Economy

• Tuesday, March 18th 2014 - 22:15 UTC

  Carney begins implementation of 'root-and-branch' review in Bank of England

  

  Two new deputy governors have been named at the Bank of England, as part of a radical shake-up by governor Mark Carney. Ben Broadbent will become deputy governor responsible for monetary policy, and Nemat Shafik will take charge of markets and banking.

• Tuesday, March 18th 2014 - 22:00 UTC

  Chile suggests the Pacific Alliance and Mercosur should consider integration

  

  Chile's new foreign minister Heraldo Muñoz ratified his country's membership of the Pacific Alliance, a much questioned group by other regional organizations such as the Venezuelan inspired ALBA and even Mercosur led by Brazil, and suggested that Mercosur and the Pacific Alliance could consider integration. Chile is currently an associate member of Mercosur.

• Tuesday, March 18th 2014 - 06:56 UTC

  Moody's downgrades Argentina's because of inconsistent economic policy

  

  International credit rating agency Moody's has reduced the rating of Argentina's sovereign debt, moving the grade down one step from B3 to Caa1 due to the fall in the nation's international reserves and its “inconsistent” economic policy.

• Tuesday, March 18th 2014 - 06:52 UTC

  China's Yuan trading band doubled to 2%; a step closer so full convertibility

  

  China's Yuan weakened against the dollar on Monday after the central bank doubled the trading band for the currency, which the United States has long insisted is undervalued. The People's Bank of China (PBoC) said Saturday it would allow the Yuan to move up or down two percent daily -- double the previous one percent -- on either side of a mid-point set under the guidance of the bank, which says it polls market makers.

• Tuesday, March 18th 2014 - 02:31 UTC

  Official inflation in Argentina during February, 3.4% and 7.1% in two months

  

  Inflation in Argentina during the month of February reached 3.4%, which means that in the first two months of the year the index stands above 7.1%, according to the latest figures released by the country's National Institute of Statistics and Census' (INDEC) Consumer Price Index.

• Saturday, March 15th 2014 - 08:25 UTC

  Despite inflation Astori argues that cutting government spending is not the solution

  

  It is a mistake to blame government expenditure for the increase of prices, as is the concept that inflation can be defeated by cutting government spending, said Uruguayan Vice-president and economist Danilo Astori, who argued that in many cases these funds are essential to finance public investments and social policies.

• Saturday, March 15th 2014 - 08:13 UTC

  Uruguay combats inflation with price agreements and reducing taxes on public utilities rates

  

  The Uruguayan government finalized on Friday a prices agreement with commerce and trade organizations to help bring down the third highest inflation of the region which is advancing at an almost two-digit pace. The package is to be completed with government fiscal 'sacrifice' such as the elimination of taxes on some public utilities rates.

• Saturday, March 15th 2014 - 07:55 UTC

  Argentina will be present with a pavilion at the Boston Seafood Expo

  

  Argentina will be present at the Boston Seafood Expo North America, which is considered the most important of the United States and is scheduled for March 16/18, announced the Argentine Foreign ministry indicating it was part of the government's campaign to increase and diversify foreign trade and exports.

• Saturday, March 15th 2014 - 04:51 UTC

  Creditor nations Paris Club and Argentina will begin debt discussions in May

  

  The Argentine government confirmed on Friday that the Paris Club of creditor nations have invited the country to start formal negotiations towards the end of May, apparently following on the proposal made by the Cristina Fernandez administration last January.

• Saturday, March 15th 2014 - 04:26 UTC

  February annual inflation in Venezuela soars to 57.3%; Maduro blames the 'economic war'

  

  Venezuela's annual inflation rate rose to 57.3% in February, the central bank said as violent opposition demonstrations during the month disrupted the economy. However the bank also pointed out that despite the protests inflation slowed on a month-on-month basis to 2.4% from 3.3% in January.