Economy

• Monday, October 21st 2013 - 21:30 UTC

  Argentine Central bank losing reserves at a rate of 47.5 million dollars per day

  

  Argentina's central bank is currently losing international reserves at an average of 47,5 million dollars per day or 8 million per hour, according to the latest figures on the bank's accounts which is increasingly used by the government of President Cristina Fernandez to honor foreign debt and finance the budget.

• Monday, October 21st 2013 - 07:47 UTC

  Barroso optimistic about coming 'events' in EU/Mercosur trade negotiations

  

  The president of the European Commission, Jose Manuel Barroso anticipated that 'soon' there will be 'events' referred to the EU/Mercosur cooperation and trade agreement and underlined that Brazil is most interested in making possible such an accord.

• Monday, October 21st 2013 - 07:39 UTC

  Brazil's development bank to target infrastructure and less on corporations

  

  Brazil will inject less money next year into the country's development bank BNDES, (National economic and social development bank), its leading source of long-term corporate loans, to focus more on infrastructure financing as concerns mount over public debt.

• Monday, October 21st 2013 - 07:13 UTC

  Uruguay among the countries in Latam with the highest power costs

  

  Uruguay is among the Latin-American and Caribbean countries with the highest power costs according to a paper from the Inter-American Development Bank, IDB, Bloomberg and New Energy Finance. This is extensive both for residential consumers and for manufacturing and large consumers.

• Monday, October 21st 2013 - 06:49 UTC

  EU and Canada sign agreement expected to increase bilateral trade by over 20%

  

  A landmark trade deal reached between the European Union (EU) and Canada, that will benefit the UK economy and businesses by over £1.3 billion a year, has been welcomed by Prime Minister David Cameron.

• Monday, October 21st 2013 - 06:21 UTC

  Venezuela clamps down on 'currency tourism' with random checks at airports

  

  The 'dollar-scarce' Venezuelan government is trying to clamp down on what it calls “currency tourism” with random checks of passengers leaving the country. The officials at the country's main airports are not guards or police but bureaucrats at state currency board Cadivi investigating whether travelers' documents match their requests for hard-to-get dollars.

• Monday, October 21st 2013 - 06:16 UTC

  Argentine economy 12 month expansion in August was 4%

  

  Argentine economic activity grew 4% in August from the same month last year, the government said on Friday, growth that far exceeded market expectations.

• Monday, October 21st 2013 - 05:43 UTC

  Lazard renegotiates Pescanova’s 2bn Euro debt: pretends 75% relief

  

  The new chairperson of the Galician multinational firm Pescanova, Juan Manuel Urgoiti, authorized the investment bank Lazard to implement an urgent debt refinancing process with the creditor entities.

• Saturday, October 19th 2013 - 15:58 UTC

  Argentine bio-diesel exports to EU threatened by new duties: EC votes on Tuesday

  

  Argentina's bio-diesel industry warned it faces collapse if Europe makes good on a threat to impose stiff duties on their product next month. The European Commission earlier this month moved to raise duties on Argentine and Indonesian bio-fuels in response to alleged dumping.

• Saturday, October 19th 2013 - 15:40 UTC

  Fire ravages Brazil’s main sugar terminal paralyzing operations and boosting prices to a year high

  

  A fire in Santos ravaged Copersucar's sugar terminal in Brazil, paralyzing operations of the world's biggest sugar trader and putting 10 million tons of export capacity offline for six months or more.