Economy

Tuesday, August 5th 2014 - 06:54 UTC
Griesa praises Pollack's 'great skill” and reveals he directed the use of 'default'

U.S. District Judge Thomas Griesa on Monday turned back an effort by Argentina's government to remove the court-appointed mediator in the dispute with creditors that triggered a 'selective default' situation by the country last week. He also revealed that the default condition was at his direction and was 'accurate'.
Tuesday, August 5th 2014 - 06:50 UTC
Barcena anticipates that Argentina will probably have negative growth in 2014

Argentina's economy probably will contract in 2014, the head of the United Nation's body for Latin America and the Caribbean, ECLAC said on Monday, as fallout from a new sovereign debt crisis will keep the country out of money markets.
Tuesday, August 5th 2014 - 06:42 UTC
Food loss and waste in Latam could feed the region's 47 million hungry

In Latin America and the Caribbean more food is lost and wasted than is needed to meet the nutritional needs of the 47 million people who still suffer from hunger in the region, according to FAO. The report Losses and waste of food in Latin America and the Caribbean of the FAO Regional Office says that 6% of global food losses occur in the region.
Tuesday, August 5th 2014 - 06:11 UTC
Uruguay's main fish processing company under administrative protection

Uruguay's largest fishing and processing company FRIPUR, has requested administrative protection, or a voluntary concordat with creditors following financial problems with banks and other providers. Liabilities are over 70 million dollars of which 50 million with two banks, according to sources close to the request. The company employs 1.100 people.
Monday, August 4th 2014 - 07:41 UTC
Trying to gauge the impact of Argentina's situation in Mercosur partners

Argentina’s debt problems threatens to worsen trade tensions in Mercosur, adding to the economic woes of Brazil in a tense election year and causing headaches in Uruguay as the Argentine economy looks likely to plunge deeper into recession.
Monday, August 4th 2014 - 07:34 UTC
Debt ruling shows a callous disregard to the effects on Argentina

By Eileen Appelbaum (The New York Times) - There is no way to construe as fair the United States court ruling that Argentina cannot pay 93% of its creditors, unless it first pays a small group of hedge funds. It's not fair to the 93% of bondholders who negotiated a restructuring of Argentina’s debt in 2005 and 2010 with reduced payments.
Monday, August 4th 2014 - 07:27 UTC
Argentina awarded by the EU beef 'feed-lot quota' of 48.200 tons

The European Union (EU) has recognized Argentina as one of the few countries able to export high-quality beef under the “feed-lot quota” to the European market, a press release from the Argentine Foreign Ministry informed on Sunday.
Monday, August 4th 2014 - 07:16 UTC
Brazilian auto industry drops 36% in June and drags industrial output

Brazil's industrial output fell 6.9% in June compared to the same month last year, mostly due to a contraction of the automobile industry, reported the official stats office last Friday.
Monday, August 4th 2014 - 07:09 UTC
Malvinas war and the 2001 and 2014 defaults, Argentina's worst mistakes in 33 years

The Falklands/Malvinas war, the 2001 default and the 2014 default are “the three events that are going to go down, in recent Argentina history, as the three worst strategic mistakes committed by the country”, according to political analyst and historian Rosendo Fraga.
Monday, August 4th 2014 - 07:03 UTC
Magallanes with lowest unemployment rate in Chile, but quality of jobs is questioned

Unemployment in the extreme south Chilean region of Magallanes was the lowest in the country during the April/June quarter, 2.3%, according to the latest report from the country's stats office, INE. This is 0.5 percentage points less than the previous quarter and 1.4 percentage points below a year ago.