporation

  

  The formal incorporation of Venezuela to Mercosur next July will benefit mainly Brazil and Argentina since they could considerably increase their exports to the oil-rich country at the expense of the local production sector weakened by the economic policies from the administration of President Hugo Chavez, according to analysts.

• Monday, July 2nd 2012 - 23:55 UTC

  Libor rates abuses: major shake up at Barclays’ and wider government inquiry into banking

  

  British Barclays’ group has promised a “root and branch review” of its business practices and announced the resignation of its chairman Marcus Agius. This follows Barclays' attempts to manipulate inter-bank lending rates, for which it was fined £290m.

• Monday, July 2nd 2012 - 06:19 UTC

  PM Cameron suggests referendum on UK’s conditions and EU membership

  

  British Prime minister David Cameron has indicated that a referendum on the United Kingdom’s conditions of European Union membership is increasingly likely, but ruled out one that offers voters a straight “in or out” choice.

• Monday, July 2nd 2012 - 05:56 UTC

  New World Bank president pledges to help emerging markets keep expanding

  

  Jim Yong Kim, who took over as World Bank president said his first task will be to help emerging markets keep expanding at a time of stress for the world economy.

• Monday, July 2nd 2012 - 05:43 UTC

  World’s largest brewer takes over Mexico’s Corona-Modelo group for 20.1bn

  

  Anheuser Busch InBev, the world's biggest brewer, is taking over Mexico's Grupo Modelo for 20.1 billion dollars giving it dominance in Latin America's second-largest economy and adding Corona, the top-selling imported beer in the United States, to its brands.

• Monday, July 2nd 2012 - 05:38 UTC

  Brazil extends cut breaks on home appliances to help boost consumption

  

  Brazilian government extended domestic tax breaks on home appliances and furniture, emphasizing efforts to help ailing Brazilian industries.

• Monday, July 2nd 2012 - 05:28 UTC

  Brazil’s Vale gets green light for largest ever iron ore mining project

  

  The world's number two mining company, Brazil’s Vale Doce said it received an environmental license to build its biggest-ever iron ore mine, an Amazon region project that holds about one trillion dollars of reserves at current prices.

• Saturday, June 30th 2012 - 05:39 UTC

  Mercosur doubles list of goods that can have tariffs raised unilaterally 35% by each member

  

  Mercosur rejected an Argentine proposal to raise imports tariffs on all goods from outer zone to protect local industries, but accepted Brazil’s initiative to raise tariffs unilaterally on 200 goods, up from 100 agreed last December.