Economy

• Thursday, July 24th 2014 - 23:34 UTC

  Brazil's priority is curbing resistant inflation, say central bank minutes

  

  Brazil's central bank indicated on Thursday it is unlikely to cut interest rates any time soon and instead is focused on curbing resistant high inflation even as the economy flirts with recession. In the minutes of its last policy meeting, the bank stressed that interest rates at current levels should help ease inflation in coming years.

• Thursday, July 24th 2014 - 22:55 UTC

  Speculative funds denies any request to temporary suspend payment order

  

  Argentine debt holdout investor Mark Brodsky, chairman of Aurelius Capital Management, said his group will not ask US Judge Thomas Griesa to suspend his payment order, after a story in Argentina's La Nacion newspaper on Thursday suggested that Paul Singer’s NML Capital Ltd could ask Griesa to reinstate the stay of injunction as requested by Argentina.

• Thursday, July 24th 2014 - 07:01 UTC

  In defiant speech CFK openly brushes aside any default “because Argentina has paid”

  

  In a defiant speech President Cristina Fernández reiterated on Wednesday that Argentina will “not fall into default” and warned that “they will have to invent a new word” to explain how a country has paid its debt and “someone blocked it”.

• Thursday, July 24th 2014 - 06:42 UTC

  Xi's Latam visit ends in Cuba where China consolidated trade and financial relations

  

  Chinese President Xi Jinping ended on Wednesday an eight-day trip through Latin America with a visit to eastern Cuba, where both the island's independence struggle against Spain and Fidel Castro's revolution began.

• Thursday, July 24th 2014 - 06:20 UTC

  World Bank praise for Peru as one of the most solid economies in the region

  

  The World Bank's vice president for Latin America and the Caribbean, Jorge Familiar, on Wednesday highlighted Peru's economic growth over the past 10 years. Peru's average economic growth over the period has registered 6. 5% annually, allowing many Peruvians to escape poverty, said Familiar.

• Thursday, July 24th 2014 - 06:18 UTC

  Humala signs contract for pipeline that will make Peru a leading gas exporter of the region

  

  The consortium made up of Spanish energy company Enagas and Brazilian construction giant Odebrecht signed a contract on Wednesday with Peru's Energy and Mines Ministry for the construction and operation of a natural gas pipeline that will run from the Camisea gas fields to the Pacific port of Ilo.

• Wednesday, July 23rd 2014 - 06:51 UTC

  Argentina claims Griesa is blocking bondholders money and using 'vulture funds' language

  

  Argentina reacted strongly to Tuesday's events in the New York federal court which denied its stay request, claiming Judge Thomas Griesa “did not solve absolutely any of the issues for which he summoned today's audience”, insisting with his “unbelievable ban” on structured bonds' collecting their payment.

• Wednesday, July 23rd 2014 - 06:42 UTC

  Holdouts want to sit down with Argentina and solve the dispute; 'countdown clock'

  

  Following on Tuesday's audience with Judge Thomas Griesa, NML Capital the leading speculative fund litigating with Argentina, issued a release saying “it is willing to hold a meeting with 'Special Master' Daniel Pollack and Argentina to solve the dispute”.

• Wednesday, July 23rd 2014 - 01:10 UTC

  Griesa rejects 'stay'; orders Argentina and holdouts to meet 'round the clock' to reach a deal

  

  US Judge Thomas Griesa rejected on Tuesday Argentina’s request for a suspension ('stay') on the ruling that ordered Buenos Aires to pay 1.3 billion dollars plus interests to holdout speculative funds and instructed Argentina and holdouts to meet on Wednesday morning for a first face-to-face meeting.

• Tuesday, July 22nd 2014 - 09:05 UTC

  Mercosur was not created to become a fortress of 'hyper-protectionism'

  

  Former Uruguayan president Julio Maria Sanguinetti and founder of the Montevideo Circle Foundation said Mercosur was not created to become a fortress of hyper protectionism but rather to promote competition and integration with flexibility. Sanguinetti participated in a round of conferences of the Montevideo Circle Foundation in Paraguay.