Economy

• Friday, June 24th 2011 - 11:07 UTC

  Britain says Brazil has the best science base outside the G8

  

  The UK said that Brazil has the best science base outside the G8, and Brazil’s state-controlled oil and gas giant Petrobras CEO Jose Sergio Gabrielli predicted that his country will shortly become the world's largest market for deep offshore oceanic hydrocarbon exploration equipment.

• Friday, June 24th 2011 - 10:59 UTC

  Brazil and Spain, leading candidates for next head of FAO

  

  Brazilian and Spanish candidates are leading the field for the Sunday June 26 upcoming election for the next head of the Food and Agriculture Organization in Rome, the UN agency leading the struggle against global hunger.

• Friday, June 24th 2011 - 02:17 UTC

  To contain inflation Uruguay raises benchmark rate 50 points to 8%

  

  As anticipated, Uruguay's central bank raised its benchmark lending rate 50 basis points to 8% on Thursday in an effort to keep inflation within its target range. Uruguay’s consumer price index rose 8.53% in the 12 months through May, far above the official target range of between 4% and 6% set for the 12 months ending June 2012.

• Friday, June 24th 2011 - 00:02 UTC

  Russian meats market paralyzed; Uruguay and Brazil exports affected

  

  The Russian market which has been the main buyer of Uruguayan beef helping to boost cattle prices has virtually ceased operations according to Uruguayan exporters who claim deals are limited to small shipments of livers and tongues.

• Thursday, June 23rd 2011 - 23:19 UTC

  Release of strategic reserves (to counter Libya’s absence) rattles world oil market

  

  Oil rose in New York, recovering from a plunge sparked by an International Energy Agency announcement that its members will release crude from strategic reserves.

• Thursday, June 23rd 2011 - 22:49 UTC

  Former IMF head admits to made many silly mistakes and errors with Argentina

  

  Former managing director of the IMF, Michel Camdessus admitted Thursday in Buenos Aires that during his time working for the organization, they 'made many mistakes with Argentina,' particularly highlighting the 90s.

• Thursday, June 23rd 2011 - 22:28 UTC

  Paraguay’s economy expands 4.6% in first quarter; down 0.7% from previous quarter

  

  Mercosur full member Paraguay’s economy expanded 4.6% in the first quarter of 2011 compared to a year ago boosted by agriculture in spite of a slowdown in cattle farming and construction, according to the country’s Central bank latest report.

• Thursday, June 23rd 2011 - 18:01 UTC

  Italy’s Dragui confirmed at the next president of the European Central Bank

  

  The European Parliament formally endorsed on Thursday Italy's Mario Draghi to be the next president of the European Central Bank. European Union leaders are expected to give their formal backing to the appointment at a summit allowing Draghi, 63, to take over as head of the bank when Jean-Claude Trichet steps down at the end of October.

• Thursday, June 23rd 2011 - 17:53 UTC

  The volcanic ash cloud fools forecasts: flights to Argentine Patagonia delayed

  

  The Puyehue volcano ash cloud has again fooled forecasts and submitted air travellers to further misery. A number of flights to Argentine Patagonia were cancelled Thursday morning due to the shift in the movement of the lingering ash cloud and was predicted to reach Buenos Aires Province over the course of the next few hours.

• Thursday, June 23rd 2011 - 17:49 UTC

  Argentine Patagonia faces major agriculture and tourism disaster

  

  While air passengers in the Southern hemisphere continue exposed to the vicissitudes of the volcanic ash cloud Patagonian farmers have a much serious problem: feeding 1.5 million sheep and livestock when fields are covered with sludge of volcanic debris and snow.