Economy

Thursday, March 7th 2013 - 06:42 UTC
Cash-short Petrobras shares surge following raise in diesel prices

Brazil’s Petrobras shares surged in Wednesday trading after the company surprised investors with a 5% increase in domestic diesel wholesale prices. The latest increase helps offset investor disappointment with January's lower-than-expected jump in gasoline and diesel prices, which had pushed Petrobras's shares to a seven-year low in recent sessions.
Thursday, March 7th 2013 - 06:39 UTC
Brazil basic rate unchanged at record low 7.25%, but inflation could reverse policy

Brazil’s central bank on Wednesday kept its benchmark rate at a record low 7.25% for the third straight meeting as policy makers seek to prop the anaemic economy which last year only advanced 0.9%.
Thursday, March 7th 2013 - 06:33 UTC
US soy exports with a price edge over Brazil plagued with logistical shipment problems

US farm officials forecast a tough autumn battle between Brazilian and US soybean exports, as Brazil attempts to make up for a poor start to 2012-13, with shipments hurt by logistical hiccups. US Department of Agriculture staff in Brasilia, while cutting their forecast of the Brazilian soybean crop to 82.5m tons, stood by a forecast of soybean exports of 39m tons for 2012-13, report agrimoney.
Thursday, March 7th 2013 - 06:27 UTC
Nine Brazilians join the Forbes list of new billionaires

On the 2013 Forbes World’s Billionaires List, of 1.426 billionaires, there are 210 newcomers from 42 countries. Nine of those newcomers are from Brazil, bringing the total count in that country to 46 billionaires. Three of the newcomers in Brazil are women. According to Forbes the Brazilian newcomers who have joined the Forbes Billionaires ranks in 2013 are:
Thursday, March 7th 2013 - 00:46 UTC
Uruguay’s central bank acts to contain inflation out of target for three years running

Uruguay's central bank announced on Wednesday it will raise marginal reserve requirements on local and foreign currency deposits from April 1 as part of its effort to bring inflation within the official target range, which has been missed in the last three years.
Wednesday, March 6th 2013 - 11:47 UTC
Iberia strike cancels 1.300 flights; further industrial action planned for Easter Week

Unions at Spain's flagship airline Iberia began a second week of strikes on Monday, with 1.300 flights canceled and most passengers re-assigned to other flights. Iberia and three smaller airlines that it provides with ground services -- Iberia Express, Vueling and Air Nostrum --- have been impacted by the action, an Iberia spokesman said.
Tuesday, March 5th 2013 - 21:43 UTC
UK outgunned in EU bankers’ bonus cap debate; Germany could come to the rescue

Britain was left isolated in Europe on Tuesday after it failed to secure backing to water down new EU rules limiting bankers' bonuses, a measure that could threaten London's dominance as a financial centre.
Tuesday, March 5th 2013 - 17:00 UTC
Singapore wealth fund boosts Spain’s Repsol, recovering from YPF nationalization

Singapore wealth fund Temasak has bought a 5% stake in Spanish oil group Repsol for just over one billion Euros, raising its total stake in the company to 6.3%, Repsol said in a release. The operation involves the entire portfolio of Repsol treasury stock at 16.01 Euros per share for a total of 1.036 billion Euros (1.35bn dollars).
Tuesday, March 5th 2013 - 16:52 UTC
Libor rate-rigging: UK regulator failed to act on warnings of “low-balling”

The UK Financial Services Authority repeatedly failed to act on warnings that banks were trying to rig inter-bank lending rates (mainly Libor) at height of the financial crisis, according to an internal review published Tuesday by the regulator.
Tuesday, March 5th 2013 - 05:33 UTC
An estimated one million dollars ‘trickled’ per day from Argentina to Uruguayan banks

The dollar ‘clamp’ in Argentina had led to a ‘dollar trickle’ to Uruguayan banks, which according to official data from the two central banks can be estimated at a million dollars per day.