Economy

Economy
Wednesday, March 11th 2015 - 06:32 UTC

Latam's low indebtedness level opens the way for anti-cyclical fiscal policies to spur economies, says ECLAC

ECLAC recommends a higher share of direct over indirect taxation and urged countries to “continue taking action to fight fiscal evasion and circumvention”

Latin America's public debt decreased in the last 25 years, according to a report from the Economic Commission for Latin America and the Caribbean (ECLAC). External public debt fell from 70% to 16% of the region’s GDP highlighted the fiscal analysis of the region, rising to near 40% when domestic public debt is added to calculations.

Wednesday, March 11th 2015 - 05:27 UTC

Falklands' 4.000 ewes to be AI with Australian Poll Merino

Mumblebone Merinos have been identified as one a small number of progressive Australian studs working on the traits needed by Falklands farmers

Australian Poll Merino genetics are being used to drive lamb survival in one of the world’s harshest wool producing environments of the Falkland Islands, reports The Rural, from Australia.

Wednesday, March 11th 2015 - 03:02 UTC

Petrobras whistleblower says Rousseff's party received US$ 200 million from Petrobras contracts

Pedro Barusco, a former executive at Petrobras' services division, said he had received payments as early as 1997 and in larger amounts starting in 2004

A former Petrobras executive told a congressional hearing in Brazil on Tuesday that the ruling political party received up to 200 million dollars skimmed from contracts with the state-run oil company, reiterating claims made in plea bargain testimony.

Tuesday, March 10th 2015 - 07:05 UTC

Brazilian lawmakers accused of Petrobras graft fight back

Farias told Folha de Sao Paulo that while he may have acted improperly, his actions weren’t illegal. The senator admitted taking a US$650,000 donation

Brazil’s congressional heads denied involvement in the country’s largest graft scandal after being named among dozens of politicians for investigation. Renan Calheiros and Eduardo Cunha, the heads of the Senate and Lower House respectively, and Rio de Janeiro Senator Lindbergh Farias all rejected allegations of graft in the Petrobras kickback scheme dubbed “Carwash.”

Tuesday, March 10th 2015 - 06:56 UTC

Renewal of car quotas with Mexico reveals shortcomings of Brazilian industry

“We need to deal with our competitiveness issues before reaching a free-trade agreement with any nation,” said Moan, head of Brazil’s auto-maker association

Brazil and Mexico announced the renewal of vehicle quotas for four years, delaying the implementation of a free-trade agreement between the two countries. Under the new agreement, Brazil and Mexico will permit $1.56 billion of duty-free vehicle imports for the first year of the agreement. That amount will rise 3% each year until the agreement expires, in 2019, when they’ll return to a free-trade regime.

Tuesday, March 10th 2015 - 06:46 UTC

ECLAC estimates 28% of Latin America's population live in poverty

It is estimated 2014 will reveal a similar 28% poverty, which given demographic growth would translate into an increase in absolute figures to 167 million people.

Poverty affected 28% of Latin America’s population in 2014, revealing that its decline has stalled at around that level since 2012, while indigence rose to 12.0% from 11.3% during the same two-year period in an overall context of economic deceleration, according to the projections from a study released by the Economic Commission for Latin America and the Caribbean (ECLAC) in Santiago, Chile.

Tuesday, March 10th 2015 - 03:21 UTC

Argentina's top tax official attends HSBC hearings at UK Parliament

AFIP chief Ricardo Echegaray and the Argentine ambassador Alicia Castro outside Parliament

Argentina wants HSBC Holdings Plc to repatriate 3.5 billion dollars the bank's Argentine branch moved offshore to help clients evade taxes and move capital abroad, the country's tax chief Ricardo Echegaray said on Monday during a hearing which took place at the House of Commons in London, where top executives of HSBC were present.

Monday, March 9th 2015 - 11:45 UTC

February's FAO Food Price Index at is lowest value since early 2010

Prices of wheat, coarse grains and rice were all lower, but the decline was most pronounced for wheat, reflecting improvement in wheat production prospects

The FAO Food Price Index averaged 179. 4 points in February 2015, down 1.8 points (1.0 percent) from its January value and 29 points (14.0 percent) below its level in February 2014. Prices of cereals, meat and, especially, sugar, dipped last month, while they remained steady in the case of oils and rebounded sharply in the case of dairy products. The index has been on a declining path since April 2014 and has now reached its lowest value since July 2010.

Saturday, March 7th 2015 - 08:29 UTC

US economy keeps creating jobs, while unemployment drops to 5.5%

In February, average hourly earnings for all employees on private non-farm payrolls rose by 3 cents to $24.78, with earnings up by 2% over the year.

US economy added 295,000 jobs in February, while the unemployment rate fell to 5.5% from 5.7%, according to Labor Department figures. It was the 12th month running that the economy added more than 200,000 jobs, the longest such run since 1994.

Saturday, March 7th 2015 - 07:59 UTC

Argentina's beef production tepid recovery forecasted to remain flat in 2015

“Export limitations and export taxes encourage producers to finish light heifers and steers, weighing approximately 300 kilos live weight,” said USDA bureau.

Argentina's revival as a major force in beef has been slowed by a dent to calving rates from poor weather, besides by a reluctance by producers to maximize animal weights, in the face of export restrictions.

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