Mercosur

Mercosur
Thursday, July 7th 2016 - 06:46 UTC

Cristina Fernandez back in court: Judge decides inhibition on her properties

Judge Bonadio decided an inhibition on Cristina Fernandez properties after she rejected a 15-million Peso embargo on her assets.

Former Argentine President Cristina Fernandez on Wednesday filed a complaint against the judge who recently opened an investigation into allegations she defrauded the state as part of her government's handling of the dollar futures market. Fernandez, who governed Argentina from 2007 to 2015, filed the complaint against judge Claudio Bonadio after appearing in his court in connection with the case.

Wednesday, July 6th 2016 - 06:54 UTC

Brazil asks Mercosur chair transfer to Venezuela to be delayed until August

Serra told Uruguay president Vázquez, “we're asking for more time. Let's wait 'til August, the Mercosur presidency must be the result of an unanimous decision”

The deep differences among Mercosur members as to who should hold the group's rotating chair this second half of the year surfaced openly in Montevideo with the surprise visit of Brazilian foreign minister Jose Serra and ex president Fernando Henrique Cardoso. The Brazilin delegation formally requested Uruguay, which currently holds the six/month Mercosur chair to suspend the transfer to Venezuela until at least August.

Wednesday, July 6th 2016 - 04:40 UTC

Macri pushes in Berlin for EU-Mercosur accord, but Merkel sides with France in the agriculture issue

“The most difficult chapter is agriculture, and his is essential and in that sense we need a more flexible position from the French side,” Macri said.

President Mauricio Macri met on Tuesday with German Chancellor Angela Merkel in Berlin with both leaders holding a press conference to address the current state of talks regarding a trade agreement between the European Union and the Mercosur.

Thursday, June 30th 2016 - 13:22 UTC

Paraguay does not accept Venezuela as Mercosur pro tempore chair; group split in half

Loizaga said Paraguay will not accept Venezuela's presidency since “it's not a good message for Mercosur because we were not consulted, nor was Brazil”.

Mercosur is again split over Venezuela because Paraguay, and apparently Brazil, have not been consulted regarding the decision to hand the pro tempore presidency of the block to Venezuela in July, as was agreed in Montevideo by Uruguay and Argentina.

Thursday, June 30th 2016 - 06:40 UTC

Argentine economy grows 0.5% in first quarter: fishing and transport compensate fall in agriculture and construction

Latin America's third largest economy was helped by 7.5% growth in its fishing sector and 4.2% expansion in transport.

Argentina's economy grew 0.5% in the first quarter the government said on Wednesday, adding that it saw activity leveling out this year before accelerating in 2017. The year-on-year result, published by the newly revamped Indec statistics agency, followed analysts' forecasts for a 1.3% contraction for the January through March period.

Wednesday, June 29th 2016 - 11:22 UTC

“Welcome to Hell”, Rio police and firefighters tell arriving passengers

Police and firefighters don't get paid,“ the banners, in English and Portuguese, went on. ”Whoever comes to Rio de Janeiro will not be safe”.

There was a nasty surprise awaiting passengers in the arrivals hall at Rio De Janeiro's Galeao International Airport on Monday. Along with the relatives carrying flowers and taxi drivers waiting with name boards there were lines of off-duty police with banners that had a far more ominous message: “Welcome to Hell”.

Wednesday, June 29th 2016 - 05:23 UTC

Argentina cuts rate reference for eight weeks running as double/digit inflation eases

In a statement announcing the cut, the central bank cited “a declining tendency in inflation during the month of June.”

Argentina's double-digit inflation has shown signs of easing this month, the central bank said on Tuesday as it cut its 35-day reference rate for the eighth week in a row. As part of its effort to get Latin America's No. 3 economy out of the doldrums while containing consumer prices, the bank sliced 75 basis points off the interest rate to 30.75%.

Wednesday, June 29th 2016 - 05:12 UTC

Pacific Alliance, under Chilean presidency will speed closer links with Mercosur

Bachelet as the Alliance president will push to expand into the Asia-Pacific basin markets, as well as the 49 observer countries and Mercosur

The Pacific Alliance under the helm of Chile, beginning next July first will reach out for closer links with Mercosur, particularly since Argentina's decision to join the block as an observer. “The Argentine decision to join the Pacific Alliance as an observer fully harmonizes with Chile's strategy of making both blocks converge”, according to Andres Rebolledo, head of Chile's Directorate of International Economic Relations.

Wednesday, June 29th 2016 - 05:04 UTC

Brazil inflation should reach Central bank target by second half of 2018

The second quarter of 2018 should see Brazil finally make the cut, with inflation of 4.2%, the bank said.

Brazil's inflation will again miss the government target next year, but will be getting much closer at 4.7%, the Central Bank said on Tuesday. For this year, inflation is forecast at 6.9%, well off the 4.5% target. However, even that represents relief for Latin America's largest economy, but sickly economy where annual inflation hit 9.32% in May.

Wednesday, June 29th 2016 - 04:57 UTC

Investors suing Petrobras argue top executives knew of the massive bribery scheme

Prosecutors claim over US$2 billion of bribes were paid over a decade to Petrobras executives by construction and engineering companies to win lucrative contracts.

Investors suing Petrobras to recoup billions of dollars in losses argued on Tuesday that the arrests and plea deals of top company executives prove that it knew of a massive bribery and political kickback scheme. Lawyers for the investors asked U.S. District Judge Jed Rakoff in Manhattan to rule, ahead of a trial set for Sept. 19, on claims that the company violated U.S. securities laws, according to a court filing.

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