Economy

• Friday, July 22nd 2011 - 00:25 UTC

  Paris-Berlin soften rescue terms admit “selective default” and announce Euro IMF

  

  Euro zone leaders agreed at an emergency summit on Thursday to give their financial rescue fund sweeping new powers to help Greece overcome its debt crisis and prevent market instability from spreading through the region.

• Thursday, July 21st 2011 - 23:45 UTC

  Latam regional integration is “too slow” given the challenges says UN expert

  

  The current regional integration of Latin America is too slow in light of the challenges the region faces, a United Nations economic agency official said on Wednesday, calling for greater efforts to rev up the process.

• Thursday, July 21st 2011 - 10:16 UTC

  Uruguay economy expands 6.8% in the first quarter and domestic demand, 8.3%

  

  Following on an 8.5% growth rate in 2010, Uruguay’s real GDP continued to expand 6.8% in the first quarter of this year compared with the same period of 2010, according to the Central bank Debt Management Unit.

• Thursday, July 21st 2011 - 10:09 UTC

  Brazil raises the basic rate to 12.50%, but confident it can tame inflation

  

  Brazil’s central bank announced late Wednesday the fifth straight increase in its benchmark Selic rate by a quarter points to 12.5%, a decision much anticipated by the market and geared to combat high inflation, which is running at a six-year high, 6.75% above the government’s upper target of 6.5%.

• Thursday, July 21st 2011 - 01:40 UTC

  Humala seems ready to accept Peruvian economy is robust and on the right track

  

  In a week’s time Ollanta Humala takes office in Peru as president for the next five years.

• Wednesday, July 20th 2011 - 11:17 UTC

  Cuba imports 60% of rice consumption, the basic diet; main supplier Vietnam

  

  Cuba is forced to import more than 400,000 tons of rice each year, 60% of the total amount of this dietary staple consumed on the island, according to official figures published Sunday by the daily Juventud Rebelde.

• Wednesday, July 20th 2011 - 09:22 UTC

  Reduced Chinese import makes and cheaper palm oil, see G-3 exports fall

  

  Soybean processing and exports from the US, Argentina and Brazil, the largest shippers, were below expectations in the second quarter on reduced Chinese imports and competition from palm oil, Oil World said in a Tuesday released report.

• Wednesday, July 20th 2011 - 07:10 UTC

  EU/Mercosur trade talks ‘only after the October election’, requests Argentina

  

  On request from Argentina advance on EU/Mercosur trade talks will be delayed until after next October’s presidential election, revealed the EU Trade Commissar Karel de Gucht.

• Wednesday, July 20th 2011 - 06:54 UTC

  Zoellick calls for strong US leadership to revive moribund world trade talks

  

  US leadership could be the vital spark needed to revive moribund world trade talks, said World Bank President Robert Zoellick and criticized those who support a mini-trade deal or putting the Doha effort to sleep.

• Wednesday, July 20th 2011 - 01:47 UTC

  Beef scare in Japan: caesium contaminated meats reached consumers

  

  Japan has imposed a ban on all beef coming from the prefecture of Fukushima, where three nuclear reactors melted down following the March 11 magnitude 9.0 earthquake and tsunami. The Japanese government is also apologizing for its delayed response to radioactive meat reaching the market.