International

• Friday, June 22nd 2012 - 08:37 UTC

  Euro area has reached a “critical stage” for the viability of the monetary union, warns the IMF

  

  The Euro area crisis has reached a “critical stage” and member nations must make a “strong commitment” to the shared currency to stop the plunge in investor confidence, the IMF said in a report that recommends issuing common debt as one solution.

• Friday, June 22nd 2012 - 08:31 UTC

  Premier Wen Jibao will address China-Latam relations at a conference in ECLAC

  

  Premier of China, Wen Jiabao, will visit the headquarters of the UN Economic Commission for Latin America and the Caribbean (ECLAC) in Santiago, Chile, on Tuesday 26 June to deliver a lecture.

• Friday, June 22nd 2012 - 08:27 UTC

  Canadian company still interested in recapitalization of Uruguay’s national airline

  

  Chorus Aviation Inc. says it is working with the Uruguayan government on the recapitalization of the country’s flag carrier Pluna, just days after the Canadian company said it won't invest more money to bail out the airline.

• Friday, June 22nd 2012 - 08:03 UTC

  Brazilian iron ore exports drop 19% in value, first time since 2002

  

  Brazilian exports of iron ore from January through May were down 19% in value from the same period last year, according to a report from Sao Paulo based newspaper Folha on Thursday.

• Friday, June 22nd 2012 - 07:55 UTC

  Brazil and China sign 30bn dollars swap to boost trade and better weather global turbulence

  

  Brazil and China will sign an agreement in the coming weeks to swap as much as 30 billion in their two currencies, Brazil Finance Minister Guido Mantega said.

• Friday, June 22nd 2012 - 07:49 UTC

  World corn glut as Matto Grosso in Brazil doubles crop over last year

  

  Corn fell in Chicago on concern a record harvest in Brazil’s Mato Grosso state may add to a supply glut and on speculation slowing US economic growth will cut demand for grain used to make ethanol.

• Friday, June 22nd 2012 - 07:39 UTC

  Political deal in Germany on the ESM; mini summit in Rome to rescue Spain

  

  The German government and opposition reached on Thursday a deal that will allow parliament to approve the European Stability Mechanism, ESM, next week, but Germany's top court may delay the rescue fund's start date, saying it needed time to study the treaty.

• Friday, June 22nd 2012 - 07:36 UTC

  Spanish banks need 62bn Euros; full bail-out of the country in the drawing board

  

  Spain's medium-term borrowing costs spiralled to a Euro-era record on Thursday and independent auditors said Spanish banks may need up to 62 billion Euros in extra capital, to be filled mostly by a Euro zone bailout.

• Thursday, June 21st 2012 - 18:12 UTC

  Uruguayan minister admits deep concern about events in the Euro zone

  

  Uruguayan Minister of Economy Fernando Lorenzo expressed deep concern regarding events in Europe and warned that “the longer the delay in effectively analyzing the cost of the crisis” then everything will work out “much costlier”.

• Thursday, June 21st 2012 - 17:52 UTC

  UK to reopen embassy in Paraguay and new embassy in Haiti

  

  Following on the UK policy to establish closer ties with Latin America, Foreign Secretary William Hague has announced plans to re-open the British Embassy in Paraguay and a new British Embassy in Haiti.