Stories for December 14th 2012

Friday, December 14th 2012 - 20:43 UTC

IMF praises Chile as one of the most stable and prosperous nations in the region

Christine Lagarde with President Piñera

IMF Managing Director Christine Lagarde described Chile as one the most stable and prosperous nations in South America which has enjoyed robust growth over the last decade, but also warned it remains exposed to shifts in commodity prices.

Friday, December 14th 2012 - 20:35 UTC

“Tackling inflation”, Uruguay’s top priority says IMF and suggests government cuts spending

Prudent wage growth is also essential, underlined the IMF

“Tackling inflation is Uruguay’s priority” said the International Monetary Fund board on Friday after inflation in October climbed to 9.1%. Monetary policy is not enough: the government must make efforts to cut back government spending and moderating wage growth insisted the IMF.

Friday, December 14th 2012 - 20:25 UTC

Argentine inflation 25.4% in last twelve months according to private estimates

The Freedom of Expression committee making the monthly announcement

Argentine opposition lawmakers presented November's inflation rate, or ‘Congressional rate’ based in the analysis of nine private agencies, which showed a 1.81% advance against the previous month, accumulating 25.4% in the last twelve months, “the highest in 18 months”.

Friday, December 14th 2012 - 07:46 UTC

Paraguay blasts Mercosur and Argentina and calls to follow ‘Chile’s example’

UIP Eduardo Felippo claims Argentina does not honour even signed agreements

Paraguay’s industrial union, UIP, lashed at Mercosur over the incorporation of Venezuela as a full member and Argentina’s reiterated lack of respect for signed agreements and understandings.

Friday, December 14th 2012 - 07:42 UTC

Uruguayan economy expands 3% in third quarter boosted by construction of pulp mill

The Montes del Plata mill has demanded an investment of 2bn dollars, a significant sum for a GDP in the range of 48bn dollars

Uruguay’s economy grew faster than economists expected in the third quarter, spurred by increased construction, transportation and communications activity. GDP expanded 3% from a year earlier, the central bank said on Thursday on its website. The economy grew 1.2 percent from the second quarter, the bank said.

Friday, December 14th 2012 - 07:36 UTC

Banco do Brasil expects to open its first commercial branch in China early 2013

The government owned bank is the country’s largest in assets

Government owned and the largest in the country in assets, Banco do Brasil received this week approval from China’s regulator to open a commercial branch in the country which is Brazil’s main trading partner.

Friday, December 14th 2012 - 07:30 UTC

IMF expected to delay action on Argentina on stats dispute until mid January

Ms Lagarde is scheduled to chair a conference in Viña del Mar with the region’s Finance ministers and central bank governors

The IMF said Thursday that it was unlikely to take action on Argentina failure to supply accurate statistical data before January, if the country misses a deadline next Monday.

Friday, December 14th 2012 - 07:16 UTC

EU reaches landmark deal to make the ECB the top banking supervisor

“We succeeded in securing Germany's key demands” said Chancellor Merkel

The European Union reached a landmark deal on Thursday to make the European Central Bank the bloc's top banking supervisor, giving EU leaders greater confidence that they are gaining the upper hand over the Euro zone's debt crisis.

Friday, December 14th 2012 - 07:07 UTC

Brazil outbound travel, preferably Europe and US one of the fastest growing

This year Brazilians are forecast to spend 16bn dollars overseas

In terms of outbound travel South Americans are ahead of everyone else in the Americas. In 2012, they undertook 12% more trips abroad than last year, marking a new record. The country clearly driving growth is Brazil.

Friday, December 14th 2012 - 06:58 UTC

P&O cruise vessels choose Falklands over Ushuaia, Puerto Madryn and Buenos Aires

Arcadia and Adonia will continue to call at the Falkland Islands

P&O, a subsidiary of Carnival Corporation Plc and one of the world’s leading cruise operators will be omitting Puerto Madryn, Ushuaia and Buenos Aires from its 2013 season because of the difficulties encountered by its red ensign vessels in Argentine ports during recent months. However the company confirms that the vessels will continue to call in the Falkland Islands.

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