Economy

• Friday, March 9th 2012 - 03:17 UTC

  Euro zone growth forecasted to shrink by 0.5% this year, says Dragui

  

  The European Central Bank downed its Euro zone growth forecast after holding interest rates at record lows on Thursday, and said things would have been much worse without its dramatic action to pump a trillion Euros into the banking system.

• Friday, March 9th 2012 - 03:12 UTC

  Argentine ‘non official’ February inflation: 1.65% and 22.75% in twelve months

  

  February inflation in Argentina according to an average of private agencies which is released monthly by members of the Congressional opposition was 1.65%, climbing to 22.75% in the last twelve months. The official Indec inflation is scheduled to be released next March 13.

• Friday, March 9th 2012 - 01:12 UTC

  Latam vulnerable to trade shocks and highly China-dependent, warns IIF

  

  Economic growth in Latin America should speed to 4.5% in 2013 thanks to monetary stimulus and steadier global conditions, raising the risk of policy complacency, the Institute of International Finance said on Thursday.

• Friday, March 9th 2012 - 00:20 UTC

  Chilean inflation on target, in spite of February’s spike, says minister

  

  Chilean inflation accelerated in February fuelled by transport and food costs, reinforcing expectations the central bank will hold its key interest rate steady next week.

• Thursday, March 8th 2012 - 09:42 UTC

  Brazil has become the sixth-largest economy in the world overtaking the UK

  

  Brazil has become the sixth-biggest economy in the world, the country's finance minister announced. The National Institute of Economic and Social Research (NIESR) and other economic forecasters also said that Brazil had now overtaken the UK.

• Thursday, March 8th 2012 - 06:42 UTC

  Spanish King rings Cristina Fernandez to cool YPF taking over campaign

  

  Spain’s Foreign Secretary Manuel Garcia Margallo admitted there is great concern in Madrid over the situation of Repsol-YPF in Argentina, which is questioning the oil corporation for not having invested sufficiently or paid sufficient taxes, and revealed that King Juan Carlos has been on the phone with President Cristina Fernandez.

• Thursday, March 8th 2012 - 06:26 UTC

  Poor marks for Argentina in the annual report on money laundering activities

  

  Argentina became an important destination for money laundering activities in 2011 and is now part of a list including 66 nations that the US State Department says are “jurisdictions of primary concern.”

• Thursday, March 8th 2012 - 06:10 UTC

  Mexico’s tycoon Slim world’s richest man for a third consecutive year

  

  Mexican tycoon Carlos Slim, who on Wednesday topped the Forbes rich list for a third consecutive year with a fortune of 69 billion dollars, invests widely as he seeks to expand his massive telecoms empire.

• Thursday, March 8th 2012 - 06:06 UTC

  Brazilian surprise: basic rate down to 9.75%, lowest in years

  

  Brazil’s Central bank on Wednesday surprised analysts by accelerating the pace of interest rate cuts, bringing borrowing costs to 9.75%, below 10% for only the second time on record as it seeks to revive growth.

• Thursday, March 8th 2012 - 01:37 UTC

  Argentina blasts EU and describes Trade spokesperson statements as “false”

  

  Argentina categorically rejected ‘false’ statements from the EU Trade spokesperson relative to a clarification request to Argentina, allegedly not replied, involving relations of the UK with Buenos Aires and also questioned the EU ‘silence’ on the Malvinas sovereignty question.