Economy

Economy
Monday, February 16th 2015 - 08:51 UTC

Germany urges Brazil with an EU/Mercosur trade agreement

President Rousseff and minister Steinmeier after their meeting in Brasilia

Germany wants to speed negotiations for a free trade agreement between the European Union and Mercosur, said Foreign minister Walter Steinmeier in Brasilia. The agreement has been pending since 1999 when discussions started but so far have been unable to reach a deal or commit a date because of internal problems from both sides.

Saturday, February 14th 2015 - 06:52 UTC

London court rules English law applies to Euro-denominated Argentine debt

A London court ruled on Friday that English law applies to a disputed case involving interest payments on Euro-denominated Argentine debt, making a payout more likely in spite of conflicting orders from a US court.

Saturday, February 14th 2015 - 06:23 UTC

Argentina's tax office demands HSBC Swiss branch repatriate of 3bn dollars in undeclared accounts

AFIP accused HSBC in November of helping more than 4,000 Argentine citizens and companies evade taxes by stashing their money in secret bank accounts.

HSBC’s Swiss branch must repatriate the 3 billion dollars deposited in the 4,040 undeclared accounts held by Argentine citizens and companies, Argentina's AFIP tax bureau chief Ricardo Echegaray announced.

Friday, February 13th 2015 - 09:44 UTC

Argentina reports sharp fall in hake, squid and shrimp landings during January

Hake landings dropped 38.5%, shrimp. 47.5% and squid, 60.5% compared to January last year

Argentine fish landings have dropped dramatically during January, totaling 16,464 tons, 31.8% less than a year ago when the volume was 24,121.4 tons. Of this year's volume, 11,803.8 tons were of fish, 4,567.4 tons crustaceans and 92.8 tons shellfish, according to statistics from the Under-secretariat of Fisheries and Aquaculture.

Friday, February 13th 2015 - 09:13 UTC

Snail growth in Brazil's 2014 retail sales anticipate a very tough 2015

On news of retail sales the Real plunged to a ten-year low but on Thursday recovered some of the lost ground. However in six months the Real is down 19%

Retail sales in Brazil increased 2.2% in 2014 over the previous year, the smallest expansion in 11 years, the Brazilian Institute for Geography and Statistics, or IBGE, reported this week. The sector suffered its worst year since 2003 when sales tumbled 3.7%. In 2013, retail sales grew 4.3%.

Friday, February 13th 2015 - 04:13 UTC

Brazilian congress ignores Rousseff's call for spending cuts

The bill forces Rousseff to get congressional approval before cutting spending items added to the national budget by lawmakers for projects in their districts

Brazil's Congress passed legislation on Tuesday that limits the president's ability to reduce pork-barrel spending passed by lawmakers, a setback for President Dilma Rousseff's efforts to fight a fiscal deficit.

Thursday, February 12th 2015 - 20:57 UTC

Argentina and Brazil admit trade disagreements between Mercosur main partners

Timerman acknowledged trade between the two countries needs some “fine-tuning”, but for Argentina Brazil is its “most strategic partner.”

Argentina and Brazil failed to reach an agreement to help unlock the ongoing tension between the two key Mercosur allies over bilateral trade. Argentina's Hector Timerman and his counterpart Mauro Vieira met in Buenos Aires to try and ease Brazil’s growing concerns about restrictions on the flow of goods, but any decisions were pushed forward to an undetermined date.

Thursday, February 12th 2015 - 06:25 UTC

Argentine industry fearful of some clauses in agreements signed with China

“We will explain the scope of agreements to the UIA because Argentina and China have complementary economies”, said Capitanich

Argentina's top officials will meet on Thursday with representatives from the Argentine Industrial Union, UIA, to discuss some clauses and aspects of the recent agreements signed between China and Argentina last week, and which have been questioned by the manufacturers' lobby.

Thursday, February 12th 2015 - 06:02 UTC

Holdouts open new front in dispute with Argentina: officials dramatic increase in their personal wealth

The most senior figure named in the report is Guillermo Moreno who was the powerful commerce secretary first for Nestor and then Cristina until 2013

US holders of defaulted Argentine bonds have stepped up their campaign for full repayment of their loans by detailing how 14 senior Argentine officials experienced “dramatic and often unexplained increases” in their personal wealth during service in the Kirchner administrations.

Thursday, February 12th 2015 - 05:34 UTC

UK's Customs request information on Argentina's criminal case against HSBC

On November 26 last year, Argentina's AFIP tax bureau commanded by Ricardo Echegaray filed the complaint against the London-based bank

Britain's HM Revenue and Customs (HMRC) department has requested Argentina’s AFIP tax bureau information on the criminal report filed in Buenos Aires against HSBC on allegations the bank helped more than 4,000 clients to evade taxes by stashing their money in secret Swiss bank accounts.

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