Economy

• Thursday, June 2nd 2011 - 00:46 UTC

  Uruguay's fiscal deficit steady at 1.6% of GDP; lack of rains fuels power bill

  

  Uruguay’s fiscal deficit increased 0.7 percentage points of GDP in April reaching 1.6% of GDP in the accumulated twelve months, reports the Ministry of Economy and Finance. The 1.6% of GDP is the fiscal budget deficit target established by the government for the whole of 2011, which was recently increased.

• Wednesday, June 1st 2011 - 16:23 UTC

  Falklands’ appraisal well confirms oil quality at Sea Lion prospect discovery

  

  Rockhopper Exploration operating in the North Falkland basin has provided an upbeat update on its second appraisal well, 14/10-5, on the Sea Lion discovery which was drilled 600 m north of the 14/10-2 discovery well to a TD of 2,726 m.

• Wednesday, June 1st 2011 - 10:33 UTC

  The unstoppable march of the tobacco giants

  

  By Emily Dugan - The following piece from The Independent on Sunday describes how in spite of the World NO tobacco Day (May 31) the industry ruthlessly exploits the developing world and makes huge profits even when smoking in the richer countries has been falling sustainedly.

• Wednesday, June 1st 2011 - 09:02 UTC

  LAN will seek another partner to expand globally if merger with Brazil’s TAM falls

  

  Chile's LAN Airlines will seek another partner or explore other options to expand internationally if a local antitrust tribunal rules against a planned merger with Brazil's TAM, according to an interview published by leading daily El Mercurio.

• Wednesday, June 1st 2011 - 08:53 UTC

  Obama names businessman with impressive background new Commerce Secretary

  

  John Bryson from Kohlberg-Kravis-Roberts & Co and with an impressive business background has been nominated by President Barack Obama as next US Secretary of Commerce. He replaces Gary Locke but still must be confirmed by Congress.

• Wednesday, June 1st 2011 - 08:37 UTC

  Moody’s joins S&P and lifts Colombia’ credit rating to investment grade

  

  Colombia’s credit rating was raised to investment grade by Moody’s Investors Service, matching a move by Standard & Poor’s two months earlier, as economic growth accelerates and the threat posed by guerrilla groups and organized crime recedes.

• Wednesday, June 1st 2011 - 08:34 UTC

  Mix of Belgian sacrifices and banks rolling over expiring bonds, proposal for Greece

  

  European Union’s top economic official said a solution to keeping Greece solvent is combining bold deficit cuts reminiscent of Belgian sacrifices in the 1990s and willingness by lenders to roll over expiring bonds, adapting what was done in Eastern Europe two years ago.

• Tuesday, May 31st 2011 - 22:57 UTC

  Cristina Fernandez plans to launch re-election bid June 23, says close associate

  

  Argentine President Cristina Fernández de Kirchner may announce her bid to run for re-election at a rally on June 23, according to ruling-party lawmaker and close associate of the head of state, Carlos Kunkel.

• Tuesday, May 31st 2011 - 22:55 UTC

  Mercosur and EU admit internal problems are delaying trade negotiations

  

  The European Union and Mercosur admit they have internal problems that are delaying discussions, and results, for a broad association and cooperation accord that contemplates a trade agreement questioned by strong interests from both sides.

• Tuesday, May 31st 2011 - 22:52 UTC

  Top-tier sponsors Coca Cola, Visa pressure FIFA to undertake sweeping reforms

  

  Top-tier sponsors Visa Inc and Emirates Airlines added to pressure on FIFA to undertake sweeping reform, as England urged the postponement of President Sepp Blatter's unopposed re-election.