Economy

Monday, January 2nd 2012 - 06:21 UTC
Saudi dairy farm buys 30.000 acres of prime land in Argentina

Saudi Arabia's largest dairy company announced it was buying Argentine farm operator Fondomonte for 83 million dollars to secure access to a supply of animal feed. The acquisition will give Riyadh-based Almarai Co. control of roughly 30,000 acres of farmland just ahead of tough new limits to be imposed by Argentina's government on foreign ownership of productive land.
Monday, January 2nd 2012 - 06:15 UTC
Argentine central bank confirms (unorthodox) growth policies for 2012

Argentina's economy should expand by 4.5% to 7.5% in 2012 according to the Central bank that also warned about the threat of the consequences of the Euro crisis. The bank’s latest approved monetary program states that the policies that have helped Argentina's economy boom over the last nine years will remain largely in place.
Monday, January 2nd 2012 - 03:56 UTC
Peruvian fish exports soar in volume and income: 2.8bn dollars in ten months

Peruvian fish exports generated during last October generated 206.2 million dollars which represents 42.1% more than in the same month of 2010 (145.1 million), while export volume jumped 42.8% from 89.200 to 127.400 tons, the Ministry of Production reported. The increases were primarily due to higher sales of fishmeal.
Monday, January 2nd 2012 - 00:56 UTC
Merkel calls for closer EU cooperation to rescue the Euro

Europe must cooperate more closely if it wants the Euro to succeed as its shared currency, and it still has a long way to go to overcome its sovereign debt crisis, German Chancellor Angela Merkel said in her New Year's Eve address.
Saturday, December 31st 2011 - 18:28 UTC
“Fasten your seatbelts; it’s going to be a bumpy year!”

By Nouriel Roubini (*) - The outlook for the global economy in 2012 is clear, but it isn’t pretty: recession in Europe, anemic growth at best in the United States, and a sharp slowdown in China and in most emerging-market economies.
Friday, December 30th 2011 - 21:39 UTC
New Spanish government announces draconian measures to balance the budget

Spain's new government revealed on Friday that the public deficit for 2011 would come in at 8% of GDP, well above a target of 6%, and announced income and property tax hikes and a civil servant wage freeze in response.
Friday, December 30th 2011 - 21:22 UTC
Uruguay fearing inflation drastically rises basic rate 75 points to 8.75%

Uruguay’s central bank unexpectedly increased on Friday its benchmark interest rate by 75 points from 8% to 8.75%o as policy makers admit inflation, and mid term expectations remain notoriously over the target range and price stability is the main concern in “the current socio-economic context”.
Friday, December 30th 2011 - 06:36 UTC
Uruguay suggests changing to the red ensign for Falklands’ vessels to operate in Montevideo

No changes are needed in current legislation to bar vessels flying the Malvinas flag from entering Uruguayan ports, but Uruguay also speculates that if the vessels change to the English flag there will be no problems, according to a report from the Foreign Affairs ministry.
Thursday, December 29th 2011 - 22:59 UTC
Turkish economist named World Bank new Vice-President for Latin America

Hasan Tuluy, a Turkish national and a strong supporter of inclusive growth, will become the new World Bank Vice President for Latin America and the Caribbean (LAC) as of January 1st, 2012. Mr. Tuluy will oversee the Bank’s lending, knowledge, and poverty-fighting operations in the region, which totalled 9.6 billion dollars in fiscal year 2011.
Wednesday, December 28th 2011 - 03:58 UTC
Mexican telecoms giant planning to invest 5.4bn dollars in Brazil

The Brazilian subsidiaries of Mexican telecoms giant America Movil are planning 10 billion Reais (5.4 billion dollars) worth of new investment in 2012, Folha de São Paulo said on Tuesday.