Economy

Wednesday, October 23rd 2013 - 20:51 UTC
Wheat shortage in Argentina has seen bread prices skyrocket; Buenos Aires ton price is double Chicago's

In the last few days the Argentine news media has been focusing on the fact that there does not seem to be enough wheat or corn to go around, which is driving prices higher and causing concern for the users of these grains. This is particularly true for bakeries which have been forced to charge soaring prices for bread.
Wednesday, October 23rd 2013 - 16:32 UTC
Bank of Spain estimates the country climbed out of recession in third quarter

Spain climbed out of recession in the third quarter, growing 0.1% from the previous three-month period to end a streak of nine consecutive quarters of contraction, the Bank of Spain estimated Wednesday in its latest economic bulletin.
Wednesday, October 23rd 2013 - 16:24 UTC
Argentine consumers expect Inflation in the next twelve months to average 31.3%

Expected inflation in Argentina for the next twelve months is on average 31.3% according to the monthly survey from the Torcuato Di Tella University, UTDT. However the monthly expectation dropped 1.6 percentage points compared to September in all regions of Argentina.
Wednesday, October 23rd 2013 - 01:36 UTC
US dollar in Argentina reached 10 Pesos ahead of Sunday's mid-term election

The US dollar in Buenos Aires reached on Tuesday 10 Argentine Pesos (buying price) and 10.05 pesos (selling price) in the informal market, 15 cents higher compared to its last closing price, pushed by the tourist sector, and as the government crackdown on the so called city “exchange caves” eased up.
Wednesday, October 23rd 2013 - 00:01 UTC
JP Morgan faces record 13 billion dollars fine for mortgage-backed securities

US banking giant JP Morgan is set for a record 13 billion dollars fine to settle investigations into its mortgage-backed securities, US media reports have said. A tentative deal is believed to have been reached in talks with senior US Justice Department officials.
Tuesday, October 22nd 2013 - 23:56 UTC
US jobs figure validate expectations that Fed stimulus will continue until 2014

US stocks climbed on Tuesday pushing the S&P 500 to a new intraday record, after weaker-than-expected job creation last month validated expectations the Federal Reserve will maintain its economic stimulus into next year.
Tuesday, October 22nd 2013 - 22:59 UTC
EU imposes punitive duties on biodiesel from Argentina alleging dumping

European Union member states agreed to impose punitive duties on imports of biodiesel from Argentina and Indonesia, which are accused of selling it into the bloc at unfairly low prices, according to diplomats. Argentina has anticipated it will take the case to the World Trade Organization.
Tuesday, October 22nd 2013 - 22:50 UTC
Cuba to scrap two-currency system which helped creation of a two-tier class system

Cuba is to scrap its two-currency system in the latest financial reform rolled out by President Raul Castro, official media report. Since 1994 Cuba has had two currencies, one pegged to the US dollar and the other worth only a fraction of that. The more valuable convertible peso (CUC) was reserved for use in the tourism sector and foreign trade. Now its value will be gradually unified with the lower-value CUP, ending a system resented by ordinary Cubans.
Monday, October 21st 2013 - 22:14 UTC
Cruise on world tour calls in Uruguay; season opens officially November

Even when Uruguay's official cruise season is scheduled for November this last Sunday Montevideo received “Costa Neo Romantica” a vessel on a world tour. She was expected to call at the Atlantic seaside resort of Punta del Este, but adverse weather conditions cancelled the visit.
Monday, October 21st 2013 - 21:41 UTC
Brazil auctions 35-year production rights to giant offshore Libra oil area

Brazil sold production rights to develop the giant offshore Libra oil area to a consortium led by Brazilian state-run oil company Petroleo Brasileiro SA in an auction with a single bid on Monday. The auction in Rio do Janeiro took place amid strict security measures with hundreds of police forces clashing with protestors.