Economy

• Wednesday, June 23rd 2010 - 03:55 UTC

  Argentina’s debt-swap acceptance expected to reach 70%

  

  The latest available information on the Argentine debt-swap reported a higher acceptance rate than was anticipated by market analysts reaching 68.3%, which is above the self imposed 60% floor by Argentine authorities. The news was released by Buenos Aires financial daily Ambito Financiero.

• Wednesday, June 23rd 2010 - 03:52 UTC

  Spanish Socialists approve labour reforms; conservatives abstain

  

  Spanish lawmakers Tuesday gave preliminary approval to labour reforms considered essential for slashing the soaring jobless rate, reviving the fragile economy and sending a strong message to nervous markets.

• Wednesday, June 23rd 2010 - 03:13 UTC

  General Motors South America is born to cater rising demand in the region

  

  General Motors is setting up a new regional organization in response to rising demand in South America. The new unit, GM South America, will be headquartered in Sao Paulo, Brazil.

• Tuesday, June 22nd 2010 - 05:05 UTC

  Brazil reacts cautiously to the Yuan “greater flexibility” policy

  

  Brazil's Central Bank welcomed China's move to boost flexibility of the Yuan exchange rate, saying the decision showed China's willingness to help the global economy.

• Tuesday, June 22nd 2010 - 04:54 UTC

  G20 leaders (mainly US and Europe) seem divided stimuli timing withdrawal

  

  President Barack Obama has warned against cutting national debts too quickly as it would put economic recovery at risk. In a letter to G20 leaders, the US president said that while it was important to put in place “credible plans” to cut deficits, withdrawing economic stimulus early was dangerous.

• Tuesday, June 22nd 2010 - 04:52 UTC

  Risk rating agency says low risk of a Euro zone breakup; praises Stabilization Mechanism

  

  Although the sovereign debt crisis has revealed weaknesses in several European Union countries, the risk of a Euro zone breakup is low over the shorter term, Fitch Ratings said on Monday.

• Saturday, June 19th 2010 - 02:11 UTC

  BRIC emerging economies will enjoy agriculture boom, says UN-OECD report

  

  The emerging economies of Brazil, India, China and Russia (BRIC) will enjoy an agricultural boom over the next decade as production stalls in Western Europe, a report says.

• Friday, June 18th 2010 - 20:29 UTC

  IMF chief Strauss-Khan strongly supports Spain’s reforms

  

  IMF Managing Director Dominique Strauss-Kahn praised Spain’s management of the current economic situation and said the budget deficit will shrink “rapidly” as the government’s overhaul of labor rules boosts economic growth.

• Friday, June 18th 2010 - 19:28 UTC

  World Bank calls for stronger Yuan to reduce inflation and spur domestic demand

  

  World Bank has reiterated its view that the Chinese government should allow the Yuan to strengthen against other international currencies. The bank also forecasted the Chinese economy would grow 9.5% in 2010 and 8.5% in 2011.

• Friday, June 18th 2010 - 05:46 UTC

  What went wrong with the Euro? It was like some kind of sleeping pill

  

  EU president Herman Van Rompuy blamed the past strength of the European single currency for making the Euro zone unaware of its fiscal problems, in an interview with the Financial Times.