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MercoPress, en Español

Montevideo, May 19th 2025 - 08:22 UTC

Economy

  • Wednesday, January 29th 2025 - 20:39 UTC

    Milei’s Davos speech triggers political and social uproar

    In his 30-minute speech, the Argentine president said he had a much bigger task than reforming the chronically crisis-ridden South American country.

    Argentine President Javier Milei generated a wave of criticism after his statements at the World Economic Forum in Davos, where he linked homosexuality with pedophilia. His words triggered the call for an “anti-fascist” march, which is expected to be massive in Buenos Aires and other cities of the country

  • Wednesday, January 29th 2025 - 20:07 UTC

    Financial scandal in Uruguay: Conexión Ganadera and the model that ended up as a Ponzi scheme

    Founded in 1999, Conexión Ganadera grew after the 2002 crisis, offering livestock investments as an alternative to traditional banking.

    The collapse of Conexión Ganadera, one of Uruguay's leading cattle investment firms, has left hundreds of savers in suspense after it was revealed that its financial model operated as a Ponzi scheme. This was stated by accountant Ricardo Giovio, hired by the company to evaluate its situation.

  • Wednesday, January 29th 2025 - 10:39 UTC

    IMF mission leaves Buenos Aires but talks will continue

    There is no deadline for the new understanding between Argentina and the IMF, Adorni said

    The International Monetary Fund's (IMF) team rounded up its mission to Buenos Aires Monday saying that negotiations for a new loan will continue. IMF Managing Director Kristalina Georgieva's envoys held meetings with Economy Minister Luis Toto Caputo and other high-ranking officials from the libertarian administration, after which they reckoned that some progress had been made.

  • Wednesday, January 29th 2025 - 09:56 UTC

    Chile's Central Bank keeps benchmark interest rate at 5%

    In July 2023, the Central Bank's Board made the first cut in the TPM, after stagnating it at 11.25% in December 2022

    Chile's Central Bank Council unanimously voted Tuesday in favor of keeping the monetary policy interest rate (TPM) at 5% for the second month in a row amid high volatility in global financial markets after the recent change of government in the United States. Tuesday's decision halted a downward trend that had been going on for months.

  • Wednesday, January 29th 2025 - 09:17 UTC

    Taxing the “super rich” pays off for Brazil's gov't

    “We're just bringing the super-rich into the same tax bracket as the middle class,” said Barreirinhas

    Brazilian Finance Minister Fernando Haddad's policy of taxing the “super rich” yielded unprecedented returns of R$ 20.6 billion (US$ 3.32 billion) to the South American country's coffers in 2024, Federal Revenue Secretary Robinson Barreirinhas confirmed Tuesday. The strategy focuses on exclusive investment funds and offshore assets, it was explained.

  • Tuesday, January 28th 2025 - 07:41 UTC

    Milei’s 2025 challenges: Between Argentina's mid-term elections and the IMF

    Javier Milei with his good friend Donald Trump

    By Alejandro Werner (*) - The author thanks Ignacio Albe, Olivier Blanchard, Martina Copelman, Joseph Gagnon, José de Gregorio, Patrick Honohan, Douglas Irwin, Maurice Obstfeld, and other PIIE colleagues for their comments and suggestions.

  • Monday, January 27th 2025 - 14:26 UTC

    Argentine SME exports grow 17.3% in 2024

    When measured in dollars, sales grew despite an average contraction in prizes

    Argentina's Chamber of Medium-sized Enterprises (CAME) released a report this weekend showing an interannual growth in exports of 17.3% measured in US dollars, with total sales amounting to US$ 10.032 billion, which represented 12.5% of the country's shipments. In addition, if measured in volume, SMEs exported 8.5 million tons, a 25.1% increase from 2023. However, CAME noted that the average price per ton fell by 6.3%.

  • Saturday, January 25th 2025 - 10:36 UTC

    Foreign travelers contribute significantly to Brazil's economy in 2024

    Brazilian airlines are adapting to tourism's new reality in South America's largest country

    Foreign travelers brought in US$7.341 billion in revenue to Brazil last year, the South American country's Central Bank (BCB) announced on Friday, citing a report from the Ministry of Tourism. These figures represented the best results in 15 years, and an increase of 6.28% compared to the US$6.907 billion in 2023.

  • Saturday, January 25th 2025 - 09:29 UTC

    Moody's improves Argentina's grades

    Lifting exchange rate controls will bring on new challenges for the Libertarian administration

    The international credit rating agency Moody's Friday improved Argentina's long-term foreign and local currency issuer grades from Ca to Caa3 but warned that “there are still significant risks to the country's ability to cover upcoming external debt payments.”

  • Thursday, January 23rd 2025 - 10:22 UTC

    IMF mission arrives in Buenos Aires to discuss US$ 11 billion loan

    The IMF mission is headed by Western Hemisphere Department Deputy Director Luis Cubeddu

    An International Monetary Fund (IMF) team landed in Buenos Aires Wednesday to discuss Argentina's eligibility for a US$ 11 billion new loan to make up for the South American country's currently negative reserves. The mission is headed by the IMF's Western Hemisphere Department Deputy Director Luis Cubeddu.