Economy

• Tuesday, December 20th 2011 - 22:43 UTC

  Moody's praises UK management but warns of “formidable and rising challenges”

  

  Ratings agency Moody's has given the UK high scores for economic governance but warns the country it faces “formidable and rising challenges”.

• Tuesday, December 20th 2011 - 21:02 UTC

  Uruguay bars vessels but will never share a maritime or economic blockade of the Falklands’ people

  

  Uruguayan President Jose Mujica addressing his peers at the Mercosur summit in Montevideo ratified the country’s position barring Falklands’ flagged vessels from Uruguayan ports in active support of Argentina’s sovereignty claim over South Atlantic Islands, which has led to a serious diplomatic controversy with the UK.

• Tuesday, December 20th 2011 - 07:25 UTC

  Malvinas jurisdictional acts are ‘invalid’ for Uruguay, but UK flagged vessels welcomed in Montevideo

  

  “Any jurisdictional acts coming from Malvinas is invalid for us” and therefore Malvinas flagged vessels are barred from Uruguayan ports, a decision which is extensive to all Unasur members, said Uruguayan Foreign Affairs minister Luis Almagro.

• Tuesday, December 20th 2011 - 07:21 UTC

  Argentina/Brazil propose higher external tariffs for Mercosur

  

  Argentina supported by Brazil has proposed increasing Mercosur Foreign External Tariff to better defend the group when country members are being flooded with cheap imports.

• Tuesday, December 20th 2011 - 07:05 UTC

  Latam’s exports in 2011 forecasted to grow 26%, close to 1.1 trillion dollars

  

  Latin America’s projected 2011 export growth of 26% to approximately 1.1 trillion dollars continues the strong growth posted in 2010, according to new estimates by the Inter-American Development Bank (IDB).

• Tuesday, December 20th 2011 - 02:07 UTC

  Mercosur drafting resolution barring Falklands’ flagged vessels from all regional ports

  

  Mercosur member countries meeting in Montevideo for their regular six-month summit are drafting a resolution that would bar Falklands’ flagged vessels from all Mercosur members’ ports, following on the traditional Argentine policy and now openly supported by the Uruguayan government.

• Tuesday, December 20th 2011 - 02:02 UTC

  Timerman thanks Mujica on Falklands: “Uruguay has honoured its word”

  

  Argentine Foreign Affairs minister Hector Timerman publicly thanked and praised on Monday the Uruguayan decision, announced last week, to bar Falklands’ flagged vessels form the port of Montevideo and any other sea or fluvial terminal in the country.

• Tuesday, December 20th 2011 - 01:07 UTC

  IMF chief tells developing countries to prepare for three possible storms

  

  IMF Managing director Christine Lagarde urged on Monday developing countries to shore up their defences, especially foreign exchange reserves, against a possible European recession next year.

• Tuesday, December 20th 2011 - 00:08 UTC

  Rajoy announces to Spain deep spending cuts and tax breaks for companies

  

  Spain's incoming Prime Minister Mariano Rajoy took aim at his country's economic woes Monday, promising deep spending cuts at all levels of government while offering tax breaks for companies.

• Monday, December 19th 2011 - 07:29 UTC

  Mercosur summit to deal with Venezuela inclusion and obstacles to trade

  

  A two day Mercosur summit begins Monday in Montevideo with Foreign Affairs ministers meeting Monday and the presidents on Tuesday when the rotating chair will be passed from Uruguay to Argentina for the next six month.