Economy

• 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.

• Friday, March 14th 2014 - 10:12 UTC

  China's first two months industrial output figures feed fears of a slowdown

  

  China's industrial output rose 8.6% in January and February, according to the National Bureau of Statistics. Retail sales - a key measure of consumer spending - also increased 11.8% from the year before, government figures show. The figures were less than analysts had been expecting, adding to fears of a slowdown.

• Friday, March 14th 2014 - 09:00 UTC

  Farm land sales in Uruguay last year totaled a record 1.3bn dollars

  

  Farm land sales in Uruguay totaled a record 1.3bn dollars in 2013, involving 1.868 operations and 370.927 hectares, which is 10% more than in 2012, according to the Ministry of Agriculture, Livestock and Food ministry's Stats Office, DIEA. Uruguay's farmland covers approximately 17 million hectares and the most dynamic buyers are the pensions funds, says the report.

• Thursday, March 13th 2014 - 23:31 UTC

  China ready to set up private banks as it takes steps to open financial sector

  

  Internet firms Alibaba and Tencent have been shortlisted as pioneers of a pilot scheme to set up private banks in China, as the country takes steps to open up its financial sector. A total of ten companies have been selected to set up private banks.