Tuesday, November 24th 2015 - 12:21 UTC

Macri will announce his economic team and measures once he has access to official data

Macri claimed that “we still are not aware and have not been told what are the reserves of the Central bank”.

In his first press conference as Argentine president-elect, Mauricio Macri announced on Monday he would not have a Secretary of Economy but rather an economic cabinet with six members, and anticipated that the team that will be taking office with him, as well as those in the province of Buenos Aires, “will include many officials which do not come from the political system”.

Monday, November 23rd 2015 - 10:42 UTC

Unfair to claim China sparked a 'currency war', argues India's central bank

It’s unfair to blame the Yuan devaluation, currencies were already declining due to “unconventional monetary policies” of some nations, said Raghuram Rajan

”It’s unfair to pin the blame on the August 11 Yuan devaluation because currencies were already declining due to the “unconventional monetary policies” of some nations, Raghuram Rajan was cited as saying in an interview with the SCMP.

Monday, November 23rd 2015 - 09:39 UTC

China's Yuan to be included in IMF's SDR basket of currencies

President Xi Jinping welcomed consensus that inclusion would increase the representation of the SDR and improve the international monetary system

The inclusion of the Chinese currency in the International Monetary Fund's special drawing rights (SDR) basket is long awaited, long overdue and, finally, all but a foregone conclusion.

Monday, November 23rd 2015 - 08:46 UTC

China cracks on 'underground banks' to combat corruption and capital outflows

More than 370 people have been arrested or face lawsuits or other punishment in the case centered in eastern Zhejiang province, the People’s Daily reported

China said it cracked the nation’s biggest “underground bank,” which handled 410 billion Yuan (USD64 billion) of illegal foreign-exchange transactions, as the authorities try to combat corruption and rein in capital outflows that have hit records this year.

Monday, November 23rd 2015 - 08:42 UTC

Brazil job losses accelerated during October; 1.4 million in twelve months

Companies cut staff across business sectors and regions. Manufacturing, construction and services firms laid off nearly 50,000 workers in each sector

Job losses in Brazil accelerated in October to the fastest pace so far this year as the country's political and economic crisis continues to worsen. Brazil's economy lost a net 169,131 payroll jobs in October, the Labor Ministry reported, up from 95,602 layoffs in September.

Monday, November 23rd 2015 - 08:16 UTC

Worst effects of European recession risk becoming permanent

The official unemployment rate for the 28 countries in the EU was 9.3% in September, down from 9.4% the previous month.

The worst effects of the European recession risk becoming permanent in places, according to a left-leaning think tank. The IPPR's latest report pointed to the high level of unemployment and underemployment across Europe and said the chances of these becoming entrenched is “deeply alarming”. It said there was 10% unemployment and a 5% underemployment rate in Europe.

Saturday, November 21st 2015 - 08:20 UTC

EU and Mercosur will propose WTO an accord to end agriculture export subsidies

The European Union, Brazil together with Argentina, Uruguay, Paraguay, and New Zealand will be making the presentation in Nairobi next December

The European Union and Brazil representing Mercosur (Argentina, Brazil, Paraguay and Uruguay), are proposing the World Trade Organization agree to end agricultural export subsidies at a meeting next month. The proposal backers also include New Zealand.

Saturday, November 21st 2015 - 08:09 UTC

High expectations in Argentina of a record soybean sowing in 2015/16

The Argentine ministry said soybean sowings for 2015-16, pegged area at 20.6m hectares, a rise of 800,000 hectares year on year.

Argentina's much-watched soybean sowings will set a record this season, but the country is heading for a weaker wheat harvest, despite ideas of “very good” yields, the country's farm ministry said. In its first estimate the ministry said soybean sowings for 2015-16, pegged area at 20.6m hectares, a rise of 800,000 hectares year on year.

Saturday, November 21st 2015 - 08:01 UTC

Petrobras back to normal activity as splinter union ends 20-day strike

Sindipetro represents workers in the Campos Basin, Brazil’s most productive offshore region and had been resisting calls by FUP to end the strike.

Earlier on Friday a key Petrobras workers union voted to end a 20-day strike that disrupted output. Workers at the Sindipetro Norte Fluminense local, who had ignored the largest oil workers' union FUP's call to end the strike that started on November first, will return to work Friday evening at onshore operations, union spokesman Tezeu Bezerra.

Friday, November 20th 2015 - 09:44 UTC

Brazilian economic activity contracts for the fourth straight quarter

The bank's IBC-Br economic activity index indicates economic activity fell 1.41% in the third quarter from the previous three months.

Economic activity in Brazil contracted for the fourth straight quarter, central bank data showed this week as Latin America's biggest economy plunges further into recession. The bank's IBC-Br economic activity index indicates economic activity fell 1.41% in the third quarter from the previous three months.


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