Economy

• Tuesday, October 18th 2011 - 07:12 UTC

  Rousseff announces massive investment in urban transport projects

  

  President Dilma Rousseff said Monday that her administration plans to invest 30 billion Reais (17 billion dollars) in urban transportation projects across Brazil.

• Monday, October 17th 2011 - 21:46 UTC

  Spanish corporation will construct 70ml bio-ethanol plant in Uruguay

  

  Spain’s Abengoa has announced that it will construct a bio-ethanol plant in the department of Paysandu, Uruguay, for Alcoholes de Uruguay, or ALUR. The contract, which includes the construction of an adjoining power cogeneration plant, is worth 120 million dollars.

• Monday, October 17th 2011 - 21:41 UTC

  IMF says Brazil could experience flight of capital if Euro crisis worsens

  

  Brazil could experience a flight of capital should the European sovereign-debt crisis worsen, and the country may use interest rates and US dollar reserves to combat contagion, an International Monetary Fund director said.

• Monday, October 17th 2011 - 21:36 UTC

  Chile not immune but has “the tools to mitigate possible impacts”

  

  Chile’s central bank and government have monetary and fiscal instruments to respond if growth moderates faster than forecast amid concern over the European debt crisis, bank board member Rodrigo Vergara said.

• Monday, October 17th 2011 - 19:12 UTC

  What crisis? Luxury sector forecasted to expand 10% this year; Great China leads

  

  The luxury sector is set to post double-digit growth this year to 191 billion Euros driven by the appetite of the Great China consumers for top-quality goods, according to a study by Bain & Company released on Monday

• Monday, October 17th 2011 - 17:46 UTC

  Europe’ watchdog raps EU banks for lack of transparency and disclosure

  

  Not a single major European bank is providing enough transparency and detail on staff pay, and disclosure needs to improve, Europe's banking watchdog said on Monday.

• Monday, October 17th 2011 - 17:28 UTC

  Germany warns Greek bondholders will have to accept steeper ‘hair-cut’

  

  Germany lowered expectations of a breakthrough in the Euro zone's sovereign debt crisis next weekend, saying Sunday's EU summit will not produce a final solution, and kept up pressure on banks to accept bigger write-downs on Greek debt.

• Monday, October 17th 2011 - 06:45 UTC

  ECB president Trichet calls for deep changes in the EU treaty

  

  European Central Bank President Jean-Claude Trichet said the European Union's treaty should be changed to prevent one member state from destabilizing the rest of the bloc, and urged stronger governance of the Euro zone.

• Monday, October 17th 2011 - 06:34 UTC

  Every day a billion people go to sleep feeling hungry, recalls UN on Food Day

  

  With nearly one billion people still suffering from food shortages around the globe, the world must take a united stand against hunger, the United Nations said on Sunday 16 October, marking World Food Day.

• Monday, October 17th 2011 - 03:57 UTC

  Volcanic ash forces flights’ suspension at Argentina and Uruguay main airports

  

  Argentina and Uruguay suspended flights at major airports Sunday due to dangerous ash from neighbouring Chile's Puyehue volcano, which has disrupted global travel since it erupted earlier this year.