The Board of Directors of the International Monetary Fund (IMF) Friday confirmed that Bulgarian Economist Kristalina Georgieva would remain as the agency's managing director for another five-year term starting on Oct. 1, 2024. The announcement came as no surprise since Georgieva was the only candidate under consideration.
According to a report released Friday in Buenos Aires by Argentina's National Institute of Statistics and Census (Indec), the Consumer Price Index (CPI) in March in the South American country went up 11% for an interannual total of 287.9%. The new figure represented a 2.2% decrease from February but a 51.6% growth in the first quarter of 2024.
In a week in which the United States was surprised by an increase in inflation further delaying prospects of a soon cut in the Federal Reserve's rate cut, the European Central Bank held interest rates at a record high, although as usual signaling it could cut interest rates at its next meeting in June.
Latin America and the Caribbean (LAC) has reached a critical juncture. While the region has made significant progress in economic stabilization over recent decades, growth has stalled, undermining progress. Urgent action is needed to reverse course. In a new report, “Competition: The Missing Ingredient for Growth?” the World Bank highlights potential areas for action, emphasizing that leveraging competition policies and institutions is key to any impactful growth strategy.
Uruguay and the United States signed a Memorandum of Understanding (MOU) Wednesday in Montevideo, whereby the two countries will create a working group on new technologies to deepen government-private cooperation. The South American country was found to be “an ideal partner” for the administration of President Joseph Biden.
Presidents Santiago Peña of Paraguay and Luis Lacalle Pou of Uruguay Wednesday attended a dinner hosted by the South American Football Confederation (Conmebol) at the historic building of the Port of Asunción. Also participating in the event was Fédération Internationale de Football Association (FIFA) President Gianni Infantino.
China Construction Bank (Asia), a state owned financial institution filed a petition in Hong Kong to wind up the Shamao Group, after the Chinese real estate and construction developer failed to repay loans worth HK$1.58bn (US$ 201.8m; £159.7m).
Global banking giant HSBC Tuesday announced it was selling its Argentine operations to Grupo Financiero Galicia for US$ 550 million after deciding to leave the South American country to focus on operations in Asia as the new business strategy. The total transfer process could take about 12 months as some regulatory approvals are still needed.
The Argentine Government of President Javier Milei Monday decided to postpone maturities with the International Monetary Fund (IMF) worth US$ 1.94 billion until the end of this month. The move was within the provisions of the standing agreement between the South American country and the credit agency, it was explained in Buenos Aires.
The chokepoint at the Panama Canal could be approaching an end as weather forecasts indicate ample rain fall is heading for Panama, which if correct means many international shipping believe a return to normal crossing s possible in the near future.