Economy

• Saturday, June 23rd 2012 - 07:50 UTC

  Moody’s downgrades ratings of 15 big banks; Citigroup strongly criticizes decision

  

  Ratings agency Moody's downgraded 15 of the world's biggest banks, lowering credit ratings by one to three notches to reflect the risk of losses they face from volatile capital markets activities, but banks criticized the move as backward looking.

• Saturday, June 23rd 2012 - 07:39 UTC

  EU leaders agree growth measures but remain divided on mutualized bonds issue

  

  The leaders of Germany, France, Italy and Spain agreed Friday on a 130 billion Euros package to try to revive economic growth in Europe but differed over whether and how to launch joint bonds to combat the Euro zone's debt crisis.

• Saturday, June 23rd 2012 - 03:35 UTC

  Uruguay hosts highest Chinese official to ever visit the country

  

  Chinese Premier Wen Jiabao arrived in Uruguay Friday, his first stop on a multi-nation visit to South America. Wen's arrival marks the first time a Chinese premier has visited Uruguay since diplomatic ties were established in 1988.

• Friday, June 22nd 2012 - 08:40 UTC

  Argentina experiences tighter trade surplus and slower industrial growth in May

  

  Argentina’s trade surplus was 1.5 billion dollars in May, compared to 1.71bn a year earlier according to the official stats office Indec, while industrial production in the same month continued to languish, according to the medium estimate of more than 50 banks, economic research firms and universities surveyed by the Central Bank.

• Friday, June 22nd 2012 - 08:37 UTC

  Euro area has reached a “critical stage” for the viability of the monetary union, warns the IMF

  

  The Euro area crisis has reached a “critical stage” and member nations must make a “strong commitment” to the shared currency to stop the plunge in investor confidence, the IMF said in a report that recommends issuing common debt as one solution.

• Friday, June 22nd 2012 - 08:31 UTC

  Premier Wen Jibao will address China-Latam relations at a conference in ECLAC

  

  Premier of China, Wen Jiabao, will visit the headquarters of the UN Economic Commission for Latin America and the Caribbean (ECLAC) in Santiago, Chile, on Tuesday 26 June to deliver a lecture.

• Friday, June 22nd 2012 - 08:27 UTC

  Canadian company still interested in recapitalization of Uruguay’s national airline

  

  Chorus Aviation Inc. says it is working with the Uruguayan government on the recapitalization of the country’s flag carrier Pluna, just days after the Canadian company said it won't invest more money to bail out the airline.

• Friday, June 22nd 2012 - 08:13 UTC

  Brazilian government studying fuel price increase to support Petrobras

  

  Officials from Brazil's state-run oil company, Petrobras and the government on Thursday confirmed they are studying a fuel price increase to help offset the costs of fuel sector investments.

• Friday, June 22nd 2012 - 08:03 UTC

  Brazilian iron ore exports drop 19% in value, first time since 2002

  

  Brazilian exports of iron ore from January through May were down 19% in value from the same period last year, according to a report from Sao Paulo based newspaper Folha on Thursday.

• Friday, June 22nd 2012 - 07:58 UTC

  Brazil’s Bovespa monopoly on the line as government considers boosting competition

  

  Brazil’s stock exchange Bovespa is facing a loss in market share estimated at as much as 30% by HSBC Holdings Plc and Banco Itau BBA SA as the nation considers boosting competition among trading platforms.