Economy

Economy
Wednesday, January 21st 2015 - 06:33 UTC

Denmark, following on Switzerland, forecasted to remove Krone's peg to the Euro

Making the Krone less attractive Denmark cut its deposit rate to minus 0.2% from minus 0.05% and the lending rate was cut from 0.2% to 0.05%.

Denmark has cut its key interest rate to prevent the Krone from strengthening in the wake of Switzerland's decision to scrap the franc's peg to the Euro. There has been speculation that Denmark could follow the Swiss move by removing the Krone's link to the Euro.

Tuesday, January 20th 2015 - 05:48 UTC

Party is over in Brazil: increase in fuel, tax on consumer loans and imports

“The main goal of these measures is to boost confidence on the economy,” said Levy, who took office at the start of the year

Brazil on Monday announced tax increases on fuel, imports and consumer loans aimed at raising 20.6 billion Reais (7.7bn dollars) in additional revenues this year. The plan is part of an effort to help balance budget accounts and revive investor confidence, Finance Minister Joaquim Levy said at a news conference.

Monday, January 19th 2015 - 07:48 UTC

Cristina Fernandez meets with economist Piketty expert on wealth distribution

At the Olivos residence where the meeting took place, CFK is pictured in a wheel-chair following a home accident which causes a strained ankle

Argentine President Cristina Fernandez met with Thomas Piketty at the Olivos official residence for two hours on Saturday as part of the French economist's tour of Latin America.

Monday, January 19th 2015 - 07:36 UTC

Argentine central bank confirms policy restricting access to foreign currency

Vanoli admitted it could be possible to eliminate restrictions in the short term but the aim is to find mechanisms to manage capital that are not so pro-cyclical”

Argentina will not end its controls restricting access to foreign currency in the near term, Central Bank President Alejandro Vanoli was quoted as saying in an interview published on Sunday in the government supported newspaper Pagina 12.

Monday, January 19th 2015 - 07:19 UTC

Obama wants tax increases on the wealthy to help middle class families

Details of his proposal should be known on Tuesday when Obama addresses for the first time a full Congress under Republican control

President Obama is to use Tuesday's State of the Union speech to call for tax increases on the wealthy to help the middle class, officials say. The proposals would raise 320 billion dollars over a decade, to fund benefits such as tax credits.

Monday, January 19th 2015 - 07:10 UTC

Brazil central bank expected to raise interest rates this week for third time running

The benchmark Selic could climb to 12.25%, next Wednesday, despite risks of a recession this year. That would be the highest rate since August 2011.

Brazil's central bank is expected to raise interest rates for a third straight meeting this week to quell any doubts about its commitment to ending years of high inflation.

Saturday, January 17th 2015 - 08:03 UTC

Argentina downplays WTO adverse ruling and considers possible negotiations with litigants

Capitanich considered “possible to establish bilateral negotiation criteria with the complaining countries, US, Japan and the EU, 'but in a context analysis'

The World Trade Organization (WTO) ruling against Argentina triggers “no immediate modification” of the country’s trade administration, Cabinet Chief Jorge Capitanich pointed out adding a “comprehensive and detailed analysis of the ruling’s terms” is needed.

Saturday, January 17th 2015 - 07:46 UTC

Booming California overtakes Brazil as the world's seventh largest economy

The Golden State with GDP of 2.20 trillion dollars in 2013, expanded last year by almost every measure. Brazil’s GDP in contrast, declined 1% from 2.25tn

California is overtaking Brazil as the world’s seventh-largest economy, bolstered by rising employment, home values and personal and corporate income, a year after the US most-populous state surpassed Russia and Italy.

Friday, January 16th 2015 - 06:49 UTC

Bilateral trade between Mercosur main partners dropped 21.2% in 2014

The poor performance of the auto industry had an impact for both countries and their complementation

Bilateral trade between Mercosur two main partners, Brazil and Argentina (first and third largest economies in Latin America) dropped 21.2% last year and with a 139 million dollars deficit for Argentina, according to the Argentine Commerce Chamber, CAC.

Friday, January 16th 2015 - 06:15 UTC

In a surprise move Swiss central bank abandons Euro peg: frank soars 30%

Watchmaker Swatch saw its share price slump 15%. Swatch chief executive Nick Hayek called the decision “a tsunami” for Switzerland's economy.

The Swiss franc soared as much as 30% in chaotic trade after the central bank abandoned the cap on the currency's value against the Euro. The Swiss National Bank (SNB) said the cap, introduced in September 2011, was no longer justified. It also cut a key interest rate from -0.25% to -0.75%, raising the amount investors pay to hold Swiss deposits.

Advertisement

Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!

Advertisement