Economy

Economy
Friday, October 3rd 2014 - 07:36 UTC

Brazil private sector wants to help Argentina in the dispute with 'holdouts'

The news was published by Ambito Financiero and involves comments from Brazilian presidential advisor Marco Aurelio Garcia

According to Argentina's leading and most influential financial newspaper, Ambito Financiero, Brazil, via the private sector could come to the rescue of Argentina in its ongoing dispute with the speculative funds in the New York court presided by Judge Thomas Griesa.

Friday, October 3rd 2014 - 07:23 UTC

Argentina: Vanoli meets Cristina Fernandez and begins working at the central bank

Capitanich said that Vanoli has to “set clear conditions for exchange rate policy and monetary stability” as well as the regulation of the financial institutions

In his first activity since his designation as the new chief of the Argentine Central Bank, Alejandro Vanoli met on Thursday President Cristina Fernandez and Economy Minister Axel Kicillof in Olivos.

Friday, October 3rd 2014 - 07:17 UTC

Buenos Aires stock market plunges 7.2%, and the US dollar recedes slightly

Markets are still uneasy waiting for the new rules of the game to be managed by Vanoli

The day after Argentina's central bank governor Juan Carlos Fabrega stepped down, investors expressed their pessimism as Buenos Aires City stock market, Merval, which plunged 7.2% to 10,703.32 points on Thursday.

Friday, October 3rd 2014 - 06:59 UTC

ECB announces two-year plan to purchase covered bonds and inject liquidity

Mr Draghi did not say how much the bank would spend on buying assets, just that the program would have a “sizeable impact on the bank's balance sheet”

The European Central Bank has kept its benchmark interest rate at 0.05% and given details of its asset purchase program announced last month. The bank's head Mario Draghi said it would start buying covered bonds this month and other assets in the final three months of the year. This would go on for two years.

Friday, October 3rd 2014 - 06:20 UTC

The Argentine economy: “Thumbs down” writes The Economist

The resignation of the Central Bank’s governor Fabrega, adds to the gloom

Those baffled by the Argentine economy could do worse than listen to Puff Daddy. Ask what ails the country and the answer will echo the rapper’s ode to the 100-dollar bill, “It’s all about the Benjamins”.

Thursday, October 2nd 2014 - 07:31 UTC

Argentina's new central bank president: a blend of Keynes with strong government intervention

Economist Vanoli is the fifth head of the Argentine Central Bank during the Kirchner couple era since 2003.

Alejandro Vanoli, the designated new President of the Argentine Central Bank following Juan Carlos Fabrega’s resignation, is the current leader of the CNV securities regulator, in charge of that entity since 2009 after serving for three years as its deputy.

Thursday, October 2nd 2014 - 07:24 UTC

Buenos Aires shares plunge 8.2%; US dollar trades cautiously fearing raids

Fabregas resignation and Wall Street had an impact on Merval

Buenos Aires shares plunged on Wednesday 8.2% to 11.516,28 units following the news that the Central Bank chief Juan Carlos Fabrega had resigned. The Merval benchmark stock index has risen 132% so far this year.

Thursday, October 2nd 2014 - 07:15 UTC

Climbing volatility of the US dollar in Argentina forces resignation of central bank president

The Buenos Aires media reported that Fabrega was offended by remarks made by the president late Tuesday in a televised speech.

Argentine Central Bank President Juan Carlos Fabrega resigned Wednesday after an alleged disagreement with President Cristina Fernandez over how to keep a lid on the black market exchange rate ('blue' dollar) that hit a record 16 pesos per dollar last week.

Thursday, October 2nd 2014 - 07:06 UTC

Uruguay's fiscal deficit 'relatively' stable at 3.3% of GDP

Lesser revenue from government and the private sector help to explain the 'relativity' of the situation

Uruguay's fiscal deficit in the twelve months to August was equivalent to 3.3% of GDP, or 1.725bn dollars according to the latest release from the Economy and Finance ministry. However the primary deficit (before debt payments) was 202 million dollars or 0.39% of GDP.

Thursday, October 2nd 2014 - 06:34 UTC

Magallanes region in extreme south Chile has the lowest unemployment rate

In Punta Arenas the economy has created new jobs in agriculture, livestock, fisheries and education

The extreme south region of Chile, Magallanes continues with record low unemployment, less than half the national average, according to the official stats for the mobile June/August quarter. While the Chilean national average unemployment is 6.7% in Magallanes it stands at 3.3%, and 0.8 percentage points less than a year ago.

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