Economy

• Thursday, September 24th 2015 - 08:49 UTC

  Aftershock fears for the symbol 'Made in Germany', following VW' scandal

  

  Cars and the environment are two things that Germany cares so deeply about that they form part of the national character. So Germans are shocked to discover that for years the country's mightiest car manufacturer Volkswagen has been rigging environmental tests for diesel emissions in the US.

• Wednesday, September 23rd 2015 - 11:09 UTC

  France will appeal EU opt-out scheme to ban cultivation of GM crops

  

  France is to use a new European opt-out scheme to ensure a ban on the cultivation of genetically modified crops in the country remains in place. The European Union's largest grain grower and exporter has asked the European Commission for France to be excluded from some GM maize crop cultivation under the new scheme, the farm and environment ministries said in a joint statement.

• Wednesday, September 23rd 2015 - 10:11 UTC

  Risk of 'corralito' (freeze of bank accounts) if Catalonia secedes from Spain

  

  Bank of Spain governor Luis María Linde on Monday stated that if Catalonia secedes from Spain, there could be a risk of a corralito, the popular term for economic measures that include a freeze on clients’ accounts, with the aim of halting a potential bank run.

• Wednesday, September 23rd 2015 - 07:58 UTC

  Volkswagen admits 11 million cars worldwide equipped with “cheating software”

  

  The scandal that has undermined Germany's Volkswagen in the United States spread to its core market of Europe on Tuesday, after the company admitted that eleven million of its diesel cars worldwide were equipped with software that was used to cheat on emissions tests in the US.

• Wednesday, September 23rd 2015 - 07:17 UTC

  Uruguay pumps greenbacks to keep the US dollar rate on sliding stability

  

  Uruguay's central bank was forced to sell almost 65 million dollars on Tuesday, the highest volume so far this year, to keep the US dollar from ballooning as fears of the collapse of the Brazilian economy are felt through the region. The dollar finally ended trading with a slight 0.12% increase at 28,826 Pesos to the greenback.

• Wednesday, September 23rd 2015 - 07:05 UTC

  Brazil's currency falls to its weakest level against the US dollar, 4.06 Reais

  

  Brazil's currency fell to its weakest level ever as investors cast a wary eye on negotiations over spending bills that could further complicate the country's tenuous fiscal position. The currency, like others across Latin America, was also hammered by a global rise in the dollar sparked by increased expectations that the US Federal Reserve is still on track to raise interest rates this year.

• Tuesday, September 22nd 2015 - 07:15 UTC

  Which lawmakers from the Pacific Alliance are paid the most?

  

  Of all four Pacific Alliance countries, Colombia spends most on its congressional representatives, despite the South American country’s low wages. According to a report published on Monday by economic newspaper La Republica, the state pays Colombia’s congressmen a total of nearly $2.1 million per month in salaries, almost double the total of Chile, whose congressmen have the highest individual salaries, but in total cost the state $1.2 million per month.

• Tuesday, September 22nd 2015 - 06:49 UTC

  Brazil's Real at almost four to the US dollar; 70% weaker in the last 12 months

  

  Brazil’s currency closed on Monday at the weakest level ever against the dollar as raging economic and political situations increased uncertainty and the odds of the country losing its investment-grade credit rating from yet another ratings company, which could be catastrophic.

• Tuesday, September 22nd 2015 - 06:37 UTC

  VW shares plunge 20% following emissions' scandal; fines could reach 18bn dollars

  

  Shares in German auto giant Volkswagen (VW) fell more than 20% in morning trading at the Frankfurt stock exchange on Monday in reaction to revelations that some of its diesel cars in the United States had been fitted with software that gave false emissions data.

• Tuesday, September 22nd 2015 - 06:02 UTC

  The British Pavilion at the Expo Prado 2015: Best in Show

  

  More than 75,000 people visited the British Pavilion at the Expo Prado 2015 -the largest agro-industrial exhibition in Uruguay. The Pavilion was awarded first prize in the category “Best Embassy and Chamber of Commerce Pavilion” by the Uruguayan Rural Association, organisers of the Expo.