Economy

• Wednesday, March 20th 2013 - 08:22 UTC

  FAO first wheat forecasts for 2013 anticipates second largest crop on record

  

  First forecasts for the 2013 wheat harvest point to production increasing to 690 million tons, 4.3% up on 2012. This would be the second largest crop on record, according to the latest issue of FAO quarterly “Crop Prospects and Food Situation” report. The production hike is expected mostly in Europe, driven by increased plantings in response to high prices and a recovery in yields in some countries, notably the Russian Federation.

• Wednesday, March 20th 2013 - 08:00 UTC

  Germany warns Cyprus ‘banks might never reopen’ if terms of bailout are rejected

  

  Germany's finance minister has warned Cyprus that its crisis-stricken banks may never be able to reopen if it rejects the terms of a bailout. Wolfgang Schaeuble said major Cypriot banks were “insolvent if there are no emergency funds”.

• Tuesday, March 19th 2013 - 06:30 UTC

  Cyprus closes banks to give time for Parliament to vote on bail-out package

  

  Finance ministers from the Euro-zone have asked Cyprus to reduce the burden on small investors from a proposed levy on savings, linked to a bailout. Plans for a one-off tax of 6.75% on savings up to 100,000 Euros have outraged Cypriots.

• Tuesday, March 19th 2013 - 06:22 UTC

  Corruption reports on several OAS country members and private sector involvement

  

  The Committee of Experts of the Mechanism to Follow Up on Implementation of the Inter-American Convention against Corruption, MESICIC of the Organization of American States began its 21st Meeting with an agenda that includes the approval of reports on Peru, Costa Rica, Argentina, Trinidad and Tobago and Honduras, and a discussion on the responsibility of the private sector in the fight against corruption.

• Tuesday, March 19th 2013 - 06:19 UTC

  HSBC accused by Argentina of tax evasion and money laundering

  

  Argentina’s tax agency formally accused the local unit of British banking giant HSBC Holdings Plc. of conspiracy to hide bank accounts, thereby helping private companies evade tax payments and launder money.

• Monday, March 18th 2013 - 21:37 UTC

  Rough times ahead for Latam warns IDB; limited margin for fiscal and monetary policies

  

  World growth is likely to be suppressed below potential for several years to come, but Latin America and the Caribbean can escape this global outlook and boost growth significantly by adopting appropriate structural reforms, according to the Inter-American Development Bank’s annual macroeconomic report, released at the IDB annual meeting.

• Monday, March 18th 2013 - 21:13 UTC

  Argentina should be self-sufficient in energy in five/six years says YPF

  

  Argentina’s energy self-sufficiency can be expected in five to six years said Miguel Galuccio, CEO of YPF, the oil and gas corporation which was nationalized a year ago when the government of President Cristina Fernandez seized a 51% majority from Spain’s Repsol.

• Monday, March 18th 2013 - 20:36 UTC

  Uruguayan economy expanded between 3% and 3.5% last year says Central bank

  

  The Uruguayan economy expanded between 3% and 3.5% last year which is below the 5.7% of 2011, mostly because of a serious drought and a deteriorating world situation, advanced the country’s Central bank president Mario Bergara.

• Monday, March 18th 2013 - 08:02 UTC

  China will provide 2bn dollars for Latam development projects through IDB

  

  China will provide up top 2 billion dollars for an Inter American Development Bank (IDB) fund, in support of projects for the public and private sector that promoted sustainable growth in the region.

• Monday, March 18th 2013 - 07:44 UTC

  Brazil promises renewed Maracana stadium will be ready for inauguration match with England June 2

  

  Brazil 2014 World Cup organising committee has guaranteed that the historic Maracana Stadium in Rio do Janeiro will be ready in time to host the FIFA Confederations Cup in June.