Economy

• Friday, March 23rd 2012 - 23:22 UTC

  US nominates public health expert of South Korean origin for World Bank top job

  

  The United States has nominated a public health expert of South Korean origin as its candidate for the World Bank presidency, a job emerging market economies are contesting for the first time.

• Friday, March 23rd 2012 - 23:11 UTC

  Another Argentine province cancels oil concessions to Spain’s held YPF

  

  The Argentine province of Mendoza joined on Friday other oil producing areas of the country in cancelling concession contracts which has been awarded to the Spanish owned oil corporation Repsol-YPF, with which the government of President Cristina Fernandez is involved in a controversy over long term investment.

• Friday, March 23rd 2012 - 22:56 UTC

  Fitch lowers Repsol-YPF rating; growing intervention of Argentine government feared

  

  Fitch Ratings has lowered its long-term rating on Spanish oil company Repsol YPF SA by one notch to BBB after its Argentine unit said it would pay out its dividend in shares instead of cash. Last week Moody’s adopted a similar decision. The company is currently in a dispute with the Argentine government.

• Friday, March 23rd 2012 - 22:51 UTC

  Argentina has at least a three-tier foreign money market: formal, informal and ‘cash overseas’

  

  The strict foreign currency controls and restrictions on the purchase of US dollars in Argentina have created the traditional black or informal market and a more sophisticated option by acquiring dollar denominated assets which can be cashed overseas such would be the case of shares from companies trading in New York.

• Friday, March 23rd 2012 - 06:00 UTC

  World’s largest beef producer cuts losses in Argentina and prepares to leave

  

  Brazil’s JBS, the world's biggest beef producer is on the verge of exiting Argentina due to a difficult business environment and because it is not prepared to tolerate further losses in the country.

• Friday, March 23rd 2012 - 02:25 UTC

  One in five manufactured goods consumed in Brazil were imports

  

  Almost one in five manufactured goods consumed in Brazil during 2011 was imported, according to the ‘commercial opening coefficient’ survey undertaken by the country’s National Industry Confederation, CNI, and released this week in Sao Paulo.

• Friday, March 23rd 2012 - 02:18 UTC

  Canada in exploratory talks with Mercosur for a trade agreement

  

  Canadian Minister of International Trade Ed Fast has concluded a two-day trade visit to Argentina, to promote the conclusion of exploratory talks towards a possible free trade agreement (FTA) with the Mercosur trade bloc.

• Thursday, March 22nd 2012 - 21:48 UTC

  World health organization supports Australia in its clash with the tobacco industry

  

  The World Health Organization, WHO, Director-General Margaret Chan urged the world to “stand shoulder to shoulder” against the tobacco industry’s attempts to overturn Australia’s new path breaking tobacco control law.

• Thursday, March 22nd 2012 - 21:34 UTC

  Jaguar Land Rover plant in China, which is now third global market for the brand

  

  Jaguar Land Rover (JLR) has finalized a joint venture agreement with Chery Automobile Co to manufacture and sell vehicles in China, the two companies said, as the luxury British brands look for further growth in the world's largest car market.

• Thursday, March 22nd 2012 - 06:58 UTC

  Developing countries nominate top candidates for the World Bank presidency

  

  The US is under intense pressure to nominate a top candidate for the World Bank presidency after developing countries put forward two credible contenders of their own.