Economy

• Monday, October 31st 2011 - 20:16 UTC

  Over 23 million Europeans unemployed; inflation reaches 3% in October

  

  Over 23 million are unemployed in the 27 countries of the Euro zone, the statistical office of the European Union Eurostat informed Monday.

• Monday, October 31st 2011 - 20:12 UTC

  For Euro aid package to work “all elements must be implemented” says Germany

  

  The package of measures agreed by European leaders this month to stem their debt crisis will only work “if all elements are implemented”, German Deputy Finance Minister Joerg Asmussen said in an interview Monday.

• Monday, October 31st 2011 - 19:27 UTC

  Argentina drastically limits the purchase of ‘cheap dollars’ fuelled by inflation

  

  Argentine Vice-president elect and Economy Minister Amado Boudou reiterated Monday that the new rules for foreign currency purchase in effect as of today are aimed towards discovering the “origin” of funds as opposed to the “destination” of the money.

• Monday, October 31st 2011 - 03:11 UTC

  Brazil becomes sixth world economy, overtaking UK by the end of 2011

  

  At the end of the current year Brazil’s GDP will rank sixth in the world and for the first time ahead of Britain’s GDP, according to the Sao Paulo media based on reports from IMF and private consultants.

• Monday, October 31st 2011 - 02:44 UTC

  Obama pounds the Republicans as protectors of the 1% very wealthy

  

  President Barack Obama, seizing on a report that showed the US rich getting richer while the rest of the country struggled to get ahead, said that Republicans were thwarting a fairer approach.

• Saturday, October 29th 2011 - 10:49 UTC

  China sets out terms for supporting the Euro bail package

  

  The European Union (EU)'s new bailout deal reached Thursday served a boost to global markets. China, as a major trade partner with the EU, welcomes its step to tackle the debt crisis and expects to enhance cooperation with the regional bloc for world economic recovery.

• Saturday, October 29th 2011 - 03:46 UTC

  Argentina’ tax office will validate buyers of foreign exchange as of Monday

  

  Argentina’s tax revenue office (AFIP) will validate from Monday onwards the people or enterprises that purchase currencies at the foreign exchange markets in order to control if they have the funds to do it and end with the irregular transactions, Economy Minister Amado Boudou announced Friday.

• Saturday, October 29th 2011 - 03:42 UTC

  Falklands’ Desire Petroleum shows report confirming prospectivity of its licences

  

  Falkland Islands oil explorer Desire petroleum unveiled Friday a new competent person's report (CPR), which it hailed as confirmation of the “prospectivity” of its licences.

• Saturday, October 29th 2011 - 03:35 UTC

  Fitch downgrades Argentine oil companies following Central bank dollar move

  

  Fitch Ratings has downgraded Argentine oil companies YPF and Pan American Energy foreign (PAE) currency Issuer Default Rating (IDR) to 'B+' from 'BB-' and has affirmed their local currency IDR at 'BB'.

• Saturday, October 29th 2011 - 03:31 UTC

  The G20 test is if it can prevent a future financial crisis, says Zoellick

  

  The true test for the G20 will be whether it can prevent a future financial crisis, World Bank Group President Robert Zoellick said Friday ahead of the upcoming G20 summit in Cannes.