Economy

Thursday, May 16th 2024 - 19:34 UTC
Uruguayan aviation looking ahead at promising developments

Uruguayan authorities have reached an agreement with the company managing Montevideo's Carrasco International Airport for the installation of state-of-the-art navigation equipment which would make landings safer even under foggy weather.
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Thursday, May 16th 2024 - 19:08 UTC
Argentina needs to solve its exchange rate problem, IMF spokeswoman says

International Monetary Fund (IMF) Spokeswoman Julie Kozack said that Argentina needed to lift the exchange rate ceiling if the government were to protect the country's Central Bank reserves. Kozack's remarks during a press conference came a day after Economy Minister Luis Toto Caputo announced that the South American nation was on course to dollarization.
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Thursday, May 16th 2024 - 10:58 UTC
Argentina getting ready to dollarize its economy, minister says

Argentine Economy Minister Luis 'Toto' Caputo said Wednesday that the Libertarian administration of President Javier Milei had that the Government has “everything ready for dollarization.” The “recovery is very close,” he added as the “blue” (a euphemism for “black market”) dollar bounced back after it became evident that the government would be unable to deliver on Milei's promise to have an agreement signed with the provincial governors by May 25.
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Wednesday, May 15th 2024 - 19:54 UTC
Petrobras' shares plummet after Prates' departure from CEO post

Brazilian President Luiz Inácio Lula da Silva's decision to have Jean-Paul Prates removed as CEO of the State-run oil company Petrobras resulted in shares dropping more than 8% at the Sao Paulo Stock Exchange on Wednesday. Ordinary shares (PETR3) fell 8.36% while preferred shares (PETR4) went down 6.75%, it was reported. In addition, Petrobras' ADRs (American Depositary Receipt) in New York were down around 7.5% on Wednesday.
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Wednesday, May 15th 2024 - 19:20 UTC
Lula orders major reshuffle at Petrobras' helm

President Luiz Inácio Lula da Silva has ordered a reshuffle at the top of Brazil's state-run oil company Petrobras, with Magda Chambriard replacing Jean-Paul Prates as CEO, Agencia Brasil reported. Following the head of state's decision late Tuesday, the board of directors approved the early termination of Prates' term Wednesday morning. In the meantime, and until Chambriard takes office, Corporate Affairs Executive Director Clarice Coppetti has been appointed on an interim basis.
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Wednesday, May 15th 2024 - 16:58 UTC
Milei celebrates inflation figures football-style

Argentine President Javier Milei became overtly extrovert on social media Tuesday after the National Institute of Statistics and Census (Indec) announced that April's monthly Consumer Price Index (CPI) had stood at 8.8%. “GOOOOOOOOOOOOOOOOOOOL...!!!!,” he wrote in football-fan mode. Meanwhile, Presidential Spokesman Manuel Adorni said inflation had “its death certificate signed.”
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Wednesday, May 15th 2024 - 16:45 UTC
Brazil allows unrestricted entry of international donations and used equipment for Rio Grande do Sul

Given the calamity conditions in the southern state of Rio Grande do Sul, because of the floods and prospects of further rainfall, leaving at least two million people displaced, the government of Brazil has allowed the unrestricted entry of international donations into RGdoS for the ensuing 30 days.
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Wednesday, May 15th 2024 - 10:33 UTC
Uruguay leads in Latin America by far in the Good Government Index

The Chandler Institute of Governance (CIG) is launching the fourth edition of the Chandler Good Government Index (CGGI) this Wednesday, live from London with an event featuring Julia Gillard AC, Australia’s 27th Prime Minister. The performance Index shows Uruguay clearly rose in Latin America, on the “Leadership and Foresight, and Attractive Marketplace” pillars.
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Tuesday, May 14th 2024 - 23:05 UTC
Argentina: Inflation keeps decelerating in April

Argentina's National Institute of Statistics and Census (Indec) Tuesday announced that April's Consumer Price Index (CPI) stood “at 8.8% in April 2024 compared to March and 289.4% year-on-year.” The government agency also noted in its X account that “they accumulated an increase of 65% in the first quarter.”
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Tuesday, May 14th 2024 - 20:51 UTC
BRICS Bank comes to Rio Grande do Sul's rescue

The Shanghai-based New Development Bank (NDB) will grant funding worth R$ 5.7 billion (US$ 1.1 billion) to rebuild the Brazilian State of Rio Grande do Sul still grappling to recover from the unprecedented storms since April 29, Agencia Brasil reported Tuesday. The NDB, also known as the BRICS Bank, will release the money through a partnership with the Banco do Brasil (BB), the National Bank for Economic and Social Development (Banco Nacional de Desenvolvimento Econômico e Social - BNDES), and the Regional Development Bank of the Far South (Banco Regional de Desenvolvimento do Extremo Sul - BRDE).
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