Economy

Thursday, June 6th 2013 - 23:21 UTC
IMF admits mistakes in Greece, fearing the spill of problems to the rest of Europe

The International Monetary Fund admitted it had to lower its normal standards for debt sustainability to bail out Greece, and its projections for the Greek economy may have been overly optimistic.
Thursday, June 6th 2013 - 23:12 UTC
Dragui forecasts Euro-area return to growth by end of 2013

European Central Bank President Mario Draghi said on Thursday that the Euro-area economy will return to growth by the end of the year, handing policy makers a reason to hold back fresh stimulus. Draghi spoke after the ECB Governing Council in Frankfurt left its main refinancing rate at 0.5% after reducing it by a quarter points last month.
Thursday, June 6th 2013 - 22:25 UTC
Brazilian industry demands Mercosur looks for new markets or will end ‘isolated’

The powerful Brazilian National Confederation of Industry, CNI said that the country and its Mercosur partners will end ‘isolated’ if they don’t actively look for alternative trade accords, as is being done by other Latam countries.
Thursday, June 6th 2013 - 22:14 UTC
Falklands’ oil company completes second 3D survey over its Southern licenses

Falkland Oil and Gas (FOGL) reported Thursday the completion of a 3D survey over its Southern Area licenses offshore the Falkland Islands. FOGL said the survey aimed to target a number of prospects and leads immediately to the west and northwest of the Darwin condensate discovery.
Thursday, June 6th 2013 - 06:06 UTC
Brazil signs bill expanding private sector participation in the clogged ports

Brazilian President Dilma Rousseff signed into law on Wednesday new regulations to make its ports more efficient and attract up to 12 billion dollars in investments as the country finally begins to tackle logistics bottlenecks hampering vast farm exports.
Wednesday, June 5th 2013 - 22:16 UTC
Good news for Chevron (and YPF): Argentine court revokes 19bn dollar embargo

Argentina's Supreme Court revoked a 19 billion dollar embargo on the assets and future income of Chevron Corp.'s Argentina subsidiary, giving the U.S. oil giant a victory in a decades-old battle with indigenous groups in Ecuador.
Wednesday, June 5th 2013 - 22:06 UTC
Brazil boosts agriculture budget by 18% to speed expansion of storage capacity

The Brazilian government announced that it is increasing the farm budget, including funds for subsidized loans by 18% to 136 billion Reais (approx 68 billion-dollars) mainly for improving the country’s insufficient storage capacity and new silos.
Wednesday, June 5th 2013 - 21:08 UTC
Russia temporary bans beef and poultry imports from three Brazil Marfrig plants

The Russian veterinary and phytosanitary service, Rosselkhoznadzor, temporarily suspended imports from two Brazilian beef slaughterhouses and one poultry processing facility on May 17, citing detection of listeria in shipments, according to processors involved.
Wednesday, June 5th 2013 - 18:50 UTC
Airline profits 20% higher than expected this year, anticipates IATA

Airline profits will be 20% higher than expected this year despite razor-thin margins, according to the industry's main representative body. The International Air Transport Association (IATA) said increased demand was helping pack planes to record levels.
Wednesday, June 5th 2013 - 17:49 UTC
Uruguay ‘can’t ignore (Mercosur) reality’ and is applying for full Pacific Alliance membership

Vice-president and acting president Danilo Astori strongly defended the Uruguayan government’s intention of joining the Pacific Alliance, next to Chile, Colombia, Peru and Mexico, claiming that Mercosur has fallen into a state of ‘inactivity’ but also rejected point blank statements from Brazilian diplomacy contrary to such a move.