Economy

Economy
Saturday, May 14th 2016 - 08:55 UTC

US$ 2 trillion lost to bribery and corruption every year, (2% of global GDP), claims IMF

 Christine Lagarde said direct economic costs of corruption are clear, but indirect costs may be even worse “leading to low growth and greater income inequality.”

Bribery and corruption cost the world economy as much as US$2 trillion every year, money that instead could be used to fight poverty, create jobs, and protect the environment. A new report by the International Monetary Fund says the money lost to corruption every year is 2% of the global GDP.

Saturday, May 14th 2016 - 08:34 UTC

Sixth consecutive Chile Day in London; Bachelet/Cameron discuss closer political and cooperation links

Bachelet-Cameron talks focused on a number of topics, including trade and investment, as well as science and innovation as drivers of economic growth.

The UK was proud to host the sixth consecutive Chile Day in London, as a major international showcase for Chile’s financial market. The event is attended by business leaders from both Chile and the UK, and this year President Bachelet made a very special appearance during her two-day visit including meeting PM David Cameron at 10 Downing Street.

Friday, May 13th 2016 - 11:43 UTC

Bank of England warns about Brexit dangers, and triggers major controversy

Carney said the Bank must assess the implications of the UK's EU membership and has a duty to report evidence-based judgments to Parliament and to the public.

The Bank of England has given its starkest warning yet that a UK vote to leave the EU could hit the economy. Mark Carney, the Bank's governor, warned that the risks of leaving “could possibly include a technical recession”.

Friday, May 13th 2016 - 08:49 UTC

Anti corruption summit turns the spotlight on rich countries banks and real estate brokers

PM Cameron announced measures, including a public register intended to force companies to name their real owners

Thursday’s world summit on fighting corruption was a time for Britain and the United States to look at their own policies and their role as shelters for billions of dollars stolen by corrupt politicians in developing countries.

Friday, May 13th 2016 - 07:39 UTC

Argentina and UK agree on the need to identify areas of cooperation in the South Atlantic

Ministers expressed their positions on the Malvinas question and coincided that disagreement should not be an obstacle for developing a more ample agenda.

Argentina and UK agreed to disagree on the Falklands/Malvinas question, but coincided that the issue should not be an obstacle for the development of a wider positive agenda. Furthermore the two countries agreed on the need to identify possible areas of cooperation in the South Atlantic, such as exploitation of natural resources, and connectivity between the continent and the Islands.

Friday, May 13th 2016 - 06:58 UTC

Temer cabinet: inflation hawk in Finance and an anti-populist in foreign affairs

 Meirelles, an inflation hawk who was the Central Bank governor during 2003-2011 has the job of winning the approval of the private sector and investors

Brazilian acting President Michel Temer on Thursday chose leading figures from nine centrist and conservative parties for his Cabinet, which for the first time in decades has no female ministers.

Friday, May 13th 2016 - 06:46 UTC

Temer calls on Brazil to rally behind the “national salvation” government

 “It is urgent we calm the nation and unite Brazil,” said Temer after a signing ceremony for his incoming cabinet.

Brazil's acting President Michel Temer called on his country to rally behind his government of “national salvation” hours after the Senate voted to suspend and put on trial his populist predecessor, Dilma Rousseff, for breaking budget laws.

Friday, May 13th 2016 - 06:27 UTC

Uruguay says beef and ethanol are included in Mercosur/EU proposals, but with no volumes or time span

Nin Novoa said beef and methanol were not specified, in volume or time periods, for the moment given the sensitivity of the issues.

Uruguay's foreign minister Rodolfo Nin Novoa said on Thursday that all agriculture products are included in negotiations for a wide ranging trade and cooperation agreement between Mercosur and the European Union. The chief negotiator for Mercosur underlined that contrary to what was announced by some media, beef and ethanol are included in the proposals exchanged on Wednesday in Brussels between the two blocks.

Thursday, May 12th 2016 - 17:37 UTC

Temer acting president of Brazil after a 55/22 Senate vote to impeach Rousseff

The impeachment process was supported by 55 Senators, which is one more than the two thirds, 54, needed to definitively remove Rousseff

After 20 hours of debate, a clear majority in the Brazilian Senate voted on early Thursday morning to suspend Brazilian President Dilma Rousseff, an action that removes her temporarily from office and sees her replaced by interim vice-president Michel Temer during her impeachment trial, which in 180 days could see her successor become full president until January 2019.

Thursday, May 12th 2016 - 08:53 UTC

Goldfajn considered the most probable candidate for Brazil's central bank

Goldfajn, chief economist with Itau Unibanco, is almost certain to be picked for the central bank, but the final decision rests on Finance Minister Henrique Meirelles

Brazil's Vice President Michel Temer could wait until June to appoint a new central bank chief if he takes over the reins of power this week, as part of a gradual transition to replace the bank's eight-member board, his spokesman said on Wednesday.

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