Economy

• Tuesday, December 17th 2013 - 02:28 UTC

  Uruguayan economy on track to 4.1% growth this year and in 2014

  

  The Uruguayan economy contracted 0.7% in the third quarter compared to the previous quarter, although it jumped 3.3% over the same period a year ago, according to the latest release from the Central bank in Montevideo. During the second quarter, the expansion had reached 2.4%, and 1.5% previous to that.

• Monday, December 16th 2013 - 09:30 UTC

  Brazilian economy walking on “two crippled legs” argues Minister Mantega

  

  The Brazilian economy is walking with “two crippled legs” according to Finance Minister Guido Mantega who put the blame on the effects of the international slowdown with different rates of recovery, and the lack of credit to prop consumer spending.

• Saturday, December 14th 2013 - 07:03 UTC

  Falkland Islands progress in renewable energy surprises Chilean experts.

  

  Three experts in the use of renewable energy who were visiting the Falkland Islands this week as the guests of the Falkland Islands Government declared themselves surprised by extent of the efforts made in the Islands to reduce dependence on fossil fuels.

• Saturday, December 14th 2013 - 06:26 UTC

  Bank of England concerned about potential for a UK housing market bubble

  

  Bank of England governor Mark Carney has said he is concerned about the “potential” for a UK housing market bubble, but will tighten lending requirements if necessary. Meanwhile, a survey suggested house prices will continue “surging ahead”.

• Saturday, December 14th 2013 - 06:11 UTC

  Argentine central bank issues hard currency bonds hoping to lure cereal exporters

  

  The Argentine Central Bank, starved of dollars and declining international reserves started to trade new short-term dollar-denominate bonds in order to encourage the farm sector to sell the crops they are still holding on to. It is estimated that over 3bn dollars in mainly soybeans remain in the hands of farmers and cereal exporters.

• Friday, December 13th 2013 - 13:04 UTC

  Brazil to lower economy stimulus beginning with subsidized credit lines

  

  Brazil will raise interest rates on some state-subsidized credit lines in 2014 withdrawing part of the stimulus that helped boost investments but also hurt public finances this year. Interest rates on loans for the purchase of capital goods and trucks will climb to 6% per year, from 4%, while a special credit line for exports will climb to 8% from 5.5%.

• Friday, December 13th 2013 - 12:57 UTC

  Argentina surprised by EU request to delay another month trade negotiations with Mercosur

  

  The European Union has asked for a one-month delay in the exchange of proposals to kick off free-trade negotiations with Mercosur, Argentine Cabinet Chief Jorge Capitanich confirmed on Thursday. The news was first reported by Sao Paulo newspapers on statements from Brazilian Foreign minister Luiz Fernando Figuereido.

• Friday, December 13th 2013 - 09:01 UTC

  Congress and White House agree on budget bill which should end clashes

  

  The US House of Representatives has approved a two-year federal budget bill in a strong showing of cross-party support, further avoiding the specter of another government shutdown. The measure, written by the Republican and Democratic heads of the House and Senate budget committees respectively, was approved by a 332-94 vote.

• Friday, December 13th 2013 - 08:59 UTC

  Abundance of cereals, 6% ahead of the 2011 record, says FAO latest forecast

  

  FAO’s latest forecast for world cereal production in 2013 has been revised upward marginally (2 million tons) since November to a new high of almost 2 500 million tons (including rice in milled terms), 8.4% more than last year and some 6% above the previous record in 2011. The latest revision mostly reflects adjustments to maize output estimates in the United States, the Russian Federation and Ukraine, which had become firmer towards the completion of the harvests.

• Friday, December 13th 2013 - 08:52 UTC

  FAO food price index in November unchanged: dairy up 23% over a year ago

  

  The FAO Food Price Index averaged 206.3 points in November 2013, almost unchanged from the revised value of 206.6 points in October, but 9.5 points (4.4%) below its November 2012 value. A sharp decline in sugar prices last month nearly offset the rise in oils. Cereals averaged slightly lower but meat and dairy values were stable.