Economy

Wednesday, December 4th 2013 - 03:11 UTC
Brazilian economy contracts 0.5% in third quarter, but still 2.2% annually

The Brazilian economy slipped into contraction in the third quarter after recording strong growth in the June quarter. Data released by statistical office IBGE on Tuesday revealed that GDP decreased a seasonally adjusted 0.5% sequentially in the September quarter, more than offsetting the upwardly revised 1.8% growth recorded in the second quarter.
Wednesday, December 4th 2013 - 02:50 UTC
Argentine central bank admits 'serious loss of reserves', which stand at 30bn

The newly appointed head of Argentina's Central bank Juan Carlos Fábrega admitted that in the last few months “loss of international reserves” has been serious, but “we are working to correct the situation”.
Tuesday, December 3rd 2013 - 21:06 UTC
Argentines will have to spend summer holidays at home; tourist dollar up 35%

In an attempt to stop the drain of Argentina Central Bank international reserves, the government of President Cristina Fernandez has decided to take the 20% income tax advance to 35% for all credit and debit card purchases made abroad. The move will also involve the purchase of dollars for Argentines travelling abroad with the US currency climbing now to 8.322 pesos.
Tuesday, December 3rd 2013 - 08:47 UTC
Internet retailers must pay sales tax in the state, rules New York Supreme court

New York state supreme court has rejected an appeal to re-evaluate a state law that requires internet retailers like Amazon and Overstock.com to pay sales tax in the state. The law forces internet retailers to collect taxes on purchases in New York
Monday, December 2nd 2013 - 19:49 UTC
Inflation and competitiveness, Uruguay's main challenges for next year and a slower growing economy

Inflation and competitiveness are the two main macroeconomic challenges faced by Uruguay and does not anticipate an easy 'soft landing', at 3% growth rates in coming years, according to Deloitte during a conference on “Prospects for 2014 and economic challenges for the next government”.
Monday, December 2nd 2013 - 18:38 UTC
Uruguay after another soy-crop record since area planted increased 100.000 hectares

Uruguay's soy beans coming crop will have increased 100.000 hectares, reaching between 1.3 and 1.35 million hectares, a new record according to the latest report from the National Seeds Institute, Inase. This compares with the 1.2 to 1.25 million hectares of the last crop.
Monday, December 2nd 2013 - 16:29 UTC
Argentina concerned with 'US and UK national debt and monetary basis'

Argentina's cabinet chief on Monday hit back at the United States reacting to comments from the White House on the Argentine central bank reserves saying he was worried about the US and UK debt levels, “the US debt reaches over 100% of GDP”.
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.