Economy

• Monday, January 30th 2012 - 09:37 UTC

  Over five million Spaniards out of a job; recession forecasted in 2012 first quarter

  

  Spain’s unemployment total has passed the five million mark, with the jobless rate shooting up from 21.5% to 22.8%, which represents something like one out of four workers don’t have a job.

• Monday, January 30th 2012 - 07:14 UTC

  Mercosur is stalled: nobody comes knocking on the door, says Mujica

  

  Uruguay's President José Mujica said that Mercosur bloc is “stalled” and has no natural institutional operation to push other countries to express their willingness to enter it plus lacking the fluidity of a natural relationship.

• Monday, January 30th 2012 - 07:05 UTC

  Argentine organized labour on the war path anticipates ‘many conflicts’ in salary negotiations round

  

  Argentine organized labour, CGT, sent over the week end strong messages to the government of President Cristina Fernandez a day after their leader Hugo Moyano in a comeback speech called government official pre-programmed ‘teacher’s pets” and anticipated a complicated round of salary negotiation with many ‘possible conflicts’.

• Monday, January 30th 2012 - 07:03 UTC

  Merkel under pressure on the Euro from allies and her conservative coalition

  

  Chancellor Angela Merkel tried to deflect growing international pressure on Germany to agree an increase in the Euro zone's bailout funds by saying talks were still continuing.

• Saturday, January 28th 2012 - 10:16 UTC

  Brazil exceeded budget primary target last year and is optimistic about 2012

  

  Brazil’s central government exceeded its budget target for 2011 by posting a primary surplus (excluding interest payments) of 93.5 billion Reais (53.7 billion dollars) for the year.

• Saturday, January 28th 2012 - 10:11 UTC

  Fitch downgrades Italy and Spain ratings; Milan police raid agencies offices

  

  The credit ratings of Italy, Spain and three other Euro-area countries were cut by Fitch Ratings, which said the five nations lack financing flexibility in the face of the regional debt crisis.

• Saturday, January 28th 2012 - 09:56 UTC

  Argentina has “phenomenal” tight natural-gas prospects and “explosive output” is forecasted

  

  Exxon Mobil Corp and Americas Petrogas Inc have “phenomenal” tight natural-gas prospects in Argentina and expect “explosive” output growth in 5 years, said Guimar Vaca Coca, managing director of Americas Petrogas.

• Saturday, January 28th 2012 - 09:44 UTC

  US economy expands 2.8% in fourth quarter but with too much inventory building

  

  The US economy grew at its fastest pace in one and a half years in the fourth quarter of 2011, but a strong rebuilding of stocks by businesses and a slower pace of spending on capital goods hinted at softer growth early this year.

• Saturday, January 28th 2012 - 07:13 UTC

  Drought in Argentina and Brazil cuts significantly corn crops’ volumes

  

  Corn advanced heading for the biggest weekly gain in five as concerns that a renewed heat wave in Argentina and south Brazil may damage crops boosted demand for US grain. Soybeans were little changed.

• Friday, January 27th 2012 - 11:05 UTC

  Moody’s raises Uruguay’s credit rating to Ba1, one level below investment grade

  

  Uruguay’s credit-rating outlook was raised on Thursday to positive by Moody’s Investors Service, which cited the government’s commitment to keeping its budget deficit in check.