Economy

• Monday, August 1st 2011 - 19:59 UTC

  Nobel Prize Krugman criticized Obama for giving in on debt deal

  

  The Nobel Prize winner economist Paul Krugman harshly criticized President Barack Obama for giving in to pressure compromising on a debt ceiling deal that defenders say will save the country from default.

• Monday, August 1st 2011 - 07:16 UTC

  Obama announces agreement to raise US debt-limit; Congress has to vote the deal

  

  President Barack Obama announced Sunday Republican and Democratic leaders have reached an agreement on raising the US debt limit and avoiding default. He said the deal would cut one trillion dollars of spending over 10 years, and set up a committee to report by November on a proposal to further reduce the deficit.

• Monday, August 1st 2011 - 07:02 UTC

  Uruguayan Peso over-valued 17.4% against the dollar according to Big Mac’s PPP

  

  The Uruguayan Peso is 17.4% over-valued against the US dollar according to the Big Mac index from The Economist which means the greenback should be trading in Montevideo money markets at 21.62 Pesos and not 18.25 Pesos as currently happens.

• Monday, August 1st 2011 - 06:25 UTC

  Brazil reiterates Falklands-flagged vessels will be banned from entering its ports

  

  Brazil reiterated its intention of banning all Falklands’ flagged vessels from calling at the country’s ports and described as “illegal” the current round of oil exploration in the Islands’ waters.

• Monday, August 1st 2011 - 06:21 UTC

  Brazil ready to announce 30bn dollars tax relief for industry

  

  Brazil is prepared for the event of a United States default if no agreement is reached in the US congress on the debt ceiling and will also implement a 30 billion dollars tax relief program to prop Brazilian industry competitiveness, announced Finance minister Guido Mantega.

• Monday, August 1st 2011 - 06:19 UTC

  All small retail outlets to be “privatized” by next October announced Cuba

  

  Cuba will broaden private retail service beyond beauty parlours and barbers in October to include everything from coffee shops to locksmiths, and may even rent space on busy streets, an official told parliament.

• Monday, August 1st 2011 - 06:03 UTC

  Magallanes region exports total 148 million dollars in first quarter

  

  Exports from Magallanes region in the extreme south of Chile totalled 148 million dollars during the first quarter of the year which is 10.5% higher than a year ago (134 million dollars), according to Chile’s national Statistics Office.

• Saturday, July 30th 2011 - 22:43 UTC

  South America as a region to discuss measures to counter global financial crisis

  

  South America’s top economic and monetary authorities will be meeting in Lima and later in Buenos Aires to agree on “joint and specific actions” to address the flush of global liquidity distorting regional currencies and of unsold manufactured goods threatening jobs and industry.

• Saturday, July 30th 2011 - 22:12 UTC

  Cuba allows more charter flights from the US; 350.000 visited the island in 2010

  

  Air travel between the United States and Cuba will become easier with the opening of charter flights to the island from an additional nine US cities announced by Cuba authorities on Friday.

• Friday, July 29th 2011 - 18:46 UTC

  Spain regional governments’ debts out of control; Moody’s downgrade warning

  

  Credit rating agency Moody's, on Friday, put Spain on review for a possible downgrade, adding to concerns that a Greek rescue package has done little to halt the spread of Europe's debt crisis.