Tuesday, November 17th 2015 - 09:19 UTC

Rousseff again confirms Levy as (austerity) minister despite complaints from the ruling party

”I think the president of the PT (Rui Falcao) can have whatever opinion he wishes, but that is not the opinion of the government,” said Rousseff

Brazilian President Dilma Rousseff jumped to the defense of her embattled finance minister saying she would not be pressured into sacking him. Rousseff, fighting to save her second term presidency from threatened impeachment proceedings, said she was ignoring suggestions by the head of her own Workers' Party (PT) that Joaquim Levy should be dismissed.

Monday, November 16th 2015 - 08:36 UTC

Latin America expanding at a “two-speed” rate: Pacific Alliance and Mercosur

The Spanish bank lowered all growth expectations for most countries of the region because of global uncertainty and poor performance of China's economy

Latin America is expanding at a 'two-speed' rate according to the latest report from the Spanish bank BBVA, pointing out that the Pacific Alliance is expected to grow 2.5% in 2015/16, while Mercosur will be lagging with a contraction of 2% to 1.5%.

Monday, November 16th 2015 - 08:15 UTC

Cristina Fernandez overspending to the last Peso and credit before leaving

Congress approved a “fiscal deficit of approx 50.000 million Pesos for the twelve months, but in the first six months it already stands at 100.000 million Pesos”

Outgoing Argentine president Cristina Fernandez will be leaving not only the Central bank reserves exhausted but also a budget deficit which is estimated at 7% of GDP by the end of the fiscal year, equivalent to 400.000 million Pesos, according to the country's National Auditing Office, AGN.

Saturday, November 14th 2015 - 12:29 UTC

The economy and the role of the state expected to be center piece of Argentina's Sunday presidential debate

“They need to clarify what they mean when they speak about change,” Lavagna said. “A change that leads to austerity is a non vote.”

Sunday's presidential debate in Argentina will most probably concentrate on economic policy mainly for two reasons: one that the current system with a dollar clamp, export duties, heavy influence of the government and wild spending has the economy on the verge of collapse; but the option of orthodox policies with drastic cuts in spending, salaries and possibly jobs and consumption is also seen as fearsome.

Saturday, November 14th 2015 - 11:52 UTC

Argentina needs confidence and positive expectations to attract investment and develop

Argentina can't continue with “a 7% GDP budget deficit, a manipulated exchange rate or a trade deficit, we simply have to be competitive” said Brito

Any country, any economy needs confidence and positive expectations, and that is what is lacking, and has been lacking in Argentina for many years, said Jorge Brito, head of the Association of Argentine banks, who nevertheless warned about the impacts of a 'rough' adjustment on the economy.

Friday, November 13th 2015 - 14:04 UTC

Premier Oil defers project development and exploration spending into 2016

Premier Oil will move into 2016 some spending on projects such as its Sea Lion field in the Falkland Islands.

The successful Falkland Islands' exploration company Premier Oil has cut full-year capital expenditure as the oil producer deferred some project development and exploration spending into 2016, it said on Thursday. Like its peers, Premier Oil has to reduce spending to cope with a halving in oil prices since a peak in June last year that has eaten into revenues.

Friday, November 13th 2015 - 09:23 UTC

Mine disaster: Brazil fines BHP Billiton and Vale; expects companies to pay cleanup costs

Rousseff, who overflew the disaster area said the fines could be followed by penalties from other federal or state agencies.

Brazilian President Dilma Rousseff has slapped preliminary fines worth 250 million Reais ($94 million) against a BHP Billiton-Value owned mine in Minas Gerais state where two dams burst, killing at least seven people.

Friday, November 13th 2015 - 09:10 UTC

Petrobras reports huge 3Q losses: sharp devaluation of the currency blamed

Petrobras posted losses of 3.76 billion Reais (1bn dollars) in the quarter, compared with a loss of 5.3 billion Reais a year earlier.

Brazil's scandal-plagued state oil giant Petrobras on Thursday announced third-quarter losses of about US$ 1 billion, mainly due to the sharp devaluation of the Brazilian currency.Petrobras, mired in a hugely damaging scandal involving bribes and high-level political payoffs, posted losses of 3.76 billion Reais in the quarter, compared with a loss of 5.3 billion Reais a year earlier.

Thursday, November 12th 2015 - 10:04 UTC

Brazil increases soybean forecast output to 102.8m tons for the 2015/16 season

Growers may reap between 101.2 million to 102.8 million metric tons of the oilseed in the 2015-2016 season, Conab said this week.

The Brazilian government increased its forecasts for what’s already expected to be a record season for soybean output and exports as farmers expand the planted area while yield prospects rise on above-average rainfall.

Thursday, November 12th 2015 - 08:29 UTC

Kirchners' ex minister claims poverty in Argentina is similar to that of the 2001/02 crisis

“People are simply fed up; in a democracy you can't have a stats office, Indec,  systematically manipulating percentages”, said Nun a distinguished academic

Argentina's former Secretary of Culture José Nun said that “current poverty” in the country “is similar to that which preceded the 2001/02 crisis”, and underlined that he “would never vote” for the presidential incumbent candidate Daniel Scioli, who was handpicked by outgoing head of state Cristina Fernandez.


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