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MercoPress, en Español

Montevideo, May 21st 2025 - 13:03 UTC

Economy

  • Friday, April 12th 2024 - 15:40 UTC

    European Central bank keeps high interest rates unchanged; US surprised by rising inflation in March

    European Central Bank held interest rates at a record high, although as usual signaling it could cut interest rates at its next meeting in June.

    In a week in which the United States was surprised by an increase in inflation further delaying prospects of a soon cut in the Federal Reserve's rate cut, the European Central Bank held interest rates at a record high, although as usual signaling it could cut interest rates at its next meeting in June.

  • Friday, April 12th 2024 - 15:30 UTC

    Latin America and Caribbean persistent low growth and stalled progress, World Bank report

    “We must act decisively to help Latin America and the Caribbean break away from this cycle,” said Carlos Felipe Jaramillo, WB Vice President for LAC

    Latin America and the Caribbean (LAC) has reached a critical juncture. While the region has made significant progress in economic stabilization over recent decades, growth has stalled, undermining progress. Urgent action is needed to reverse course. In a new report, “Competition: The Missing Ingredient for Growth?” the World Bank highlights potential areas for action, emphasizing that leveraging competition policies and institutions is key to any impactful growth strategy.

  • Thursday, April 11th 2024 - 10:13 UTC

    Key cooperation deal between the US and Uruguay signed

    “Uruguay is an ideal partner for the US in emerging technologies,” said Lago. Photo: Presidency of Uruguay

    Uruguay and the United States signed a Memorandum of Understanding (MOU) Wednesday in Montevideo, whereby the two countries will create a working group on new technologies to deepen government-private cooperation. The South American country was found to be “an ideal partner” for the administration of President Joseph Biden.

  • Thursday, April 11th 2024 - 10:04 UTC

    Presidents Lacalle Pou and Peña attend Conmebol dinner in Asunción

    Like-minded conservative leaders Peña and Lacalle Pou shared a series of activities in Asunción

    Presidents Santiago Peña of Paraguay and Luis Lacalle Pou of Uruguay Wednesday attended a dinner hosted by the South American Football Confederation (Conmebol) at the historic building of the Port of Asunción. Also participating in the event was Fédération Internationale de Football Association (FIFA) President Gianni Infantino.

  • Wednesday, April 10th 2024 - 11:06 UTC

    Another major Chinese construction and real estate developer ready to fall

    Like several other Chinese property developers, Shanghai-based Shimao defaulted on offshore bonds in 2022. Last month, it laid out detailed plans to restructure its debts.

    China Construction Bank (Asia), a state owned financial institution filed a petition in Hong Kong to wind up the Shamao Group, after the Chinese real estate and construction developer failed to repay loans worth HK$1.58bn (US$ 201.8m; £159.7m).

  • Tuesday, April 9th 2024 - 21:01 UTC

    HSBC leaving Argentina to pursue other interests

    Galicia is better positioned to invest and grow the business, HSBC's CEO said in a statement

    Global banking giant HSBC Tuesday announced it was selling its Argentine operations to Grupo Financiero Galicia for US$ 550 million after deciding to leave the South American country to focus on operations in Asia as the new business strategy. The total transfer process could take about 12 months as some regulatory approvals are still needed.

  • Monday, April 8th 2024 - 22:28 UTC

    Argentina delays payments to IMF until April 30

    What will Caputo seek during his trip to Washington between April 17 and 19?

    The Argentine Government of President Javier Milei Monday decided to postpone maturities with the International Monetary Fund (IMF) worth US$ 1.94 billion until the end of this month. The move was within the provisions of the standing agreement between the South American country and the credit agency, it was explained in Buenos Aires.

  • Monday, April 8th 2024 - 19:24 UTC

    Panama Canal chokepoint approaching an end as the rainy season begins in May

    Maersk gave its own indication of the improving water level, with the reinstatement of a service that had previously switched to a rail-land transit across Panama .

    The chokepoint at the Panama Canal could be approaching an end as weather forecasts indicate ample rain fall is heading for Panama, which if correct means many international shipping believe a return to normal crossing s possible in the near future.

  • Monday, April 8th 2024 - 10:22 UTC

    Milei reverses shopping trends in less than 4 months in office

    No question about it: Argentina has become expensive in US dollars

    Argentine President Javier Milei has been in office for less than 4 months, more than enough time to turn things around for people in neighboring countries. Uruguayans who used to do their shopping across the border no longer find it profitable, while Argentines flocked to Chile over the Easter weekend to do theirs.

  • Friday, April 5th 2024 - 10:53 UTC

    Falklands favors removal of 1p and 2p from circulation and a new set of banknotes

    The one and two pennies coins which according to the survey most respondents agreed should be removed from circulation

    From 6 November to 17 December 2023, the Treasury Department ran two consultations regarding changes to Falkland Islands currency: One on a proposal to withdraw low value 1p and 2p coins and the other on preferred themes and imagery for a new set of Falkland Islands banknotes.