Economy

Friday, March 30th 2012 - 16:58 UTC
Spain announced toughest austerity budget since the return of democracy

Spain is cutting 27bn Euros from its budget this year as part of one of the toughest austerity drives in its history. Changes will include freezing public sector workers' salaries and reducing departmental budgets by 16.9%.
Friday, March 30th 2012 - 07:47 UTC
US economy expanded 3% in the fourth quarter and incomes even faster

The US economy expanded as expected in the fourth quarter while personal income grew at a much faster pace than previously thought, according to the Commerce Department final estimate released Thursday.
Friday, March 30th 2012 - 07:42 UTC
US Judge criticizes Argentine ‘continued intransigence’ in refusing to honour lawful debts

A US judge threw out claims by bondholders on up to 2.21 billion dollars of Argentine funds held at the Federal Reserve Bank of New York, but criticized the country’s “continued intransigence” in refusing to pay creditors holding defaulted debt.
Friday, March 30th 2012 - 07:39 UTC
Brazil monetary authorities suggest benchmark rate could fall to 9% (from 9.75%)

Brazil's Central Bank Monetary Policy Committee (Copom) reaffirmed the likelihood it will continue to cut rates and at the same time perhaps put into question its commitment to the 4.5% inflation target for 2013, according to the quarterly inflation report released Thursday morning.
Friday, March 30th 2012 - 07:11 UTC
Inflation notoriously above the target range, admits Uruguay’s central bank

The Central Bank of Uruguay left its benchmark interest rate unchanged at 8.75% on Thursday, saying the current level is consistent with a restrictive monetary policy as Uruguayan authorities stubbornly battle high inflation.
Friday, March 30th 2012 - 07:05 UTC
Brazil’s union files lawsuit against Chevron and Transocean over oil spill

Brazil's largest oil workers union filed a lawsuit against US oil company Chevron and drilling firm Transocean that seeks to cancel their rights to operate in the country as the result of an offshore oil spill last November.
Friday, March 30th 2012 - 06:47 UTC
Uruguay against any Falklands’ blockade; supports trade with the Islands

Foreign Affairs minister Luis Almagro said that the Uruguayan government does not oppose trade with the Falkland Islands and any undertaking to that effect by the private sector is welcome since “Uruguay does not agree with any commercial or economic blockade of the Islands”.
Friday, March 30th 2012 - 06:39 UTC
Argentina promises to reopen book imports: ‘lead poisoning ink argument too heavy’

Argentina’s restrictions on books imports based on the ‘lead content of the ink in which they are published’ and the fact the Argentine government described the implementation as a “safeguard for human health” echoed worldwide, and official sources have now promised the situation will “be back to normal” in a few weeks.
Thursday, March 29th 2012 - 07:10 UTC
Brazilian congress breaks gridlock on legislative agenda including “FIFA bill”

Brazilian lawmakers on Wednesday moved a step closer to passing a long-delayed measure key to preparations for the 2014 soccer World Cup, breaking a gridlock in Congress that threatened to delay President Dilma Rousseff's legislative agenda.
Thursday, March 29th 2012 - 04:24 UTC
Guess why Argentina restricts book imports: possible lead poisoning from ink

Argentina does not ban the import of books, the latest measures have been implemented to safeguard human health since handling books could entail dangers originated in the lead content of the inks with which they are published.