Economy

Monday, December 2nd 2013 - 15:26 UTC
Uruguay fishing industry in deep trouble: high costs, poor catches, labor conflicts

High costs, poor catches and labor conflicts are threatening the competitiveness of Uruguay's fishing sector which has seen exports drop considerably plus fears of a possible closure of Nigeria which in the last 18 months has become the main market.
Monday, December 2nd 2013 - 15:22 UTC
Argentine official devaluation of the Peso could reach 50% in the next six months

The Argentine Peso at the official exchange rate could reach a depreciation of almost 50% by the end of the year at the current rate of erosion, which is also expected to have a downward impact on the parallel market or 'blue dollar, according to local experts.
Monday, December 2nd 2013 - 13:32 UTC
Chile among leading exporters of 23 non-copper related products

Chile leads the world in copper production but the country must do more to diversify its export-driven economy, according to experts. Precisely to diversify several government and industry bodies have spent years promoting Chile’s major non-mining related export items, which consist largely of produce, wood products and aquaculture.
Monday, December 2nd 2013 - 13:21 UTC
Uruguay admits regional conditions are influencing the number of arrived tourists

Uruguay estimates that the number of arriving tourists to the country by the end of the year will reach 2.830.000, which is 40.000 less than in 2012, but still encouraging given the regional conditions, according to Tourism minister Liliam Kechichian.
Friday, November 29th 2013 - 23:38 UTC
Mining giant Vale settles tax dispute: agrees to pay Brazil's treasury 9.6bn dollars

Mining giant Vale has agreed to pay the Brazilian treasury 9.6 billion dollars to settle a decade-long dispute over back taxes, after the country’s tax authority offered to reduce the corporation's original 14.1bn debt.
Friday, November 29th 2013 - 22:06 UTC
Falklands involved oil company expects to raise £100 million in bond offer

Premier Oil expects to raise at least £100 million in a bond offer scheduled to close on 6 December. The FTSE 250 oil and gas company, with interests in the Falkland Islands, the North Sea, and South-East Asia, said its 5% sterling bonds auction has already built a book value of at least £100 million.
Friday, November 29th 2013 - 07:23 UTC
Desperately dollar-short Venezuela planning gold reserves swap operation

Venezuela is evaluating a swap agreement involving gold reserves as a way to fortify dollar supplies in a country which suffers chronic product shortages and inflation close to 55%. Opposition leader Henrique Capriles said last week that the government was negotiating a swap operation with Goldman Sachs involving 1.45 million ounces of gold worth around 1.86 billion dollars.
Thursday, November 28th 2013 - 22:51 UTC
Repsol contracts Deutsche Bank as advisor for the YPF compensation deal

Repsol appointed Deutsche Bank AG to advise it on the compensation pre-settlement it reached with Argentina regarding the seizure of 51% of YPF in April 2012. The arrangement was negotiated in Buenos Aires this week by ministers from Argentina and Spain, Repsol executives, and representatives from the Spanish company’s two largest shareholders, Mexico's Petroleos Mexicanos, Pemex and Barcelona-based CaixaBank SA.
Thursday, November 28th 2013 - 20:51 UTC
Poor ratings for Chile in health care and pensions' system, according to OECD

Two biannual reports revealed Chile as one of the countries with the worst pension statistics and the highest citizen out-of-pocket expenditure on health among Organization for Economic Cooperation and Development (OECD) nations.
Thursday, November 28th 2013 - 11:45 UTC
Brazil determined to fight inflation raised its benchmark interest rate to 10%

As was anticipated Brazil raised its benchmark interest rate to 10% from 9.5% on Wednesday lifting borrowing costs back to double-digit territory to battle high inflation in Latin America's largest economy.