Economy

Tuesday, February 4th 2014 - 23:00 UTC
Desperate Argentine officials target big business as the culprits of the current situation

The Argentine government announced on Tuesday it has started “a thorough investigation on major foreign trade companies” which have allegedly registered accounting irregularities for 6.8 billion dollars. Cabinet Chief Jorge Capitanich said the Central Bank has reported “mining, grain, food, car and oil companies have exported but failed to account for foreign currency income.”
Tuesday, February 4th 2014 - 21:39 UTC
Microsoft names Satya Nadella as new CEO; Gates becomes technology advisor

Microsoft Corp named company veteran Satya Nadella as its next chief executive officer, ending a longer-than-expected search for a new leader after Steve Ballmer announced his intention to retire in August.
Tuesday, February 4th 2014 - 09:00 UTC
Yellen is sworn in as chair of Federal Reserve; Bernanke returns to academia

Janet Yellen on Monday was sworn in as chair of the Federal Reserve, the US central bank, replacing Ben Bernanke in the role. She is the first woman to hold the post at the Washington-based bank.
Tuesday, February 4th 2014 - 08:56 UTC
China became Uruguay's main trade partner in 2013

China became Uruguay's main trade partner in 2013 totaling 20.9% of all trade according to the latest stats from the Central bank. This leaves China three percentage points ahead of Brazil, 18.8% (traditionally the main partner) and almost four ahead of Argentina with 18.1%.
Tuesday, February 4th 2014 - 08:50 UTC
Quasi-monies could be back in Argentina if provinces don't receive financial support by March

Quasi monies could be back in Argentina since many provinces and city councils are running short of funds and the federal government is not sending the checks be it because of political differences or simply because there is not enough money to go around.
Tuesday, February 4th 2014 - 08:47 UTC
YPF buys a Petrobras Neuquén/Mendoza block with production of 10.000bpd

Argentina oil company YPF has bought out Brazil player Petrobras to take over full ownership of an exploration block in Neuquen and Mendoza provinces. YPF agreed to pay 40.7 million dollars for Petrobras' operatorship and 38.45% stake in the Puesto Hernandez block, cutting short a joint venture due to expire in 2016, according to the Argentina explorer.
Tuesday, February 4th 2014 - 08:39 UTC
Brazil's experiences the worst January trade balance in years: 4.06bn deficit

Brazil's balance of trade began 2014 with disappointing results, after closing January with a deficit of 4.06 billion dollars, according to the figures released by the Ministry of Industry, Development and Foreign Trade. Exports totaled 16.02bn dollars, while imports reached 20.08bn.
Saturday, February 1st 2014 - 04:58 UTC
Argentina's financial hot summer: record devaluation of the Peso, record loss of reserves

The Argentine currency ended trading on Friday, the first month of 2014, at 8.01 Pesos to the US dollar with an accumulated devaluation in January of 18.63%, the greatest loss in a single month since 2002. However market analysts described the situation as a depreciation 'sustained and managed' by the government of President Cristina Fernandez.
Saturday, February 1st 2014 - 04:54 UTC
Argentina among the least well-off economies in the region, says IMF

The economies of Argentina and Venezuela are the least well-off in the region due to pressures on inflation, the balance of payments, and foreign exchange markets that developed last year, the International Monetary Fund warned.
Saturday, February 1st 2014 - 04:04 UTC
IMF calls on central banks to coordinate liquidity conditions; fears funding crunch

The International Monetary Fund urged central banks to ensure that a financial market rout in the developing world does not lead to an international funding crunch. An IMF spokesman said some emerging market countries need to take “urgent action” to improve their economies, which are under threat by a recent sell-off in markets from India and Turkey to Brazil.