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.
”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.
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.
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.
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.
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.
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.
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.
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.
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.