Economy

Economy
Tuesday, September 2nd 2014 - 22:45 UTC

Argentina/Brazil bilateral trade drops to 2010 level. Auto industry hardest hit

 Vehicles, auto parts, tractors, engines were among the items which experienced the greatest contraction in bilateral sales

Bilateral trade between Mercosur leading partners Argentina and Brazil plummeted 27.6% in August and 22% in the last twelve months, according to Buenos Aires consultants, Abeceb. Recession in Brazil plus strict Argentine trade restrictions and slower domestic demand has contributed to the results.

Tuesday, September 2nd 2014 - 08:40 UTC

Bachelet announces stimuli program for the foundering Chilean economy

“These measures are designed to strengthen and invigorate public investment in the four months that remain in this year,” the president said.

President Michelle Bachelet presented on Monday a 500 million dollars emergency plan to try and rejuvenate Chile's slowing economy via investment promotion. She added that half of the anticipated funding will come from adjustments to the budget while the rest will come from greater structural income from a tax reform that Congress is expected to approve soon

Tuesday, September 2nd 2014 - 08:36 UTC

Dragui and Hollande agree to spur demand and head off the risk of deflation

The two men, who met on Monday in Paris for talks, share the same “worry about growth and inflation” in Europe

French President Francois Hollande and Mario Draghi the head of the European Central Bank (ECB) have agreed that European demand must be lifted to head off a risk of deflation, French officials said.

Monday, September 1st 2014 - 16:49 UTC

China's manufacturing misses expectations in August; stimulus considered

The official data measures activity in China's bigger factories, many of which are government-backed businesses.

China's manufacturing activity missed expectations in August, indicating that the country's economy may be losing momentum and require more stimulus. The official purchasing managers index (PMI) fell to 51.1 for the first time in seven months from 51.7 in July, the National Bureau of Statistics said.

Monday, September 1st 2014 - 16:44 UTC

EU support for dairy farmers to alleviate Russian restrictions on imports

The Private Storage Aid for butter and SMP covers daily costs of storing these products for 3-7 months. The support is until the market improves.

The European Commission opened Private Storage Aid for butter, Skimmed Milk Powder (SMP) and certain cheeses in order to alleviate the impact of Russian restrictions on imports of EU dairy products and to limit the negative effects on the internal market.

Monday, September 1st 2014 - 13:46 UTC

Timerman presents plan to regulate sovereign debts before the UN on Tuesday

The minister called for a “regulatory framework for debt restructuring process that is not only economical but political and social”

Foreign Minister Hector Timerman referred to Argentina’s plan to regulate international debt restructurings, to be presented on Tuesday before the UN’s General Assembly, and stressed the importance of the project saying that “the legal loophole is huge” and that it affects “most of the countries in the world.”

Monday, September 1st 2014 - 11:06 UTC

Several 'plagues' hit Italy: recession, deflation, job losses and little hope ahead

 The number of unemployed in Italy rose 2.2% or by 69,000 in July to 3.22 million, which is 4.6% up on July 2013

The Italian economy contracted by 0.2% in the second quarter of 2014, Istat said Friday, confirming the continuation of the country's longest postwar recession. GDP was down 0.1% in the first quarter, it added. Likewise deflation hit Italy in August for the first time in more than 50 years, while unemployment rose again in July by 0.3% over June to 12.6%.

Monday, September 1st 2014 - 10:52 UTC

Paraguay becomes world's eight exporter of beef; Argentina drops to position 11

The Paraguayan Rural Association plans to double cattle slaughtering by 2020

Paraguay has moved to eighth world exporter of beef and is planning to double the number of cattle slaughtered by 2020, according to the country's Rural Association, ARP. Last year 2.2million head of cattle were slaughtered in Paraguay, and 73% of the beef was exported while the rest was domestic consumption.

Monday, September 1st 2014 - 10:43 UTC

Uruguay's main agro-business show opens on Wednesday at the Prado greens

During ten days a major display of the best of Uruguay's livestock and agriculture supplies

Next Wednesday Uruguay's main agro-show at the Prado's greens will open to receive over 2.277 livestock among which will be selected the top cattle (meat and dairy), sheep (wool and lambs), horses and swine of the country, in a display of advanced genetics.

Saturday, August 30th 2014 - 11:49 UTC

Marina pledges to restore Brazil credibility and limit spending below growth rate

“We will be transparent. We will not use creative methods to make the accounts look good,” she said in reference to the Rousseff administration

Opposition presidential candidate Marina Silva said that Brazil's recession is very worrying and her government would work to restore the credibility of the country's economic policies to recover investment and growth if elected. The Brazilian economy fell into recession in the first half of the year, a heavy blow for President Dilma Rousseff's already diminishing hopes of winning re-election in October.

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