Economy

• Friday, May 21st 2010 - 06:10 UTC

  Spanish cabinet approves draconian budget cuts; public sector protests

  

  The Spanish government approved on Thursday approved a €15 billion (19 billion US dollars) austerity plan aimed at reducing the country's large fiscal deficit and easing concerns that Spain could follow Greece into a debt crisis.

• Friday, May 21st 2010 - 03:40 UTC

  Euro fiscal crisis and local inflation tarnish Brazilian glitter

  

  Brazil's Bovespa stocks index and the Real lost ground for a sixth straight session Thursday as investors continued to sell local assets given the depressed global economic outlook following on fears about the Euro fiscal crisis and disappointing data on the health of the US economy.

• Friday, May 21st 2010 - 02:48 UTC

  Peru en route to become the world’s fifth gold producer

  

  Peru’s Ministry of Energy and Mines (MEM) said this week that the country would rank among the world’s top 5 gold producers before 2015 thanks to the production potential and increased investment in the sector.

• Friday, May 21st 2010 - 02:28 UTC

  Growing concern in Uruguay with Brazilian delay in FMD vaccination timetable

  

  Uruguay is concerned that in neighbouring Rio Grande do Sul, one of Brazil’s breadbaskets and famous for livestock breeding, the vaccination campaign against foot and mouth disease remains disturbingly delayed.

• Thursday, May 20th 2010 - 21:07 UTC

  Argentine farmers furious with government’s handling of relations with China

  

  Argentine Small Farmers Association (FAA) leader Eduardo Buzzi charged against the government over China's decision of suspending all Argentine soybean oil imports which is considered by many as retaliation to some restrictions that the Cristina Fernández de Kirchner's administration imposed on Chinese products.

• Thursday, May 20th 2010 - 06:46 UTC

  Federal Reserve more optimistic about outlook for the US economy

  

  The Federal Reserve has a more optimistic outlook for the US economy, according to meeting minutes released Wednesday, but the central bank is still debating how to shrink its massive balance sheet.

• Thursday, May 20th 2010 - 03:50 UTC

  April consumer inflation in the US drops for the first time in more than a year

  

  Consumer inflation in the United States unexpectedly dropped in April for the first time in more than a year. The 0.1 percent fall in the consumer price index was the first decrease since March 2009, figures from the Labor Department showed Wednesday.

• Thursday, May 20th 2010 - 03:34 UTC

  World shares fall after surprise move by Germany to limit short-selling

  

  World shares fell on Wednesday after a surprise move by Germany to ban some types of short-selling of financial products. Bans on short selling have been introduced in recent times of financial instability by both the UK and US.

• Thursday, May 20th 2010 - 03:28 UTC

  Petrobras leading Latinamerican corporation based on sales volume

  

  Petrobras, Brazil’s government managed oil and gas corporation rates as the Latinamerican corporation with the largest volume of sales, according to consultants Economática. The top ranked include six Brazilian companies, three Mexican and one from Colombia.

• Wednesday, May 19th 2010 - 05:50 UTC

  Madrid summit committed to a “multi-polar” world; rejects protectionism

  

  The European Union-Latin America-Caribbean leaders’ summit wrapped up on Tuesday in Madrid with unanimous agreement about the need to develop new instruments of global governance for a multi-polar world and a commitment “to reject any form of protectionism”.