IMF Managing Director Christine Lagarde warned Argentina on Monday that the multilateral lender is willing to show it a red card if by December the government of Cristina Fernández does not meet its promises of providing reliable inflation and GDP statistics, during a conference at the Peterson Institute in Washington DC.
German business sentiment dropped for a fifth straight month in September to its lowest since early 2010, raising fears of recession and underlining that a bold bond-buying plan laid out by the European Central Bank is no economic blessing.
Chilean Under Secretary for Tourism Jacqueline Plass said that in the first eight months of the year the number of arriving international tourists increased 16%, while August became the arrivals record month since 1988.
Korea’s Hyundai Motor is expanding its presence in Africa and Brazil, two of the several automobile markets with mammoth growth potential by diversifying export models. While the largest carmaker in Korea is making the most of its manufacturing factory in India it launched regular operation of its Brazilian factory over the weekend.
The Argentine opposition strongly criticized the budget bill sent to Congress and questioned the real growth of the economy during the current year, wondering who are the real holders of sovereign bonds tied to GDP growth maturing later this year.
The Argentine economy remained flat in the second quarter of the year compared to the same time period of 2011, the poorest performance in three years, according to the national statistics office Indec.
Global wheat prices climbed on Friday as Russia’s economy minister raised the possibility of grain export curbs from one of the largest global suppliers in what appeared to be a policy u-turn.
Over the years there has been talk of implementing a minimum wage in the Falkland Islands, a significant amount of work has been undertaken on the issue and a minimum wage should be in place by early 2013.
Brazil threatened on Friday a further clampdown on speculative foreign capital, firing a warning shot in the currency war Finance minister Guido Mantega blames on money-printing by Western central banks.
World trade will grow by a mere 2.5% this year, dragged down by Europe to less than half of the previous 20-year average, the World Trade Organization (WTO) said on Friday. WTO cut its estimate from a 2012 growth forecast of 3.7% in April and also lowered its growth forecast for 2013 to 4.5% from 5.6%.