Economy

• Tuesday, September 20th 2011 - 21:33 UTC

  (Paymaster) Germany needs Parliament approval on deciding Euro zone bailouts

  

  Leading lawmakers in German Chancellor Angela Merkel's coalition have agreed a draft law on an enhanced Euro zone bailout fund to give a greater say to parliament in line with a court ruling earlier this month.

• Tuesday, September 20th 2011 - 21:27 UTC

  Euro-zone growth forecasts plummet: 1.6% this year and 1.1% in 2012

  

  The IMF cut its growth forecast for the 17-nation Euro zone by nearly half a percentage point to 1.6% in 2011 and even weaker conditions are seen for next year with growth of just 1.1%. Currently the single currency region is scarcely growing at a 0.25% annual rate.

• Tuesday, September 20th 2011 - 21:22 UTC

  Good grades for Latam in IMF report; Uruguay’s forecasted growth: 6% in 2011

  

  The IMF forecasts Uruguay’s economy will expand 6% in 2011 and 4.2% the following year. Estimates are in line with targets made public by Uruguay’s central bank.

• Tuesday, September 20th 2011 - 09:12 UTC

  Obama outlines tax the rich and reduce deficit plan; Republicans call it ‘class warfare’

  

  President Barack Obama has outlined plans to reduce the US deficit and to kick-start economic growth. At the White House, he proposed cuts to healthcare benefits but said business and the wealthy must pay higher taxes.

• Tuesday, September 20th 2011 - 09:09 UTC

  S&P downgrades Italy’s rating by one notch with negative outlook

  

  Standard and Poor's downgraded its unsolicited ratings on Italy by one notch to A/A-1 and kept its outlook on negative, a major surprise that threatens to add to concerns of contagion in the debt-stressed Euro zone.

• Tuesday, September 20th 2011 - 08:53 UTC

  Best Angus bull at Uruguay’s Prado Show sold for 45.000 dollars to Argentina

  

  Sales in Uruguay’s main livestock show, --the 2011 edition of Expo-Prado--, totalled 765.000 dollars and 245.5 animals which is a significant improvement over the previous year (in numbers and dollars) but also because Uruguayan genetics was exported to Mercosur neighbours.

• Tuesday, September 20th 2011 - 00:42 UTC

  Brazil sponsors “forex anti-dumping” import barriers to compensate US dollar devaluation

  

  The Brazilian government will propose before the World Trade Organization the implementation of import barriers to compensate for the growing penetration of foreign produce spurred by the sustained devaluation of the US dollars in recent years, said Industry Minister Fernando Pimentel.

• Monday, September 19th 2011 - 21:20 UTC

  EU and US debt crises contagion threatens developing world investor confidence

  

  The head of the World Bank on Monday said a drop in investor confidence was already feeding through to developing nations from a growing debt crisis in advanced economies and urged “cooperative action.”

• Monday, September 19th 2011 - 16:46 UTC

  Paraguay confirms FMD outbreak, reports case to OIE; beef exports banned

  

  Paraguay sanitary authorities confirmed an outbreak of foot and mouth disease which means the immediate suspension of all beef exports for at least two months and the sanitary rifle for 800 head of cattle.

• Monday, September 19th 2011 - 16:31 UTC

  IMF/EU/ECB tell Greece to shrink public sector, otherwise expect no check

  

  International lenders told Greece it must shrink its public sector and improve tax collection to avoid default within weeks as investors spooked by political setbacks in Europe dumped risky Euro zone assets.