Economy

• Monday, September 1st 2014 - 13:46 UTC

  Timerman presents plan to regulate sovereign debts before the UN on Tuesday

  

  Foreign Minister Hector Timerman referred to Argentina’s plan to regulate international debt restructurings, to be presented on Tuesday before the UN’s General Assembly, and stressed the importance of the project saying that “the legal loophole is huge” and that it affects “most of the countries in the world.”

• Monday, September 1st 2014 - 11:06 UTC

  Several 'plagues' hit Italy: recession, deflation, job losses and little hope ahead

  

  The Italian economy contracted by 0.2% in the second quarter of 2014, Istat said Friday, confirming the continuation of the country's longest postwar recession. GDP was down 0.1% in the first quarter, it added. Likewise deflation hit Italy in August for the first time in more than 50 years, while unemployment rose again in July by 0.3% over June to 12.6%.

• Monday, September 1st 2014 - 10:52 UTC

  Paraguay becomes world's eight exporter of beef; Argentina drops to position 11

  

  Paraguay has moved to eighth world exporter of beef and is planning to double the number of cattle slaughtered by 2020, according to the country's Rural Association, ARP. Last year 2.2million head of cattle were slaughtered in Paraguay, and 73% of the beef was exported while the rest was domestic consumption.

• Monday, September 1st 2014 - 10:43 UTC

  Uruguay's main agro-business show opens on Wednesday at the Prado greens

  

  Next Wednesday Uruguay's main agro-show at the Prado's greens will open to receive over 2.277 livestock among which will be selected the top cattle (meat and dairy), sheep (wool and lambs), horses and swine of the country, in a display of advanced genetics.

• Saturday, August 30th 2014 - 11:49 UTC

  Marina pledges to restore Brazil credibility and limit spending below growth rate

  

  Opposition presidential candidate Marina Silva said that Brazil's recession is very worrying and her government would work to restore the credibility of the country's economic policies to recover investment and growth if elected. The Brazilian economy fell into recession in the first half of the year, a heavy blow for President Dilma Rousseff's already diminishing hopes of winning re-election in October.

• Saturday, August 30th 2014 - 11:06 UTC

  Capital Markets accept review of sovereign default and making terms extensive to all bondholders

  

  The International Capital Market Association (ICMA) published on Friday the revised framework that allows a majority of investors holding sovereign bonds that default to make changes to the terms, such as extending maturities or reducing the principal.

• Saturday, August 30th 2014 - 10:53 UTC

  Brazil in recession; Minister Mantega blames external factors and World Cup

  

  Brazil has fallen into recession, further weakening President Dilma Rousseff, just weeks before voting in what will be a tough re-election battle. Brazil's national statistics institute said Friday GDP shrank 0.6% in the second quarter and revised an initially positive first quarter growth estimate down to -0.2 percent.

• Saturday, August 30th 2014 - 08:01 UTC

  Judge Griesa schedules new hearing; Argentina appeals to United Nations on holdout case

  

  The US judge overseeing litigation by Argentina and creditors who did not participate in the country's past debt restructurings scheduled a hearing to assess whether Citigroup Inc (C.N) should be forced to comply with a subpoena.

• Saturday, August 30th 2014 - 07:10 UTC

  Venezuela cheap oil and fuel shipments to allies fall to a five-year low

  

  Venezuela’s shipments of crude oil and fuel to its allies have fallen to a five-year low as a weak economy hits its ability to uphold accords that former president Hugo Chávez struck to lower energy costs for friends and expand his diplomatic clout.

• Saturday, August 30th 2014 - 07:07 UTC

  New World Bank delegate in Argentina; 'country strategy' to be considered next month

  

  The World Bank board of directors will be discussing sometime next month a new aid program for Argentina focused on combating poverty, but the loans approval can't be expected until next year, according to the bank's new representative in Argentina, Jesko Hentschel.