MercoPress, en Español

Montevideo, May 24th 2018 - 23:07 UTC

Economy

  • Tuesday, May 8th 2018 - 06:57 UTC

    Argentine Peso: the worst of the storm seems to be over...for the time being

    “The Peso may strengthen or weaken ... the idea is that there be little volatility,” Treasury Minister Nicolas Dujovne said on local television on Sunday night

    The Argentine Peso closed slightly weaker on Monday, though analysts remained optimistic the government and central bank had curbed a run on the currency with a massive rate hike and lower fiscal deficit target last week. . The local currency opened stronger on Monday but closed down 0.41%, at 21.97 per U.S. dollar. The Merval stock index ended down 3.43% and traders said investors remained cautious.

  • Monday, May 7th 2018 - 20:24 UTC

    Uruguay: No position on the FTA with Chile after an official plenary

    Economy Minister Danilo Astori said that the government's opening policy is not supported.

    The plenary of the leftist coalition Broad Front concluded on Sunday with a motion that postergates de decision over the Free Trade Agreement (FTA) with Chile, defining to leave the decision on whether or not to support the agreement, delaying the debate to a future plenary whose date is not yet defined. The decision was voted after counting an erroneous sum of the votes in the first instance in which the motion to debate the issue in the plenary had won. However, the votes of the Communist Party of Uruguay (PCU) had been put on the wrong side.

  • Monday, May 7th 2018 - 09:07 UTC

    Fed fines Goldman Sachs Group for unsound foreign exchange trading

    The firm failed to detect and address its traders' use of electronic chat-rooms to communicate with competitors about trading positions, said the Fed report

    The United States Federal Reserve Board announced that it has fined The Goldman Sachs Group, Inc., US$ 54.75 million for the firm's unsafe and unsound practices in its foreign exchange (FX) trading business.

  • Monday, May 7th 2018 - 08:54 UTC

    British Embassy in Buenos Aires launches call for project bids for 2018

    The British Embassy in Argentina has been allocated program funds for UK financial year 2018/2019.

    The British Embassy is inviting all interested parties to submit their proposals for the British Embassy Buenos Aires Project Fund 2018. The British Embassy has been allocated program funds for UK financial year 2018/2019. The fund is part of the UK’s total Official Development Assistance (ODA) commitment of 0.7% of GNI.

  • Monday, May 7th 2018 - 08:42 UTC

    Argentina Parana River returns to normal activity following release of grounded vessel

    The cargo ship Pilatus Venture, en route to Australia, was stranded on Thursday about 85 km south of Rosario on the Rio Parana

    Grains shipping on Argentina’s Parana River was returning to normal on Saturday after a ship ran aground on Friday, causing delays, the head of Argentina’s Chamber of Port and Maritime Activity said.

  • Monday, May 7th 2018 - 08:29 UTC

    Argentina and China among the most vulnerable markets, says IIF

    Experts reevaluated potential changes in investors’ interest in assets amidst the strengthening of the U.S. dollar, growth of interest rates and trade disputes.

    The markets of China, Ukraine, Argentina, South Africa and Turkey are the most vulnerable among all developing countries in terms of financing needs, reserve adequacy, asset valuation, institutional quality and trade resilience, according to a review by the analysts of the Institute of International Finance (IIF).

  • Saturday, May 5th 2018 - 09:15 UTC

    When Will Electric Cars Take Over The Roads?

    The biggest factor in the EV surge is what's under the hood… lithium ion batteries.

    The age of the electric vehicle (EV) will be here sooner than you think.

  • Saturday, May 5th 2018 - 09:05 UTC

    Brazilian recovery stalls as industrial output falls 0.1% in March

    The figures mark the third straight month of weaker-than-expected output from Brazilian industry, which had previously led the economy's rebound.

    Industrial output in Brazil contracted unexpectedly in March, the latest in a string of weak data suggesting a recovery in Latin America's largest economy hit a bump in the first quarter. Production fell 0.1% from February, government statistics agency IBGE announced.

  • Saturday, May 5th 2018 - 07:24 UTC

    Argentina hikes benchmark rate to 40%, easing pressure on the Peso but not on inflation

    Analysts said the move suggested the Central Bank had done enough for now to stabilize the peso.

    Argentina's Central Bank on Friday hiked its benchmark interest rate to 40% to support the peso, the third such hike in just over a week and one day after the currency plunged in value. Following the decision, the peso -- which has lost more than 10% of its value in the past month -- opened 6% higher against the dollar.

  • Friday, May 4th 2018 - 09:00 UTC

    Argentine Peso tumbles 7.83% to US dollar; central bank raises rate to 33.25%

    The Peso tumbled 7.83% to 23 per U.S. dollar. It had hit 21.2 (23,5 in some banks) to the greenback on Wednesday. The central bank hiked the rate to 30.25% from 27.25% on Friday.

    Argentina’s central bank raised its benchmark interest rate by 300 basis points to 33.25% percent on Thursday, but the second steep rate increase in less than a week failed to stop the country’s peso currency from swooning to a record low. The local currency tumbled 7.83% to 23 per U.S. dollar. It had hit 21.2 to the greenback on Wednesday, the first trading day due to a holiday after the bank hiked the rate to 30.25% from 27.25% on Friday.