Argentina's Central Bank (BCRA) has revoked the license of Gabriel Martino as president of the HSBC, forcing him to step down from his post. The entity commanded by Alejandro Vanoli considered Martino responsible for failing to establish necessary control mechanisms to prevent clients from evading taxes and moving capital abroad.
Brazil's Petrobras announced late Monday that it would raise the wholesale price of liquefied petroleum gas (LPG) by 15% effective Tuesday, the first price adjustment for the essential cooking gas in 13 years. The move is part of efforts by Petrobras to reduce losses on fuel sales, a company Petrobras source said.
As of next Friday, Chile's Sky Airlines becomes a budget or low cost airline with no food served on board, and at the most a soft drink. This is part of the changes to be implemented during the next 12 months by Holger Paulmann CEO and owner of the airline which was started by his father Jürgen Paulmann.
Asian markets continued to fall on Wednesday, with Shanghai opening down more than 4% amid continuing worries about China's growth. On Tuesday, data suggesting China's manufacturing sector was shrinking at its fastest pace in three years ignited a global market sell-off, resulting in US stocks closing down nearly 3%.
Analysts expect Brazil's economy to contract by 2.26% this year, reflecting greater pessimism in the wake of the release of figures last week showing that the country is in a recession, the Central Bank said Monday.
A US appeals court supported Argentina's appeal Monday against an earlier ruling that could have permitted a group of creditors to seize assets of Argentina's central bank.
Credit rating firm Moody’s cut its 2016 global economic growth forecasts, with China and United States both trimmed and Russia and Brazil seen staying in recession.
Brazil's government presented a 2016 budget Monday that for the first time projects the world's seventh largest economy operating in the red, sparking worries that the country's investment grade rating will be put at risk.
China's factory activity contracted at its fastest pace in three years in August, confirming fears that the country's growth is continuing to slow. The official manufacturing purchasing managers' index (PMI) dropped to 49.7 from 50 in July.
President Dilma Rousseff has dropped the idea of reinstating a tax on financial transactions to bridge a gaping fiscal deficit in Brazil after it ran into a barrage of criticism even from within her coalition, Brazilian media reported on Sunday.