Economy

• Wednesday, September 14th 2011 - 14:54 UTC

  Falklands’ Rockhopper unveiled 2bn dollars plan to extract oil by 2016

  

  British oil group Rockhopper Exploration has unveiled plans for a 2 billion dollars investment in the Falkland Islands, a move which will transform the remote territory into a new oil province.

• Wednesday, September 14th 2011 - 06:43 UTC

  BRICS countries preparing aid package in support of the European Union

  

  Brazil, Russia, India, China and South Africa, which make up the so-called BRICS group, will meet in Washington next week to discuss how to help the European Union avert a full-blown financial crisis as Greece veers toward default on its debt, Brazilian Finance Minister Guido Mantega said Tuesday.

• Wednesday, September 14th 2011 - 06:40 UTC

  A complete Spain lives below the poverty line in the US according to census

  

  The United States poverty rate hit its highest level since 1993 in 2010 with a record 46 million Americans living below the poverty line, according to a US government report on Tuesday that depicted the grim effects of stubbornly high unemployment.

• Wednesday, September 14th 2011 - 06:33 UTC

  US non partisan agency forecasts slower growth and 9% unemployment in 2012

  

  US economy will grow slower than anticipated and joblessness will stay high as the fallout of the deepest recession since the Great Depression takes its toll, the Congressional Budget Office said on Tuesday.

• Wednesday, September 14th 2011 - 06:26 UTC

  Top Republicans criticize elimination of tax breaks in Obama jobs plan

  

  Top opposition Republicans in Congress criticized today President Barack Obama's proposal to pay for a job creation plan by eliminating 467 billion dollars in tax breaks for wealthier Americans and corporations.

• Wednesday, September 14th 2011 - 06:07 UTC

  US to begin testing beef for six more strains of E.coli bacteria, said USDA

  

  The US government announced Tuesday it will begin testing next year for six more kinds of E.coli bacteria in raw ground beef and tenderized steaks in order to boost protection of US consumers.

• Wednesday, September 14th 2011 - 03:11 UTC

  Developed countries fail to cut unemployment; Euro zone rate stands at 10%

  

  Developed countries are failing to cut unemployment, according to figures released this week by the Organization for Economic Cooperation and Development (OECD). July’s figures show unemployment at 8.2% for the 34-country group – unchanged for five consecutive months.The Euro zone is faring even worse, with unemployment sticking at 10%.

• Tuesday, September 13th 2011 - 07:31 UTC

  Brazil’s Tombini anticipates tougher global slowdown than in 2008/09

  

  Brazilian Central bank President Alexandre Tombini said in an interview with the local Valor Economico newspaper that Europe's expected difficulty in implementing a rescue package and slowing global growth are likely to justify the bank's recent surprise cut to interest rates.

• Tuesday, September 13th 2011 - 07:26 UTC

  Fears of a Greek default spread uncertainty to world markets

  

  United States shares staged a late recovery on Monday to post only their second positive close of the month. Earlier, European and Asian markets fell on fears that Greece may default. In Latin America results were much in line with the US.

• Tuesday, September 13th 2011 - 07:23 UTC

  Germany debates “taboos” and possible “orderly insolvency” for Euro zone crisis

  

  German Chancellor Angela Merkel said on Tuesday there were generally no taboos in politics but that the Euro zone crisis would not have a mechanism for ‘orderly insolvency’ of one of its members until its permanent rescue mechanism comes into power in 2013.