Argentina unveiled this week a 700 billion Pesos (some US$10 billion) stimulus package to try to sustain economic activity, avert shortages of food and medical supplies, help companies and protect workers and vulnerable groups affected by the worsening Covid 19 pandemic.
Mercosur country members agreed on Wednesday to share information and statistics on the coronavirus evolution as part of a common strategy destined to combat the pandemic, which included facilitating the return of ex-pats and ensuring the movement of goods among the block.
The coronavirus outbreak hammered Brazil on Wednesday, crushing local markets, infecting more members of the country’s political elite and prompting loud protests against President Jair Bolsonaro, whose son waded into a diplomatic spat with China.
Uruguay has begun a process to auction the British Aerospace BAe 125-700A business jet acquired in 2017 by the country’s previous government for use as a presidential transport for then head of the Executive Tabare Vazquez.
Chilean President Sebastian Piñera on Wednesday declared a 90-day state of catastrophe as cases of the new coronavirus mounted in the nation, giving the government extraordinary powers to restrict freedom of movement and assure food supply and basic services.
Brazilian president Jair Bolsonaro has so far escaped coronavirus contagion but his national security advisor, his mines and energy minister plus the Senate chief haven't been so lucky.
Sydney-based consultancy CAPA Center for Aviation warned in a statement on Monday that most of the world's airlines will be bankrupt by the end of May. Airline carriers are suspending routes for March, April, and May, and a full grounding of fleets has yet to be ruled out as flight restrictions have been placed across the world, spurring a collapse in demand, due to the Covid-19 pandemic.
Brazil’s central bank on Wednesday cut its benchmark interest rate by 50 basis points to a record-low 3.75% to cushion the economic blow of the coronavirus pandemic but signaled no rush to cut again and emphasized the need for more economic reforms.
Treasury Secretary Steven Mnuchin on Wednesday vowed that unemployment would not reach 20%, seeking to clarify comments he made a day earlier on a worst-case economic scenario resulting from the coronavirus pandemic.
U.S. oil prices reached their lowest point since 2003 on Wednesday as the coronavirus has reduced demand in countries around the world. The prices fell for a third session, with U.S. crude Clc1 reaching US$ 25.06 per barrel, the lowest prices since late April 2003. As of 11:35 GMT, U.S. crude Clc1 hit US$1.51 cents or 5.6 percent at US$ 25.44 per barrel.