Friday, October 9th 2015 - 07:21 UTC

Fed close to increasing rate, according to minutes; IMF again calls on Yellen for prudence

Because of the risks to the outlook for economic activity and inflation, “FOMC decided that it was prudent to wait for additional information” said the minutes

The US Federal Reserve believes the US economy was close to warranting an interest rate hike in September but policymakers decided it was prudent to wait for evidence a global economic slowdown was not knocking United States off course.

Thursday, October 8th 2015 - 18:51 UTC

Brazilian congress again exposes President Rousseff's political weakness

Her government failed to gather enough lawmakers to have a quorum for the session despite a cabinet reshuffle last week to bolster her position

Brazil's Congress on Wednesday postponed for a fourth time voting on whether to overrule President Dilma Rousseff's vetoes of two spending bills in a defeat for her government as it scrambles for support to rebalance overdrawn public accounts.

Thursday, October 8th 2015 - 12:08 UTC

Brazil's inflation eases in September but still too close to two digits

A consumer price as measured by Brazil’s IPCA index has fallen to 9.49% in last 12 months to September, compared to 9.53% in August.

Inflation in Brazil has eased for second consecutive month, which takes some pressure of the central bank to hike rates further. The Real has also gained pace last month after the central bank promised to do whatever it takes to stem the Brazilian currency's slide. The Real has strengthened to 3.84 per dollar after touching new all-time high of 4.247 per dollar only a couple of weeks ago.

Thursday, October 8th 2015 - 10:21 UTC

With Brazil contracting 3%, Latin America's economy will shrink 0.3%, says IMF report

“The downturn in Brazil was deeper than expected,” the IMF said and warned of “significant negative spillovers” in the region.

The International Monetary Fund said today that it now expects Latin America's economy to shrink 0.3% this year instead of growing 0.5%, largely due to a steep recession in Brazil and slumping commodity prices. It would be the first recession for the Latin American and Caribbean region since 2009.

Wednesday, October 7th 2015 - 10:21 UTC

Brazil's September auto production down 42.1% compared to a year ago

Domestic sales fell 3.5% last month from August and by 32.5% from the level of September 2014.

Brazil’s auto industry produced 174,200 units last month, down 19.5% from August and a whopping 42.1% from September 2014, the national Association of Car Manufacturers, or Anfavea, said on Tuesday.

Wednesday, October 7th 2015 - 02:11 UTC

Japan's Mitsui Lines takes charge of re-gasifying unit project in Uruguay

In October 2013, MOL signed a 20-year charter contract for an FSRU in the port of Montevideo, with GNLS, which was entrusted with the construction

Japan's Mitsui O.S.K. Lines, Ltd. announced on Wednesday that the company has reached a basic agreement with Gas Sayago, a joint venture between Uruguay’s state oil company ANCAP and state power company UTE, to continue the floating storage and re-gasification unit (FSRU) project led by Gas Sayago and being built in Montevideo.

Tuesday, October 6th 2015 - 13:02 UTC

Debt-overwhelmed Petrobras cuts further capital spending plans for this year and 2016

Petrobras plans to cut 2015 investment by 11% to $25 billion from $28 billion and investment for 2016 will be cut 30% to $19 billion from $27 billion

Petrobras struggling with the biggest debt load among global oil firms, on Monday cut $11 billion from capital spending plans for this year and next as Brazil's currency and oil prices slump. Petrobras plans to cut 2015 investment by 11% to $25 billion from the previous $28 billion, according to a statement.

Tuesday, October 6th 2015 - 09:56 UTC

OECD has proposals to cut corporate tax minimization; but much skepticism

Osborne's plan to cut corporate tax rates means UK was embroiled in a “race to the bottom” of tax competition rather than tax co-operation with its neighbors

Companies should pay tax in the countries where they conduct business under new proposals intended to cut corporate tax minimization. An OECD/G20 report found laws allowing companies to shift profits to low-tax jurisdictions means that between $100bn and $240bn is lost annually. That equates to between 4% and 10% of global corporate tax revenues.

Tuesday, October 6th 2015 - 08:20 UTC

Ushuaia expects this cruise season 336 vessel calls and over 100.000 visitors

During the 2014/15 season the number of cruise visitors in Ushuaia was actually down 9%, from 98.770 to 90.276, according to a release from Hosteltur.

Tierra del Fuego Tourism Institute (Infuetur), in extreme south Argentina, is expecting 25% more cruise visitors this 2015/16 season, most probably breaking the 100.000 milestone, with 336 calls involving 47 cruise vessels. The estimate is 112.170 passengers by April 2016, of which 79.486 non Antarctic and 36.684 Antarctic visitors.

Tuesday, October 6th 2015 - 08:11 UTC

Brazil's GDP expected to contract 2.85% this year, says central bank survey

Forecast marked the 12th-consecutive downward revision in the weekly survey.  For 2016 economists maintained their view for a contraction of 1%.

Economists again cut their outlook for Brazil's economic performance for this year, as consumer and business confidence continue at historic low levels. Brazil's GDP is expected to contract 2.85% this year, according to a weekly central-bank survey of 100 economists, compared with expectations last week for a contraction of 2.80%.


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