Economy

• Monday, July 7th 2014 - 23:09 UTC

  ECLAC sides with Argentina; calls for Collective Action Clause for sovereign debts

  

  The Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), Alicia Bárcena, has sided with Argentina in the holdout hedge funds litigation arguing on the need to establish an international mechanism that would allow for the resolution of conflicts of interest caused by sovereign defaults:

• Monday, July 7th 2014 - 22:42 UTC

  FAO food price index down for third month running: plenty of corn and wheat

  

  The FAO Food Price Index was down for a third consecutive month in June, a decline mostly influenced by lower wheat, maize and palm oil prices that reflected ample supplies and improved global production prospects for these commodities.

• Monday, July 7th 2014 - 07:26 UTC

  Uruguay Vice-president and Latam UN ambassadors claim US justice took sides

  

  Latin American ambassadors to the United Nations (UN) and Uruguay's Vice-president Danilo Astori showed their support to Argentina in its dispute against holdout hedge funds. They agreed that the so-called 'vulture funds' are a risk to debtor nations and that they pose a threat to the region.

• Monday, July 7th 2014 - 07:17 UTC

  Kicillof formally meets 'Special Master' Pollack, but not holdouts delegates

  

  Economy minister Axel Kicillof is heading the Argentine delegation that on Monday will hold a first formal meeting in New York with “Special Master”, financial expert Daniel Pollack, appointed as mediator by Judge Thomas Griesa in negotiations between the sovereign country and holdout hedge funds, according to a release late Sunday from Buenos Aires.

• Monday, July 7th 2014 - 07:10 UTC

  Lagarde cautious about growth momentum; infrastructure investment needed

  

  Global economic activity should strengthen in the second half of the year and accelerate in 2015, although momentum could be weaker than expected, IMF chief Christine Lagarde said, hinting at a slight cut in the Fund's growth forecasts.

• Saturday, July 5th 2014 - 09:32 UTC

  Moody's confirms Peru as one of South America's strongest economy

  

  Peru's sustained macroeconomic performance has been recognized through the recently announced upgrade to A3 of its sovereign debt by Moody’s Investors Service. According to the credit rating agency, Peru' government debt was lifted two notches to A3 from Baa2, with a stable outlook for the economy.

• Saturday, July 5th 2014 - 09:13 UTC

  Uruguay's inflation index for June slightly down: 9.08% in twelve months

  

  Uruguay's inflation index experienced a slight deceleration during the twelve months to June, from 9.18% in May to 9.08%, basically because of cheaper fresh food, frozen public utility rates including fuel, while a stabilized exchange rate for the US dollar with a strong Peso, helped with imported goods.

• Friday, July 4th 2014 - 07:47 UTC

  Kicillof confirms meeting of Argentine delegation with mediator Pollack

  

  Economy minister Axel Kicillof has confirmed that Argentina would enter talks with mediator 'Special Master' Daniel Pollack over the legal battle currently raging between the nation and holdout hedge funds as 'vulture funds', while clarifying that those funds would not be present.

• Friday, July 4th 2014 - 07:39 UTC

  Argentine car production and exports fall, impacting on trade with Brazil

  

  Argentina's vehicle production reached 50,904 units in June according to the Automobile Factory Association (ADEFA), 19.8% less than the 63,461 units manufactured in the same month of 2013. Taking into account the first 6 months of 2014, production fell 21.8% compared to the same period of 2013.

• Friday, July 4th 2014 - 06:50 UTC

  Draghi pledges monetary stimuli to revive the economy and avoid deflation

  

  European Central Bank president Mario Draghi reiterated on Thursday that he'll keep interest rates low as officials try to revive the region's economy with a new round of emergency measures.