Economy

Economy
Monday, July 20th 2015 - 07:30 UTC

Brazil's Levy warns that relaxing spending cuts will only extend the pain

Interviewed by Folha de Sao Paulo Levy said that reducing the surplus target “will bring about more costs for the country, no doubt about it”

Brazil's Finance minister Joaquim Levy warned that any attempt to relax spending-reduction goals for this year would inevitably extend the duration of the current fiscal adjustment program. The statement was made on Sunday in a long interview with one of Brazil's leading dailies, Folha de Sao Paulo.

Monday, July 20th 2015 - 07:17 UTC

Petrobras working to match domestic and international fuel prices

The gap between local and international fuel prices led Petrobras to accumulate debts in recent years as it imported gasoline and diesel and sold them at a loss.

Brazil's Petrobras is working to bring domestic diesel and gasoline prices into parity with international levels in order to attract downstream buyers or partners. The oil and gas giant needs to sell assets to survive a combination of mounting debt, low oil prices and a giant corruption scandal.

Sunday, July 19th 2015 - 07:21 UTC

Capital Economics announces opening of office in New York

Neil Shearing is Capital Economics’ Chief Emerging Markets Economist. He joined in 2006 from Britain's Treasury where he worked as Economic Adviser

Capital Economics, a leading macroeconomic research company has announced the imminent opening of an office in New York. The office will be led by the firm’s Chief Emerging Markets Economist, Neil Shearing, who is relocating to the US from London.

Saturday, July 18th 2015 - 09:29 UTC

Mercosur agrees to give intra-trade a new boost eliminating barriers

Dilma Rousseff formally hands the pro tempore presidency of Mercosur for the next six months to Paraguayan president Horacio Cartes

Mercosur agreed at the Brasilia summit that in the second half of the year they will address alternatives for the elimination of tariff and other similar barriers that impede the natural flow of trade of goods and services among its members. The initiative was agreed by Common Market Council, CMC, on the first day of deliberations and confirmed on Friday by the presidents of the group's full members.

Friday, July 17th 2015 - 07:14 UTC

Uruguay after a Mercosur 'action plan' to eliminate all inter-trade restrictions

“Our maximum aspiration is for the summit to agree on making Mercosur more transparent, on admitting our shortcomings”, said the Uruguayan official

Uruguay is attending the Mercosur summit in Brazil hoping the group implements deep changes, particularly referred to the free circulation of goods, services and production factors, and considers a six month period should be sufficient trial for the changes to become effective.

Friday, July 17th 2015 - 06:19 UTC

Argentine economy showing slight improvement but still delicate, says IMF

“We see a delicate situation regarding Argentina’s economy. Moving from a slight contraction to a slight growth statistically speaking” said Werner

The International Monetary Fund (IMF) slightly improved its outlook on Argentina’s economy saying the country will grow 0.1% in 2015 and will remain stagnant in 2016. Nevertheless, IMF warned the country is going through a “very delicate” situation and insisted that the improved outlook doesn’t change its views regarding Argentina.

Friday, July 17th 2015 - 06:01 UTC

Yellen says Fed remains on track to raise interest rates this year

“If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate,” Yellen said

Federal Reserve Chair Janet Yellen said the US central bank remains on track to raise interest rates this year, with labor markets expected to steadily improve and turmoil abroad unlikely to throw the US economy off track.

Thursday, July 16th 2015 - 13:01 UTC

Argentine industrial activity in May contracts for the nineteenth month running

Industrial activity has been sliding mainly because of a 23.1% drop in soybean crushing; 13.3% in basic metals and 9.7% in the auto industry

Argentine May industrial activity was up 0.4% over April but down 3.8% in May compared to a year ago and in the first five months of 2015 has contracted 2.6%, according to the monthly survey from the Argentine Industrial Union, UIA, released on Wednesday.

Thursday, July 16th 2015 - 08:05 UTC

Argentina's June official Indec inflation, 1% and 15% in twelve months

The Congress index released on Tuesday showed the CPI was up 1.53% and 27.9% in the last twelve months.

Argentina's 'official' inflation during June was 1% over the previous month according to the National Statistics and Census Institute, Indec, while prices during the current calendar year prices have reached 6.7% and 15% over the last twelve months.

Wednesday, July 15th 2015 - 08:10 UTC

Mercosur summit in Brasilia with a conflicting agenda; Paraguay takes chair

President Dilma Rousseff faced with a serious recession is trying to increase the scope of markets for Brazilian exports

Mercosur will be holding its half year presidential summit in Brasilia next Thursday and Friday, an event which will expose an abundance of trade and political conflicts, discrepancies and recurrent challenges despite all its members commitment to integration. Besides full members, Argentina, Uruguay, Paraguay, Venezuela and Brazil, leaders from Chile, Peru, Ecuador, Bolivia, Colombia, Guyana and Surinam have also been announced.

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