Economy

• Wednesday, July 25th 2012 - 07:04 UTC

  Germany and France express support for Spain but markets demand more than words

  

  German Finance Minister Wolfgang Schaeuble and his counterpart from Madrid said Spain’s borrowing costs don’t reflect the strength of its economy as they pledged to work toward deeper integration to fight the debt crisis.

• Tuesday, July 24th 2012 - 21:46 UTC

  Argentina the world’s most protectionist country, says World Bank trade report

  

  For the second time in the roll a study from World Bank’s Global Trade Alert points Argentina as the world’s most protectionist country. In a report released by the institution, Argentina appears as the country which applies the most restrictions to control foreign trade for the second time in a roll.

• Tuesday, July 24th 2012 - 21:13 UTC

  US sides with Argentina in “pari-passu” controversy with defaulted bondholders

  

  Argentina asked a US federal appeals court to reverse lower-court rulings that could help creditors including Elliott Management Corp.’s NML Capital Fund collect on 1.4 billion dollars in defaulted bonds.

• Tuesday, July 24th 2012 - 06:33 UTC

  Latinamerica has 15.100 ultra-rich; Brazil leads with 4.725 and 890 billion dollars

  

  Latinamerica has 15.100 super rich (8% of the world total) according to the latest World Report on the Ultra Rich 2011/12 from Wealth-X. Super rich is defined as a person with net assets over 24.4 million Euros (30 million dollars).

• 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.”