Economy

• Wednesday, May 23rd 2012 - 18:38 UTC

  Euro-zone tells members to prepare contingency plans for a possible Greek exit

  

  Euro zone officials have told members of the currency area to prepare contingency plans in case Greece quits the bloc, an eventuality which Germany's central bank said would be testing but “manageable”.

• Wednesday, May 23rd 2012 - 06:59 UTC

  Brazilian Real falls to a new three-year low, “positive” for exporters says minister

  

  The Brazilian Real fell to a new three-year low after briefly erasing its decline as the central bank sold currency swap contracts for the second time in three trading sessions, holding two auctions on Tuesday.

• Wednesday, May 23rd 2012 - 06:56 UTC

  The US dollar stronger than the Euro in Argentina’s parallel market

  

  For the second day running the Argentine Peso weakened against the US dollar climbing half a cent from Monday and closing at 4.43 and 4.48 on the local foreign exchange market.

• Wednesday, May 23rd 2012 - 03:56 UTC

  Spain, on the edge of a financial cliff, cancels all development aid to Latin America

  

  The Spanish government announced this week it was cancelling all development aid to Latin American countries as a direct consequence of the financial strains the EU member is suffering, which is the worst in decades with record unemployment of 24%.

• Wednesday, May 23rd 2012 - 01:44 UTC

  Fitch downgrades Japan’s credit rating fearful of political stalemate and snowballing debt

  

  Fitch cut Japan's sovereign credit status on Tuesday to the lowest level among global ratings agencies as a political stalemate dims the chance that the country can curb its snowballing debt.

• Wednesday, May 23rd 2012 - 01:22 UTC

  Spain anticipated the economy will continue to slump in the second quarter

  

  Spain said it would meet its deficit targets this year despite a new slippage in its regions' accounts and a further contraction of the economy in the second quarter.

• Tuesday, May 22nd 2012 - 18:50 UTC

  OECD anticipated end to weak growth in Brazil but warns about inflation

  

  Weak growth in Brazil seems to be coming to an end, but there are still looming risks in the shape of inflation, credit risk and competitiveness, according to the latest outlook published by the Organization for Economic Cooperation and Development, OECD, on Tuesday.

• Tuesday, May 22nd 2012 - 18:39 UTC

  US and Japan leading economic recovery but still fragile says latest OECD report

  

  The United States and Japan are leading a fragile economic recovery among developed countries that could yet be blown off course if the Euro zone fails to contain its flaring growth crisis, the OECD said on Tuesday.

• Tuesday, May 22nd 2012 - 06:09 UTC

  Argentina proposal to increase Mercosur common external tariff from 22% to 35%

  

  Argentina is planning to propose its fellow Mercosur members to increase the common external tariff, CET from the current 22% to 35%, when they meet at the next summit in Mendoza. Argentina currently holds the pro tempore chair of the group and at the coming summit the helm will be transferred to Brazil.

• Tuesday, May 22nd 2012 - 06:05 UTC

  Exports of heifers booming as China build ‘factory-modelled” dairy farms

  

  Agribusiness company Elders says it can't get enough dairy heifers from Australia to supply China's growing demand and for the second consecutive year, a record shipment of 100,000 cattle will sail from dairies in Australia, New Zealand and Uruguay.