Economy

Economy
Thursday, April 3rd 2014 - 07:25 UTC

Argentina's YPF sells one billion dollars in 10-year bonds at 8.75% rate

YPF desperately needs fresh funds to turn the country again into self sufficient in oil and gas

Argentina’s nationalized oil and gas producer, YPF, sold 1 billion dollars in a bond sale on Tuesday, the company said in a statement. The 10-year bonds will pay 8.75% interest and were five times oversubscribed, YPF said. The U.S. dollar-denominated securities were issued under Argentine law and was considered a great success by the company.

Thursday, April 3rd 2014 - 07:21 UTC

Brazil central bank raises benchmark Selic rate to 11%

The Copom will release the minutes from Wednesday's meeting April 10

Brazil's central bank raised its benchmark Selic rate to 11% from 10.75% on Wednesday, prolonging its tightening cycle after a surge in food prices that has stoked already high inflation in an election year. The bank's decision was unanimous and left the door open for possible further rate hikes.

Wednesday, April 2nd 2014 - 08:29 UTC

World Bank will increase lending capacity by 100bn to 300bn in the next ten years

President Jim Yong Kim made the announcement during a speech in Washington

The World Bank announced on Tuesday a series of measures to strengthen the bank resources including a 100 billion dollars increase in the lending capacity for middle-income countries over the next decade, new innovations in financial management, and a boost in the institution’s ability to provide private sector support.

Wednesday, April 2nd 2014 - 07:56 UTC

Brazil closes first quarter with the worst trade balance result since 1994

However in March the country managed a modest 112 million dollars surplus

The Brazilian trade balance posted a 112 million surplus in March with exports totaling 17.628 billion dollars and imports, 17.516 billion. It has been the worst result for March since 2001, when a 276.1 million deficit was recorded while the combined deficit for the first quarter of the year, 6.1bn dollars, is the worst result since records started being kept, in 1994.

Tuesday, April 1st 2014 - 04:06 UTC

Bachelet sends corporate tax bill to Congress; first step for education reform

The Chilean president signs the bill, the center piece of her electoral campaign

President Michelle Bachelet sent Chile's Congress a bill on Monday that would raise corporate taxes to fund a sweeping overhaul of the country's education system. The proposed reform aims to raise 8.2 billion dollars to fund tuition-free public universities, a demand that fueled massive student protests under Bachelet's conservative predecessor Sebastian Piñera.

Monday, March 31st 2014 - 19:42 UTC

Uruguay and Peru in line for a possible upgrading, according to Moody's

Uruguay central bank with sufficient reserves to cover 18 months of debt payments plus contingent funds

Uruguay and Peru are the first Latin American countries in line for a possible credit rating hike by Moody's Investors Service, at a moment when sovereign upgrades are expected to become more scarce in the region, a senior analyst with the ratings firm said.

Monday, March 31st 2014 - 19:28 UTC

Mercosur expects to exchange tariff-reduction proposals with EU next June

Apparently Cristina Fernandez is now willing to talk about trade with the EU

Mercosur expects to present a joint proposal regarding tariff reductions to the European Union during a meeting next June, according to Brazil's Minister of Development, Trade and Industry, Mauro Borges who apparently convinced a reluctant Argentina to join the group.

Monday, March 31st 2014 - 19:25 UTC

Brazil/Argentina agree on deal to promote bilateral trade by guaranteeing 'dollar liquidity'

Argentine minister Kicillof and Trade minister Borges signed the agreement

Brazil and Argentina signed a deal over the weekend that seeks to guarantee importers will have enough U.S. dollars to pay for exports, a move to increase trade between both nations that has been hit hard by a sharp depreciation of the Argentine peso.

Monday, March 31st 2014 - 16:13 UTC

Latam forecasted to grow 3% this year, but fiscal deterioration is serious

The report from the IDB was released over the weekend at the annual assembly held in Brazil

Latin America and the Caribbean’s economy as a whole will grow by 3% this year and 3.3% in 2015 thanks to “improved economic conditions in the United States and Europe”, the Inter-American Development Bank said in a report released over the weekend.

Monday, March 31st 2014 - 12:01 UTC

Falklands reports record catches of Loligo and Illex squid

Last Sunday the 16 vessels total catch was 1.102 tons

Falkland Islands is reporting record catches of Illex and Loligo squid this season. News first arrived last Sunday when it was announced that local jiggers had caught the highest daily catch and highest catch rate of Loligo squid since at least 2000.

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