Economy

Economy
Tuesday, April 1st 2014 - 04:06 UTC

Bachelet sends corporate tax bill to Congress; first step for education reform

The Chilean president signs the bill, the center piece of her electoral campaign

President Michelle Bachelet sent Chile's Congress a bill on Monday that would raise corporate taxes to fund a sweeping overhaul of the country's education system. The proposed reform aims to raise 8.2 billion dollars to fund tuition-free public universities, a demand that fueled massive student protests under Bachelet's conservative predecessor Sebastian Piñera.

Monday, March 31st 2014 - 19:42 UTC

Uruguay and Peru in line for a possible upgrading, according to Moody's

Uruguay central bank with sufficient reserves to cover 18 months of debt payments plus contingent funds

Uruguay and Peru are the first Latin American countries in line for a possible credit rating hike by Moody's Investors Service, at a moment when sovereign upgrades are expected to become more scarce in the region, a senior analyst with the ratings firm said.

Monday, March 31st 2014 - 19:28 UTC

Mercosur expects to exchange tariff-reduction proposals with EU next June

Apparently Cristina Fernandez is now willing to talk about trade with the EU

Mercosur expects to present a joint proposal regarding tariff reductions to the European Union during a meeting next June, according to Brazil's Minister of Development, Trade and Industry, Mauro Borges who apparently convinced a reluctant Argentina to join the group.

Monday, March 31st 2014 - 19:25 UTC

Brazil/Argentina agree on deal to promote bilateral trade by guaranteeing 'dollar liquidity'

Argentine minister Kicillof and Trade minister Borges signed the agreement

Brazil and Argentina signed a deal over the weekend that seeks to guarantee importers will have enough U.S. dollars to pay for exports, a move to increase trade between both nations that has been hit hard by a sharp depreciation of the Argentine peso.

Monday, March 31st 2014 - 16:13 UTC

Latam forecasted to grow 3% this year, but fiscal deterioration is serious

The report from the IDB was released over the weekend at the annual assembly held in Brazil

Latin America and the Caribbean’s economy as a whole will grow by 3% this year and 3.3% in 2015 thanks to “improved economic conditions in the United States and Europe”, the Inter-American Development Bank said in a report released over the weekend.

Monday, March 31st 2014 - 12:01 UTC

Falklands reports record catches of Loligo and Illex squid

Last Sunday the 16 vessels total catch was 1.102 tons

Falkland Islands is reporting record catches of Illex and Loligo squid this season. News first arrived last Sunday when it was announced that local jiggers had caught the highest daily catch and highest catch rate of Loligo squid since at least 2000.

Saturday, March 29th 2014 - 06:25 UTC

Falklands receives US oil company temporary dock facility for exploration operations

Based on what has been seen, “we are going to go out and contract a rig to start exploration” pledged Ms Cunningham (Photo: Sharon Jaffray)

Houston based oil company Noble Energy expects to inject 4 million dollars into Falklands businesses with the construction of the temporary dock facility which arrived in the Islands this week, Senior Vice President Susan Cunningham told those attending a presentation in Stanley on Monday evening.

Saturday, March 29th 2014 - 06:11 UTC

Brazil's 2,3% growth in 2013 came as a surprise, even for Minister Mantega

Agriculture and domestic consumption were the driving forces

Brazil's economy expanded 2.3% in 2013, compared with growth of 1% the previous year, the Brazilian Institute of Geography and Statistics, IBGE, said this week. The country's GDP for 2013 was estimated at 4.84 trillion Reais (some 2.05 trillion dollars), the IBGE said.

Saturday, March 29th 2014 - 05:46 UTC

Argentina takes EU biodiesel antidumping measures to WTO

Argentina has become one of the world's leading exporters of bio-fuels

Argentina formally requested the World Trade Organization's (WTO) Dispute Settlement Body (DSB) the establishment of a panel to address the European Union antidumping measures against Argentine bio-diesel. The initiative was rejected by the EU this week.

Saturday, March 29th 2014 - 05:43 UTC

Argentina denies the subsidies reduction will have an inflationary impact

Capitanich argued it's a 'redistribution' of funds

Argentina's new subsidies’ scheme will have an “insignificant” impact on prices since the whole package basically involves a 'redistribution' of funds, argued Cabinet Chief Jorge Capitanich, emphasizing the decision aims at “encouraging the rational and responsible use of public services.”

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