Economy

• Thursday, February 16th 2012 - 07:22 UTC

  Brazil cuts 2012 spending to meet budget surplus and allow interest rates to fall

  

  Brazil will cut 55 billion Reais (32 billion dollars) from this year’s budget to allow interest rates to fall, while increasing investment to boost growth in the world’s second-biggest emerging market.

• Thursday, February 16th 2012 - 07:16 UTC

  Brazil wants open selection process when Zoellick leaves World Bank presidency

  

  Brazil urged the World Bank on Wednesday to give proper consideration to developing country candidates to replace outgoing president Robert Zoellick and not just go with an American.

• Thursday, February 16th 2012 - 07:13 UTC

  Brazil main airline betters profits; prepares to join one of the world’s largest carriers

  

  TAM, Brazil's largest airline, reported a fourth-quarter profit on rising ticket prices, fanning expectations of more profitable operations in the year ahead despite recent cost pressures.

• Wednesday, February 15th 2012 - 05:32 UTC

  Argentina on the verge of “unprecedented energy shortage”, say former ministers

  

  Argentina’s Energy Institute, IAE, warned that the country faces an “unprecedented energy crisis” with strong drops in hydrocarbons reserves, production and the loss of self sufficiency.

• Wednesday, February 15th 2012 - 00:33 UTC

  Brazil and Paraguay soybean harvest forecast downgraded because of lack of rain

  

  Oil World cut its forecast for Brazil and Paraguay soybean production, extending the run of downgrades amid ideas that rains in the last two weeks has been insufficient to put a hold on crop losses.

• Wednesday, February 15th 2012 - 00:27 UTC

  Brazil imposes extra levies on blanket imports from Uruguay and Paraguay

  

  Brazil imposed additional levies on the import of blankets from Mercosur associates Paraguay and Uruguay alleging triangulation of Chinese textiles, which are restricted because of dumping practices.

• Tuesday, February 14th 2012 - 22:19 UTC

  Euro debt crisis: Moody warns France and Britain’s triple-A rating could be next

  

  Rating agency Moody's announced on Tuesday it had downgraded six European nations including Italy, Spain and Portugal, citing growing risks from Europe's debt crisis, and warned it may cut the triple-A ratings of France, Britain and Austria.

• Tuesday, February 14th 2012 - 21:16 UTC

  Cristina Fernandez raps business, farmers and unions: Argentina is not Disneyland

  

  Argentine President Cristina Fenandez again full of stamina criticized farmers, business people and workers’ unions, and at the same time called on all sides involved to live in the real Argentina, “not fantasy land, because Argentina is not Disneyland”.

• Tuesday, February 14th 2012 - 21:03 UTC

  Republicans promise ‘to kill’ Obama’s budget which raises taxes on the rich

  

  President Barack Obama called on Monday for aggressive spending to boost growth and for higher taxes on the rich, laying out an election-year vision for the US in a budget that was criticized sharply by Republicans for failing to curb the deficit.

• Tuesday, February 14th 2012 - 20:57 UTC

  S&P and Fitch downgrade Spain’s top banks: Santander and BBVA

  

  Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA were among 15 Spain-based financial firms downgraded by Standard & Poor's after the credit-ratings company reduced the nation's grade last month.