Stories for December 14th 2012
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.
“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.
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”.
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.
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.
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.
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.
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.
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.
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.