Stories for August 7th 2014

Thursday, August 7th 2014 - 08:10 UTC
Rousseff claims EU has yet to agree on a proposal to exchange with Mercosur

President Dilma Rousseff claimed before the Brazil's farmers lobby that the trade agreement between Mercosur and the European Union is stalled and is not fulfilled because of the 'resistance' from several European countries, and specifically named France, Hungary and Ireland.
Thursday, August 7th 2014 - 08:02 UTC
Uruguay inflation hard to break: in July it remained stubbornly above 9%

Inflation in Uruguay remains hard to break having reached 6.17% in the first seven months of the year, the highest since 2007 (6.38%) and over 9% in the last twelve months well ahead of the government's target of 3% to 7%, according to the latest figures from the stats office, INE.
Thursday, August 7th 2014 - 07:54 UTC
Egypt plans to build a new parallel Suez Canal to be completed in five years

Egypt plans to build a new Suez Canal alongside the existing 145-year-old historic waterway in a multi-billion dollar project aimed at expanding trade along the fastest shipping route between Europe and Asia.
Thursday, August 7th 2014 - 07:41 UTC
Putin retaliates US/EU sanctions: plans to redirect food purchases from Latam

Russia will ban all imports of US food products as well as fruit and vegetables from the European Union after President Vladimir Putin ordered retaliation for Western sanctions against Moscow, a state news agency reported today.
Thursday, August 7th 2014 - 07:34 UTC
Carnival Cruise Lines to build a 70m tourism port at La Tortue, in Haiti

Haiti announced it has signed a multi-million dollar agreement with the US-based Carnival Cruise Lines to build a tourism port on the island of Latortue, north of the island. Prime Minister Laurent Lamothe said the 70 million dollars project will help improve the lives of the estimated 36,000 people residing in the area.
Thursday, August 7th 2014 - 07:26 UTC
Brazil's July auto output and sales plummet 20.5% and 13.9% compared to 2013

Auto production in Brazil during July dropped 20.5% from a year earlier, national automakers' association Anfavea said on Wednesday, while sales slid 13.9%. Compared to June, production rose 17% and sales 11.8%, as July had an additional two working days.
Thursday, August 7th 2014 - 07:22 UTC
Global system used for sovereign-debt workouts remains badly in need of repair

By Kenneth Rogoff (*) - Argentina’s latest default poses unsettling questions for policymakers. True, the country’s periodic debt crises are often the result of self-destructive macroeconomic policies. But, this time, the default has been triggered by a significant shift in the international sovereign-debt regime
Thursday, August 7th 2014 - 07:02 UTC
Argentina closer to contempt of court as it suggests bondholders to change paymaster

New York district judge Thomas Griesa and the Argentine government are again on the collision course: while the magistrate has ordered the Bank of New York Mellon to retain the funds deposited by Argentina to pay exchange bondholders and declaring the payment “illegal”, the Ministry of Economy in Buenos Aires suggested bondholder should change BONY for a new intermediary institution.
Thursday, August 7th 2014 - 06:53 UTC
Argentine football has new president; HQ raided on court's order

Argentinos Juniors and interim Argentine Football Association president Luis Segura has been ratified in the AFA post until October 2015, as confirmed following the first meeting of the body's executive committee since the passing of late chief Julio Humberto Grondona.
Thursday, August 7th 2014 - 06:32 UTC
Mercosur trade deal is a priority for the EU under Italian presidency

Foreign minister Federica Mogherini pledged that under the current Italian presidency of the European Union, top priority will be given to signing the pending trade agreements, among which that with Mercosur still under discussion.