Economy

Economy
Friday, March 6th 2015 - 06:56 UTC

Argentine central bank chairman defends the 50-peso Malvinas bill

“Today the 50 peso bill is in the streets. The Malvinas islands, a sovereign love. A symbol of passion that belongs to a nation’s heritage,” Vanoli wrote

Argentina's Central Bank Governor Alejandro Vanoli defended the new 50-peso banknote which features the Falklands/Malvinas Islands, after it was belittled by the a minister of state at the British Foreign Office.

Thursday, March 5th 2015 - 08:23 UTC

US Judge names lead plaintiff in class-action lawsuit against Petrobras

U.S. District Judge Jed Rakoff also named Pomerantz LLP in New York as the lead counsel and ordered lawyers for both side to contact the court on March 6

A U.S. federal judge on Wednesday named a trustee of a British pension fund as the lead plaintiff in a class-action lawsuit against Brazil's state-run oil company Petrobras and its top executives.

Thursday, March 5th 2015 - 08:17 UTC

Brazil raises benchmark interest to 12.75%, highest level since 2009

Rates are likely to keep rising, as inflation remains at 7.1%, well above the central bank’s target range of 2.5% to 6.5%.

Brazil’s central bank raised its benchmark interest rate to 12.75% Wednesday, the highest level since 2009, as it struggles to get price increases under control amid sluggish economic growth and deepening political turmoil.

Thursday, March 5th 2015 - 07:25 UTC

Car sales in Argentina plunge; worst February since 2009

The drop in the auto industry began after a combination of higher taxes on cars and a devaluation of the peso hit the purchasing power of potential car-buyers

The second month of the year marked another negative result for auto sales in Argentina, which dropped 28% compared to February last year, showing how the sector’s downward trend appears to have no end in sight. Only 41,998 vehicles were sold last month, according to the ACARA Argentine car dealership association, the lowest figure for the month since 2009.

Thursday, March 5th 2015 - 07:11 UTC

Rousseff faces a revolt in Congress from her ruling coalition main ally

Senate President Renan Calheiros, a PMDB member, threw out one of Rousseff's austerity decree for what he called procedural reasons

Brazilian President Dilma Rousseff, (and her political mentor Lula da Silva), raced on Wednesday to defuse a rebellion by legislators upset about her budget austerity plans and her handling of a corruption scandal at state-run oil company Petrobras, which now threatens political stability.

Wednesday, March 4th 2015 - 06:14 UTC

Brazil's currency at its weakest since September 2004...and sliding

Brazil’s economy is expected to shrink this year, and may have contracted last year as well, while the trade deficit is ballooning

The Brazilian Real reached on Tuesday its weakest level against the dollar in more than 10 years, amid concern the country’s political and economic situation is growing worse.

Tuesday, March 3rd 2015 - 22:37 UTC

Malvinas' 50-Peso bill, an Argentine stunt, says Foreign Office minister

President Cristina Fernandez during the announcement of the new 50-Peso bill which was officially launched in March

Britain derided a new Argentine banknote featuring the disputed Falkland Islands as a stunt on Tuesday and said it had no intention of discussing sovereignty over the archipelago with Buenos Aires.

Tuesday, March 3rd 2015 - 06:34 UTC

Uruguay's economy vulnerabilities: inflation and budget deficit, says IMF report

Above-target inflation leaves little room for a countercyclical monetary policy response

The Uruguayan economy is decelerating gradually after a decade of strong and inclusive growth. Export receipts are growing at a markedly lower clip than a few years ago and domestic demand growth is slowing towards a more sustainable pace. At the same time, inflation remains above the target range and the primary fiscal balance has weakened further in 2014.

Tuesday, March 3rd 2015 - 06:17 UTC

Truckers strike in Brazil still disrupting traffic in several states; soy harvest delayed

The industrial action has slowed down exports of soy beans in the midst of harvest: 600 trucks instead of the usual 3.000 are reaching Paranagua.

Striking truck drivers resumed some roadblocks in Brazil on Monday even as the government cracked down on protesters and promised to implement a law to lower toll costs and give other benefits to the transport sector.

Tuesday, March 3rd 2015 - 05:45 UTC

London Heathrow and Star Alliance win the World's Airport of the Year award

The award is one of the first bestowed on the new Terminal 2/the Queen’s Terminal which opened on June 4th, 2014

London Heathrow and Star Alliance have won the World’s Airport of the Year at Air Transport World’s (ATW) 41st Annual Airline Industry Achievement Awards, honored jointly for their collaborative work on the new Terminal 2 at Heathrow.

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