Economy

Tuesday, June 25th 2013 - 19:49 UTC
Chinese stocks tumble as Beijing announces an end to the era of cheap credit

Chinese stocks touched a four-and-a-half-year low on Tuesday amid persistent concerns over the government's credit-tightening policy. The Shanghai Composite SSE index fell as much as 5.8% at one point, before a late rally meant it ended down 0.3%.
Tuesday, June 25th 2013 - 18:39 UTC
Repsol to consider YPF compensation offer, including stake in shale deposits

Spanish oil corporation Repsol's board is scheduled to consider on Wednesday a non-cash compensation offer from Argentina over the seizure of its majority stake in energy firm YPF, according to the Spanish government news agency EFE.
Tuesday, June 25th 2013 - 18:34 UTC
Paraguay poised to become fastest growing economy this year, 13%

Paraguay's economy expanded 14.8% in the first quarter compared with the same period last year, driven mainly by farming, cattle-ranching and construction activity, the central bank said. GDP surged 8.8% in the first quarter versus the fourth quarter of 2012.
Tuesday, June 25th 2013 - 17:04 UTC
Colombia renews IMF two-year 5.8bn dollars flexible credit line

The IMF said on Monday it had approved a new two-year 5.84 billion dollars flexible credit line for Colombia, following a request by the government of President Juan Manuel Santos. The new flexible credit line will replace a previous 6bn two-year program, which recently expired.
Tuesday, June 25th 2013 - 06:05 UTC
Brazilian protests delegates unsatisfied with President Rousseff’ proposals

The leaders of the “Free Fares” movement that triggered the worst wave of street protests in two decades rocking the Brazilian government to its foundations said their meeting with President Dilma Rousseff was ‘unsatisfactory’ because there were “no concrete proposals”.
Tuesday, June 25th 2013 - 06:01 UTC
Rousseff proposes referendum on sweeping political reforms in response to protests

Brazilian President Dilma Rousseff proposed on Monday a popular referendum to implement sweeping political reforms in response to the country's largest public protests in 20 years. Rousseff called for a public vote to eventually amend Brazil's constitution as she tries to seize the momentum in a national debate set off by two weeks of increasingly disruptive demonstrations.
Tuesday, June 25th 2013 - 05:57 UTC
Argentine central bank has lost 17% of reserves since the ‘dollar clamp’

Argentine central bank international reserves dropped 17% since the government of President Cristina Fernandez imposed the ‘dollar clamp`, first limiting operations in the US currency and later savings in greenbacks. While this happened in Argentina in other regional central banks, international reserves kept climbing, according to a report from consultants Economia&Regiones (E&R).
Monday, June 24th 2013 - 19:04 UTC
Messi paid €10 million to correct tax returns for 2010/2011, says La Vanguardia

Barcelona striker Lionel Messi, who turned 26 on Monday and is under investigation in Spain for tax fraud allegations, paid €10 million to the Spanish tax authorities to correct tax returns for 2010 and 2011, according to Spanish media reports.
Monday, June 24th 2013 - 19:01 UTC
EC clears purchase of NYSE Euronext by INE for 8.2bn dollars

The European Commission gave unconditional approval for Intercontinental Exchange (ICE) to buy NYSE Euronext for 8.2 billion dollars a deal that strengthens ICE's presence in the lucrative derivatives trading business.
Monday, June 24th 2013 - 15:46 UTC
Google is in a borderline crisis with European Union

By Thomas Richardson - Google has reached a settlement with regulators of the European Union after antitrust charges were levied against the company. The EU accused Google of selectively displaying results based on its preferences. Google, which owns a virtual monopoly on Internet queries in Europe, is also accused of favouring the use of its own products in search results, which has drawn complaints from competitors, and the attention of regulators.