Capital flight from Argentina during the third quarter of this year totalled 8.443 billion dollars, almost four times during the same period a year ago, according to the latest report from the country’s central bank.
The loss of competitiveness with Brazil, the strong devaluation of the Argentine peso, the rigorous foreign exchange controls imposed by the government of President Cristina Fernandez and their possible impacts on the coming summer season, is some of the main concerns of the Uruguayan tourism industry.
Edinburgh explorer Cairn Energy ended this week this year’s 600 million dollar drilling program off Greenland after the biggest exploration campaign attempted in the Arctic island’s waters failed to make a viable discovery.
The International Monetary Fund (IMF) avoided replying to an inquiry required by Argentine Judge Alejandro Catania, who handles the case of the lawsuit filed by the Domestic Trade Secretariat against private consulting agencies.
Brazil's Finance Minister Guido Mantega announced Thursday a package of measures aimed at stimulating the economy and domestic consumption, amid an international crisis mainly affecting developed nations as a consequence of the Euro situation.
The Brazilian Central bank latest decision to lower the basic interest rate by half a percentage point to 11%, confirms Brazil leadership as the country with the highest real interest rates in the world. An honour it has held interruptedly for the last 23 months.
Global stocks and the Euro rallied on Wednesday after the world's leading central banks agreed to cut the cost for European banks to borrow much-needed dollars.
Brazil’s central bank cut borrowing costs by half a point for a third straight meeting as a global economic slowdown threatens with a slump in domestic demand. The bank’s board voted on Wednesday unanimously to reduce the benchmark Selic rate to 11% from 11.5%, as had been anticipated by markets.
While the economic crisis relentlessly ravages Europe and the United States, Latin American countries anxiously wait on the sidelines. The crisis could dampen the regional trend of solid growth during the past decade.
China's central bank cut the reserve requirement ratio for its commercial lenders on Wednesday for the first time in nearly three years to ease credit strains and shore up an economy running at its weakest pace since 2009.