Economy

• Saturday, July 20th 2013 - 05:35 UTC

  Fitch maintains Brazil’s debt outlook ‘stable’ and minister says the report was ‘fair’

  

  Brazilian Finance Minister Guido Mantega said that Fitch's decision to maintain the country’s debt outlook at stable was “fair” given Brazil robust finances and lesser debt burden.

• Friday, July 19th 2013 - 06:17 UTC

  Motor City files for bankruptcy; city offers 10cents for every dollar of debt

  

  The US city of Detroit in Michigan, once renowned as ‘Motor City’ has become the largest American city ever to file for bankruptcy, with debts of at least 15bn dollars. State-appointed emergency manager Kevyn Orr asked a federal judge to place the city into bankruptcy protection.

• Thursday, July 18th 2013 - 08:45 UTC

  Argentina 2012/2013 crop expected to reach a record 105 million tons says Cristina Fernandez

  

  Argentina’s 2012/2013 grain and oilseed crop reached a record 105 million tons, announced President Cristina Fernandez underlining the excellent performance of the maize harvest and yields.

• Thursday, July 18th 2013 - 08:35 UTC

  IMF sides with Argentina in dispute with hedge funds holding defaulted bonds

  

  In an unprecedented move, the International Monetary Fund plans to ask the US Supreme Court to review Argentina's case in a decade-old legal battle with holdout creditors, because of the implications it could have on sovereign debt restructurings.

• Thursday, July 18th 2013 - 08:26 UTC

  Venezuelan parliament approves incorporation of Bolivia to Mercosur as full member

  

  The Venezuelan parliament approved Bolivia’s protocol of adherence to Mercosur as full member thus clearing the way for the landlocked mostly indigenous populated country to become the sixth member of the South American trade block next to Argentina, Brazil, Paraguay, Uruguay and Venezuela.

• Wednesday, July 17th 2013 - 22:12 UTC

  Fed says asset purchases will remains above all flexible to market conditions

  

  Federal Reserve Chairman Ben Bernanke said on Wednesday the US central bank still expects to start scaling back its massive asset purchase program later this year but left open the option of changing that plan in either direction if the economic outlook shifted.

• Wednesday, July 17th 2013 - 19:58 UTC

  Chinese market for beef soaring; companies after overseas farms and processors

  

  With more money in their pockets, millions of Chinese are seeking a richer diet and switching to beef, driving imports to record levels and sending local meat firms abroad to scout for potential acquisition targets among beef farmers and processors.

• Wednesday, July 17th 2013 - 07:37 UTC

  “Applause for Argentines who invested in US real estate, I prefer a house in Paris”

  

  Argentine President Cristina Fernandez kept her tongue firmly in cheek as she referred to the record number of property acquisitions by Argentines in the United States, especially in the Miami area.

• Wednesday, July 17th 2013 - 07:24 UTC

  Argentina’s nationalized YPF and Chevron sign agreement to develop shale deposits

  

  Chevron, the world’s second-biggest oil company signed the first agreement with Argentina’s government since it nationalized YPF in 2012 to help develop shale oil and natural gas in the Vaca Muerta basin of the Patagonian province of Neuquen.

• Tuesday, July 16th 2013 - 21:12 UTC

  American offshore accounts in foreign banks with more than 50.000 dollars have to be reported

  

  The US Treasury Department said it will postpone enforcement of a new law that cracks down on offshore tax avoidance by Americans by six months until July 1, 2014, giving foreign banks more time to determine how to comply.