Economy

Economy
Wednesday, September 17th 2014 - 05:20 UTC

US dollar reaches new record in Argentina; the 'Dolar Demichelis' forecasted

On Monday the Central bank reserves were down 184 million dollars

The US dollar in the informal market reached a new record high against the Argentine Peso at the end of trading on Tuesday. Earlier in the day the Central bank reported the biggest one-day drop in its international reserves since July 30.

Wednesday, September 17th 2014 - 04:20 UTC

Mantega announces yet another stimulus package for Brazil's economy

The tax breaks are part of a stimulus program adopted by President Dilma Rousseff as she seeks a second four-year term in the Oct. 5 balloting

Finance Minister Guido Mantega presented on Monday a package of tax measures aimed at stimulating Brazil's economy less than a month ahead of the presidential election.

Wednesday, September 17th 2014 - 01:11 UTC

Argentina warns US acting ambassador on 'default' statements and 'deplores lack of support'

Timerman said “Argentina has honored all its commitments in due time and form under the conditions agreed in 2005 and 2010 and will continue to do so.”

United States interim ambassador to Argentina Kevin Sullivan was summoned to foreign minister Hector Timerman's office and was informed of ”the profound and firm rejection of the Argentine government to the US diplomat’s inappropriate statements”, according to the statement from the ministry made public on Tuesday.

Tuesday, September 16th 2014 - 05:57 UTC

VisitBritain: UK to refund cost of visa for Chinese tourists in organized groups

“The more Chinese tourists the merrier,” chancellor Osborne said.

British Chancellor George Osborne has announced plans to refund the cost of up to 25,000 visas for Chinese tourists in an attempt to attract more visits to the UK. It was one of a series of measures announced at an economic summit in London, attended by Chinese vice premier Ma Kai.

Tuesday, September 16th 2014 - 05:50 UTC

HSBC reached 550m agreement with US banking regulators

“We are pleased to have resolved this matter,” Stuart Alderoty, the general counsel for HSBC North America, said in a statement.

HSBC Holdings will pay 550 million dollars to resolve a US regulator's claims that the British bank made false representations in selling mortgage bonds to the federal mortgage companies Fannie Mae and Freddie Mac before the financial crisis.

Tuesday, September 16th 2014 - 05:36 UTC

Argentine seafood exports up 3.9% in value and 3% in volume in first half of 2014

Shrimp and squid exports from Argentina to the Far East have grown consistently

In the first half of this year, Argentina seafood exports totaled 778.8 million dollars with a slight increase of 30 million dollars, and 3.9% over the same period of 2013 (749.6 million), reported the Directorate of Fisheries Economics from the Fisheries and Aquaculture Under Secretariat.

Tuesday, September 16th 2014 - 05:28 UTC

Mercosur/Pacific Alliance foreign ministers plan to meet in Chile in November

“Mercosur must look outwards and stop looking at its belly button”, said Loizaga on announcing the meeting.

Foreign affairs ministers from Mercosur and the Pacific Alliance will be meeting next 24 November in Santiago de Chile to explore a possible integration between the two blocks according to Paraguay's foreign minister Eladio Loizaga.

Tuesday, September 16th 2014 - 05:25 UTC

Uruguay's economy expands 3.7% during the second quarter over a year ago

The performance of power, gas and drinking water had a sound effect for the economy

Confirming ten years of sustained expansion the Uruguayan economy advanced 2% in the second quarter over the first quarter and 3.7% over the same period a year ago, according to the latest reports from the Central bank.

Tuesday, September 16th 2014 - 05:20 UTC

Santander new chairwoman confirms full control of the Brazil branch

Ana Botin, told shareholders at an extraordinary meeting she would defend the legacy of her father Emilio Botín at the helm of the Euro zone's biggest bank.

Spanish banking giant Santander under its new executive chairperson Ana Botin announced on Monday the purchase of the remaining 25% of Banco Santander Brasil which it did not already own.

Tuesday, September 16th 2014 - 02:42 UTC

US insists with Argentina it does not support the UN sovereign debt debate

“It would be much better to work with existing market mechanisms to issue sovereign debt rather than creating a UN convention” said Kevin Sullivan

As Argentine President Cristina Fernandez readies for her annual trip to New York to speak at the United Nations General Assembly, US interim ambassador in Buenos Aires Kevin Sullivan ratified that Washington will not back the UN sovereign debt resolution sparked by Argentina’s legal battle with its holdout creditors.

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