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.
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.
Brazilian President Dilma Rousseff has slapped preliminary fines worth 250 million Reais ($94 million) against a BHP Billiton-Value owned mine in Minas Gerais state where two dams burst, killing at least seven people.
Brazil's scandal-plagued state oil giant Petrobras on Thursday announced third-quarter losses of about US$ 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.
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.
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.
Brazil's former central bank chief Henrique Meirelles said on Wednesday he was not invited to take over the finance ministry and insisted the government needs to push ahead with unpopular austerity measures to pull the economy out of recession.
Petrobras striking workers consider salary offer but insist the company must reverse investment cuts
Brazil's energy giant Petrobras offered striking workers a 9.54% wage hike on Wednesday in an effort to end a 10-day strike and prevent it from causing further production losses. But union officials said the deal makes almost no concessions on their most important demands. These include calls on Petrobras to reverse investment cuts and block planned assets sales designed to reduce Petrobras' debt.
Argentina's agro-business shares are booming in the Buenos Aires stock exchange since 26 October, following the first round of the presidential election, and expectations are even greater on the promises from the two candidates that will be disputing the runoff on 22 November.
China saw imports drop for the twelfth month in a row in October giving further cause for concern over the Chinese economy. Imports by the world's biggest trader of goods fell 18.8% from a year earlier to $130.8bn, a slight improvement on September's 20.4% decline.