Economy

• Tuesday, June 26th 2012 - 04:30 UTC

  Moody’s confirms Spanish banks on the cliff burdened by souring real-estate loans

  

  Spain largest lenders, Santander SA and Banco Bilbao Vizcaya Argentaria SA were downgraded by Moody’s rating agency because of the country’s sovereign debt and souring real-estate loans.

• Tuesday, June 26th 2012 - 03:49 UTC

  Major change in Petrobras exploration policy looking to diversity from two main basins

  

  Brazil’s Petrobras which has become the world’s biggest deepwater oil producer is looking past its largest discoveries to avoid a fate similar to Mexico, where output has plummeted 25% since 2004.

• Monday, June 25th 2012 - 23:55 UTC

  Global economy remains unbalanced after five years of financial strain, warns BIS

  

  Those hoping for quick fixes to the strains in the global economy will continue to be disappointed, writes the Bank for International Settlements (BIS) in its 82nd Annual Report, released on Sunday.

• Monday, June 25th 2012 - 20:46 UTC

  Spain formally request Euro zone rescue to recapitalize debt-laden banks

  

  Spain on Monday formally requested Euro zone rescue loans to recapitalise its debt-laden banks as the Euro and shares fell on investor scepticism about this week's EU summit.

• Monday, June 25th 2012 - 20:09 UTC

  EU summit to address banking union, fiscal integration and sovereignty issue

  

  European leaders will discuss specific steps towards a cross-border banking union, closer fiscal integration and the possibility of a debt redemption fund at a summit on June 28-29, according to a document prepared for the meeting.

• Monday, June 25th 2012 - 19:53 UTC

  Germany’s leading minister claims “Greece has forfeited Europe’s trust”

  

  Greece's new government should stop asking for more help and instead move quickly to enact reform measures agreed to in return for previous bailouts from its European partners, German Finance Minister Wolfgang Schaeuble said.

• Monday, June 25th 2012 - 07:07 UTC

  Wen Jiabao confirms Mercosur interest; Uruguay’s deep sea port blueprints to be sent to Beijing

  

  A memorandum of understanding with Mercosur and a deep sea port to the east of Uruguay were two of the main issues addressed by visiting Chinese PM Wen Jiabao with President Jose Mujica revealed the Executive Deputy Secretary.

• Monday, June 25th 2012 - 06:43 UTC

  Argentina waiting for Obama administration to help balance bilateral trade

  

  Ambassador in Washington Jorge Argüello said that the Argentine Government is concerned with the deficit increase in bilateral trade with the US and is waiting for Barack Obama administration actions to increase the purchase of Argentine goods.

• Sunday, June 24th 2012 - 15:02 UTC

  Lan and Tam complete merger to become world’s second largest airline by market value

  

  Chile's LAN Airlines completed a takeover of Brazilian rival TAM on Friday, creating the world's second-largest airline by market value in a deal that executives expect to yield up to 700 million dollars in costs savings within four years.

• Sunday, June 24th 2012 - 14:51 UTC

  Leading Russian and Brazilian investment banks establish strategic alliance

  

  Russian investment bank VTB Capital and Brazilian peer BTG Pactual, two of the fastest-growing emerging market challengers to more established US and European rivals, are joining forces to help them to expand further.