Economy

Friday, October 4th 2013 - 07:00 UTC
“Straight up to the point of extreme idiocy, but we won’t cross it” predicts Buffett

Warren Buffett, the billionaire chairman and CEO of Berkshire Hathaway Inc, said he expects the United States Congress to resolve a stalemate over the US debt ceiling before it seriously harms the country.
Friday, October 4th 2013 - 06:58 UTC
Uruguay 2012/13 soybean crop was record in volume, area and yield

Uruguay’s latest soybean crop was the highest in history, 2.76 million tons with an increase in the area planted and in yields according to the latest survey from the Ministry of Agriculture and Livestock. The area dedicated to soybean climbed 20% and reached 1.049.000 hectares.
Friday, October 4th 2013 - 06:53 UTC
Argentina credit rating conditioned by poor credibility and unreliable stats, says Moody’s

An upgrade of Argentina’s credit rating depends on the government taking measures to boost data credibility while compensating investors holding defaulted debt and companies for expropriated assets, said Gabriel Torres, Argentina’s sovereign credit analyst at Moody’s Investors Service.
Friday, October 4th 2013 - 06:47 UTC
Uruguay’s annual inflation in September reached 9.02%; minister confident it will be brought down

Uruguay’s consumer inflation soared 1.36% over August in September boosted by increases in energy and fuel, transport, milk and other basic items, according to the latest release from INE, the government’s data office. This means inflation in the last twelve months climbed to 9.02% from a month ago (8.86%) and 8.2% in the first nine months of 2013.
Friday, October 4th 2013 - 06:45 UTC
European Union considering punitive duties on Argentine bio-diesel

Argentine bio-diesel producers will fight European Union proposals to impose punitive duties on imports from the country, saying the move would remove its biggest export market and raise prices in Europe.
Thursday, October 3rd 2013 - 21:46 UTC
Brazil industry production unexpectedly stalls in August

Brazilian industry production unexpectedly stalled in August, as factories reduced the output of consumer goods. Industrial output was unchanged in August after tumbling a revised 2.4% in July, the national statistics agency said in Rio de Janeiro.
Thursday, October 3rd 2013 - 19:29 UTC
Collapse of a 35bn dollars empire; Brazil’s Eike Batista defaulted on 45 million interest payment

Two days ago, former Brazilian billionaire Eike Batista crossed a line. He started to default on a 45 million dollars interest payments on his oil and gas company, OGX's, bonds. The default will be official on October 30th, according to Bloomberg. That leaves bondholders, like PIMCO, the largest bond fund in the world helmed by legendary investor Bill Gross, taking a massive hit. And what's worse is that there could be more to come, according to the Wall Street Journal.
Thursday, October 3rd 2013 - 19:23 UTC
Brazil, a giant but with “a lot of fat and much in the way of muscle”

Brazil, Latin America's largest economy is in dire need of structural reforms and reduced government bloat to fuel sustainable growth, analysts say. And this will not happen overnight and will take massive political will. A giant but it carries “a lot of fat and not much in the way of muscle”.
Thursday, October 3rd 2013 - 19:17 UTC
Moody’s lowers Brazil’s credit rating to stable from positive: rising debt and weak growth

Brazil’s currency Real declined from its highest level in two weeks after Moody’s Investors Service cited rising debt and weak growth in lowering its outlook on the country’s credit rating to stable from positive.
Thursday, October 3rd 2013 - 07:09 UTC
Argentina will challenge Uruguay’s decision to expand pulp mill production at The Hague Court of Justice

Foreign Minister Héctor Timerman has confirmed that Argentina will go before the international court of justice at The Hague over the decision of Uruguayan president José Mujica, who on Wednesday authorised increased production at the UPM (ex-Botnia) paper plant.