Economy

• Monday, October 31st 2011 - 03:11 UTC

  Brazil becomes sixth world economy, overtaking UK by the end of 2011

  

  At the end of the current year Brazil’s GDP will rank sixth in the world and for the first time ahead of Britain’s GDP, according to the Sao Paulo media based on reports from IMF and private consultants.

• Monday, October 31st 2011 - 02:44 UTC

  Obama pounds the Republicans as protectors of the 1% very wealthy

  

  President Barack Obama, seizing on a report that showed the US rich getting richer while the rest of the country struggled to get ahead, said that Republicans were thwarting a fairer approach.

• Saturday, October 29th 2011 - 10:49 UTC

  China sets out terms for supporting the Euro bail package

  

  The European Union (EU)'s new bailout deal reached Thursday served a boost to global markets. China, as a major trade partner with the EU, welcomes its step to tackle the debt crisis and expects to enhance cooperation with the regional bloc for world economic recovery.

• Saturday, October 29th 2011 - 03:46 UTC

  Argentina’ tax office will validate buyers of foreign exchange as of Monday

  

  Argentina’s tax revenue office (AFIP) will validate from Monday onwards the people or enterprises that purchase currencies at the foreign exchange markets in order to control if they have the funds to do it and end with the irregular transactions, Economy Minister Amado Boudou announced Friday.

• Saturday, October 29th 2011 - 03:42 UTC

  Falklands’ Desire Petroleum shows report confirming prospectivity of its licences

  

  Falkland Islands oil explorer Desire petroleum unveiled Friday a new competent person's report (CPR), which it hailed as confirmation of the “prospectivity” of its licences.

• Saturday, October 29th 2011 - 03:35 UTC

  Fitch downgrades Argentine oil companies following Central bank dollar move

  

  Fitch Ratings has downgraded Argentine oil companies YPF and Pan American Energy foreign (PAE) currency Issuer Default Rating (IDR) to 'B+' from 'BB-' and has affirmed their local currency IDR at 'BB'.

• Saturday, October 29th 2011 - 03:31 UTC

  The G20 test is if it can prevent a future financial crisis, says Zoellick

  

  The true test for the G20 will be whether it can prevent a future financial crisis, World Bank Group President Robert Zoellick said Friday ahead of the upcoming G20 summit in Cannes.

• Saturday, October 29th 2011 - 03:24 UTC

  Trichet warns Euro crisis ‘isn’t over’; calls for precise, quick enforcement of deal

  

  European Central Bank President Jean-Claude Trichet said in an interview in a German newspaper to be published on Sunday that the Euro zone sovereign debt crisis was not yet over and that it was too early for the all-clear signal.

• Friday, October 28th 2011 - 20:45 UTC

  Argentina imposes stricter foreign exchange rules to contain capital flight

  

  Argentina imposed strict rules for operations in US dollars with the purpose to greater control over the foreign exchange market, moderating alterations in daily operations and above all to stop the haemorrhage of greenbacks estimated at 3 billion dollars a month.

• Friday, October 28th 2011 - 16:19 UTC

  Record unemployment in Spain hits 21.5% with five million out of a job

  

  Spain's unemployment hit a 15-year high in the third quarter with little hope new jobs will be created any time soon by a battered economy that remains at the forefront of investor concerns about Europe's debt commitments.