Economy

Thursday, August 7th 2014 - 07:26 UTC
Brazil's July auto output and sales plummet 20.5% and 13.9% compared to 2013

Auto production in Brazil during July dropped 20.5% from a year earlier, national automakers' association Anfavea said on Wednesday, while sales slid 13.9%. Compared to June, production rose 17% and sales 11.8%, as July had an additional two working days.
Thursday, August 7th 2014 - 07:22 UTC
Global system used for sovereign-debt workouts remains badly in need of repair

By Kenneth Rogoff (*) - Argentina’s latest default poses unsettling questions for policymakers. True, the country’s periodic debt crises are often the result of self-destructive macroeconomic policies. But, this time, the default has been triggered by a significant shift in the international sovereign-debt regime
Thursday, August 7th 2014 - 07:02 UTC
Argentina closer to contempt of court as it suggests bondholders to change paymaster

New York district judge Thomas Griesa and the Argentine government are again on the collision course: while the magistrate has ordered the Bank of New York Mellon to retain the funds deposited by Argentina to pay exchange bondholders and declaring the payment “illegal”, the Ministry of Economy in Buenos Aires suggested bondholder should change BONY for a new intermediary institution.
Thursday, August 7th 2014 - 06:32 UTC
Mercosur trade deal is a priority for the EU under Italian presidency

Foreign minister Federica Mogherini pledged that under the current Italian presidency of the European Union, top priority will be given to signing the pending trade agreements, among which that with Mercosur still under discussion.
Wednesday, August 6th 2014 - 21:21 UTC
Latam food prices at slow growth rate for third month running, says FAO

FAO’s Monthly Food Price Report notes that food prices in Latin America and the Caribbean reduced their growth rate for the third consecutive month. Regional food inflation increased only 0.5% in June, down from 1% in May and 1.2% in April, which is particularly relevant for the poorest, who spend a larger proportion of their income on food.
Wednesday, August 6th 2014 - 08:54 UTC
US and India clash over food security clause at WTO and suspends TFA protocol

The failure of the two major players in global trade negotiations to bridge their differences has put paid to the adoption of the protocol of amendment for implementation of the contested Trade Facilitation Agreement (TFA) for the time being.
Wednesday, August 6th 2014 - 08:02 UTC
Argentina will demand Citibank and BONY to pay exchange bondholders

The Argentine Government will formally demand that Citibank and the Bank of New York Mellon pay exchange bondholders, the Economy Ministry informed on Tuesday in a press release.
Wednesday, August 6th 2014 - 07:57 UTC
Brazil denies any 'stagflation' and forecasts economy with 'reasonable' growth level in 2015

Brazil is far from stagflation, central bank chief Alexandre Tombini said on Tuesday, forecasting the economy will pick up speed and inflation will ease in coming months. In similar terms Economy minister Guido Mantega said the economy should pick up in the second half of the year after a slow start and hit more “reasonable” growth levels in 2015.
Wednesday, August 6th 2014 - 00:12 UTC
Paraguay sells 1 billion dollars in 30-year sovereign bonds

Paraguay sold 1bn (one billion) dollars in 30-year bonds on Monday in New York, its second international debt issue in less than two years. President Horacio Cartes said in a statement that the issue's 6.1% yield is unprecedented for the country, and that the proceeds will be used for highway, building and energy infrastructure, as well as agricultural production.
Tuesday, August 5th 2014 - 07:10 UTC
Cristina Fernandez pledges “to adopt the most suitable measures for Argentina”

Argentine President Cristina Fernandez said on Monday that she would only take decisions that benefitted the overall health and stability of the Argentine state, as she called on the country to defend the achievements of the last 10 years.