Economy

• Friday, January 20th 2012 - 08:01 UTC

  Bill for the BP oil spill in the Gulf of Mexico could reach 20/25 billion dollars

  

  British Petroleum is likely to agree to pay the US Department of Justice 20 to 25 billion dollars to settle all charges around the Gulf of Mexico oil spill, according to a leading analyst, a prediction that is at least twice what the company has set aside.

• Friday, January 20th 2012 - 07:58 UTC

  UK unemployment hits 2.69 million (8.4%), highest since January 1996

  

  UK unemployment rose by 118,000 in the three months to November to 2.69 million, official figures show. The Office of National Statistics (ONS) said the unemployment rate also rose to 8.4% from 8.3%, the highest since January 1996.

• Friday, January 20th 2012 - 07:52 UTC

  Labour market improving in the US, unemployment at it lowest since April 2008

  

  While the Republicans can’t agree on a presidential candidate and continue to lash their own hopefuls, US president Barack Obama has been receiving additional good news from the jobs market.

• Friday, January 20th 2012 - 07:50 UTC

  Argentina considers Brazil’s complaints about trade restrictions ‘unjustified”

  

  The head of the Argentine Industrial Union (UIA), José Ignacio de Mendiguren said on Thursday that the complaints from Brazil over the Argentine import restrictions are “unjustified”.

• Thursday, January 19th 2012 - 06:03 UTC

  “To all effects” Venezuela is fully integrated to Mercosur, says Uruguay

  

  “In practical terms Venezuela if fully integrated to Mercosur” said Uruguayan Foreign Affairs minister Luis Almagro during a meeting this week with foreign correspondents.

• Thursday, January 19th 2012 - 06:00 UTC

  Trade balance with Argentina is ‘definitively positive’ says Uruguayan minister

  

  Uruguayan Foreign Minister Luis Almagro said that the trade balance between Uruguay and Argentina is “definitely positive” although admitting some manufacturing sectors face difficulties because of the current Argentine obstructions to imports.

• Thursday, January 19th 2012 - 05:57 UTC

  Brazil cuts basic rate to 10.5% and signals further reductions in the future

  

  Brazil’s central bank indicated on Wednesday it will keep cutting interest rates at the current pace after it reduced borrowing costs by a half-point to 10.5%, for a fourth straight meeting.

• Thursday, January 19th 2012 - 04:00 UTC

  “Get ready” a big storm is on its way, warns the latest World Bank forecast

  

  The World Bank warned developing countries today to prepare for the “real” risk that an escalation in the Euro area debt crisis could tip the world into a slump on a par with the global downturn in 2008/09.

• Thursday, January 19th 2012 - 03:57 UTC

  Brazilian government considers Argentina “a permanent problem” in economic issues

  

  Industry and Foreign Trade minister Fernando Pimentel expressed on Wednesday the Brazilian government’s deep disappointment with the latest Argentine legislation to be implemented on trade saying that Argentina is “a permanent problem”.

• Thursday, January 19th 2012 - 03:52 UTC

  Argentine government calls on unions and businesses to act with “responsibility”

  

  Argentine acting President, Vice-President Amado Boudou called on businessmen and union workers to act with “responsibility” in direct reference to the upcoming round of wage negotiations that will be held later this year and unions have anticipated will have to be referred to workers “pocket” inflation.