Economy

Wednesday, July 24th 2013 - 06:59 UTC
IMF backs down from siding with Argentina before the US Supreme Court on hedge funds case

The International Monetary Fund no longer plans to ask the U.S. Supreme Court to review Argentina's case in its decade-old legal battle with holdout creditors due to a lack of support from the U.S. government, the IMF said on Tuesday.
Wednesday, July 24th 2013 - 06:56 UTC
Fed expected to trim bond buying to 65bn in September, says Bloomberg survey

Federal Reserve Chairman Ben S. Bernanke in September will trim the Fed’s monthly bond buying to 65 billion from the current pace of 85 billion dollars, according to a growing number of economists surveyed by Bloomberg News.
Wednesday, July 24th 2013 - 06:40 UTC
Treasure explorers recover 61 tons of silver bullion in waters three miles deep

Odyssey Marine Exploration said it has recovered more than 61 tons of silver bullion this month from a depth of nearly three miles. This recovery of bullion from the SS Gairsoppa, a 412-foot steel-hulled British cargo ship that sank in February 1941, consists of 1,574 silver ingots weighing about 1,100 ounces each or almost 1.8 million troy ounces in total, sets a new record for the deepest and largest precious metal recovery from a shipwreck. The silver has been transported to a secure facility in UK.
Wednesday, July 24th 2013 - 06:37 UTC
Argentina bans Illex squid catches for 30 days: average size is below 800 grams

Following on recommendations from scientific cruise surveys Argentina’s Federal Fisheries Council, CFP, decided to temporarily ban Illex squid catching operations, north of 44o South, with the purpose of giving the cephalopods time to increase in size.
Tuesday, July 23rd 2013 - 07:54 UTC
Despite papal blessings, Brazil further cuts spending and growth forecast

Brazil is cutting spending for the second time in two months to help meet its fiscal target as it forecasts slower growth this year which was also confirmed according to the latest Central Bank survey. The economic data was announced while Brazil had its eyes and ears in Rio do Janeiro to receive Pope Francis.
Tuesday, July 23rd 2013 - 07:33 UTC
China interested in developing agriculture in Venezuela’s 30 million hectares of land

Venezuelan Vice-president Jorge Arreaza said that cooperation between China and Venezuela, which has been especially strong and beneficial in energy and technology, could be extended to include agriculture and land exploitation, an area of special interest for Beijing.
Tuesday, July 23rd 2013 - 07:21 UTC
Uruguay’s citrus production down 30% because of severe weather a year ago

Uruguay’s major citrus crops estimates place production at almost a third lower than the previous year, the Ministry of Livestock, Agriculture and Fishing (MGAP) reported.
Monday, July 22nd 2013 - 06:41 UTC
US Supreme Court gives hedge funds another 30 days to contest Argentina’s appeal

The US Supreme Court gave hedge funds another month to present their reply following on the request from the Argentine government to review the sentence handed down by Judge Thomas Griesa and partially supported by the Appeals Court.
Monday, July 22nd 2013 - 06:24 UTC
Uruguay is “extremely expensive: construction costs are double those of Argentina”

Uruguay is not expensive, ‘it has become extremely expensive” with construction costs that are double those of Argentina, claimed Eduardo Constantini, an Argentine business man with strong investments in Uruguay, the latest of which building 500 summer houses along the eastern coast.
Monday, July 22nd 2013 - 06:17 UTC
G20 ministers and bankers pledged to put growth before austerity

The Group of 20 nations pledged to put growth before austerity, seeking to revive a global economy that “remains too weak” and adjusting stimulus policies with care so that recovery is not derailed by volatile financial markets.