The planned purchase by Standard Bank ÃÂ¢€ South Africa's largest private bank by assets ÃÂ¢€ of most of US' Bank of America Corp.'s BankBoston Argentina assets, marks the first large investment by a foreign player in the sector since Argentina's 2001-2002 economic meltdown, and an attention call for competitors, banking sources told MercoPress.
Five years later and in a long-awaited ruling, the Argentine Supreme Court ordered local banks to reimburse in full their customers savings that were frozen during the economic crisis of 2001/02, when Argentina also defaulted on its foreign debt.
The US dollar bill's standing as the world's favourite form of cash is being pushed aside by the five-year-old euro with the value of Euro notes in circulation totaling 614 billion compared to the equivalent 588 billion Euros in greenbacks.
Sales of new homes in United States picked up in November following a big drop in October, while the backlog of unsold homes on the market became somewhat smaller, according to the latest report from the Commerce Department released Wednesday.
Argentina's Central Bank international reserves are set to reach 43 billion US dollars by the end of next year according to estimates from the private BBVA Banco Francés, released Tuesday in Buenos Aires.
The recovery of the Uruguayan economy from the 2002 crisis has exceeded all expectations but continued efforts are needed to entrench macroeconomic stability, deepen structural reforms and reduce vulnerabilities, reports the IMF in the last reviews of a stand by arrangement with Uruguay.
BUENOS AIRES ÃÂ¢€” Italy's Gruppo Beltrame, Europe's fifth largest steelmaker, is considering plans to build its first plant outside Europe in Argentina at a cost of about 53 million dollars to manufacture plate for the shipbuilding sector, Río Santiago shipyard (ARS) said in a statement.
China will continue to pursue a prudent monetary policy in the coming months, aiming to keep the Yuan exchange rate stable at a reasonable and balanced level, said Monday China's Central Bank in Beijing.
The US dollar closed in Chile at its highest in two months last week, 531 pesos, following the continuous drop in copper prices, the country's leading export.
Moody's Investors Service upgraded the foreign- and local-currency bond ratings of Uruguay to B1 from B3 following a steady improvement in fiscal performance, a reduction in external and government debt ratios, and a significant reduction of refinancing risks.