Economy

• Tuesday, July 24th 2012 - 06:31 UTC

  Uruguay raises banks’ reserves requirements to help bring down inflation

  

  Uruguay's central bank said on Monday it will raise marginal reserve requirements on local and foreign currency deposits from Aug. 1 as part of its efforts to bring inflation within the official target range.

• Tuesday, July 24th 2012 - 06:26 UTC

  Euro down to lowest in 11 years as Spain crumbles and investors flee

  

  The Euro weakened to the lowest in more than 11 years against the Yen as investors sought safer assets amid mounting concern that European leaders are failing to control the region’s debt crisis.

• Tuesday, July 24th 2012 - 06:18 UTC

  Brazil prepares new stimuli measures geared to infrastructure and manufacturing

  

  Brazil's government may ease its primary surplus target next year to create room to carry out additional tax cuts to boost growth, Folha de S. Paulo newspaper reported Monday.

• Tuesday, July 24th 2012 - 01:56 UTC

  Brazil central bank insists inflation under control and growth picks up in second half

  

  The jump in Brazilian consumer prices this month was a temporary reversal and won’t jeopardize the government’s 4.5% inflation target this year, central bank President Alexandre Tombini said on Monday.

• Monday, July 23rd 2012 - 20:27 UTC

  EC considering major shake-up in scandal-ridden bailed-out Greek bank

  

  Banks recapitalised as part of Greece's bailout may be forced to overhaul their management and governance, the European Commission said, in response to questions raised by Reuters agency about alleged malpractice at Greece's fourth-largest bank.

• Monday, July 23rd 2012 - 20:21 UTC

  Spanish politician warns cuts are necessary “if we don’t want to become another Argentina”

  

  The President of the Community of Madrid, Esperanza Aguirre, has warned about the “difficult” situation Spain is going through, and said “If we don’t want to become another Argentina, with a ‘corralito’ and inflation rates around 20-40%, we must cut the public spending and find the accounts’ balance.”

• Monday, July 23rd 2012 - 20:16 UTC

  Spain’s economy sinks deeper into recession; financial costs balloon

  

  Spain's economy sank deeper into recession in the second quarter, its central bank said as investors spooked by an undeclared funding crisis in its regions pushed the country ever closer to a full bailout

• Monday, July 23rd 2012 - 20:02 UTC

  Sao Paulo benefits from Argentina’s lack of “legal and economic security”

  

  The President of Investe São Paulo -the gateway for companies that intend to settle their operations in the Brazilian state- referred to the ongoing foreign investment boom in the neighbouring country is due in part to the “lack of both legal and economic security that Argentina and its government have.”

• Monday, July 23rd 2012 - 09:20 UTC

  ECB chief says “Euro is irreversible”; praises will to create supranational bodies

  

  European Central Bank President Mario Draghi said that the Euro was not in danger despite some analysts' worse case scenarios for a break-up and said that greater financial, budgetary and political union among Euro zone countries was inevitable.

• Monday, July 23rd 2012 - 08:55 UTC

  Brazil corrects IMF: outdated facts, credit expansion slower and inflation under control

  

  The Brazilian government questioned as outdated the latest IMF report, released Friday July 20, in which the Fund calls for more domestic savings and greater attention to inflation.