Economy

Friday, October 11th 2013 - 07:52 UTC
Argentina prepared to comply with World Bank arbitration and pay corporations with bonds

Argentina will offer 500 million dollars in sovereign bonds to resolve disputes with corporations at a World Bank arbitration panel, a financial daily newspaper reported on Thursday.
Friday, October 11th 2013 - 07:49 UTC
Rare praise for Argentina’s economy performance from the World Bank

Argentina will grow at an enviable rate compared to other countries in the region, Chief Economist for the World Bank’s Latin America and Caribbean Office Augusto de la Torre said this week, commenting on the institution’s projections for next year.
Friday, October 11th 2013 - 07:21 UTC
World Bank/Argentina agree on new Strategic partnership: 3bn dollars in loans

The Argentine government and the World Bank agreed on Thursday in Washington on a new Strategic Partnership involving an estimated 3 billion dollars in the next three years which will concentrate on loans for education, health care and rural development.
Thursday, October 10th 2013 - 05:11 UTC
Brazil raises basic interest rate to 9.5% and leaves door open for further increases

Brazil Central bank raised interest rates for the fifth straight time on Wednesday and gave no indication of backing off its battle with high inflation. The benchmark Selic interest rate now stands at 9.5%, up fifty basic points from 9%.
Thursday, October 10th 2013 - 00:57 UTC
Brazilian annual inflation to September the lowest in nine months

Annual inflation in Brazil reached its lowest level in nine months, but the country still shows signs it hasn't yet come to grips with persistently higher prices. Brazil's 12-month inflation reading continued to retreat, falling to 5.86% in September, the Brazilian Institute of Geography and Statistics, or IBGE, said Wednesday.
Thursday, October 10th 2013 - 00:35 UTC
Obama nominates ‘pro-jobs’ Yellen to head the Federal Reserve

President Barack Obama has nominated Federal Reserve Vice-Chair Janet Yellen to run the world's most influential central bank and urged the Senate to confirm her without delay. Yellen, an advocate for aggressive action to stimulate US economic growth through low interest rates and large-scale bond purchases, would replace Fed Chairman Ben Bernanke, whose second term ends on January 31.
Wednesday, October 9th 2013 - 05:49 UTC
Brazil finishes trade liberalization proposal for Mercosur/EU negotiations

The Brazilian government National Trade Council, Camex, approved the contents of a proposed trade liberalization offer to be made by Brazil involving negotiations for a wide ranging cooperation and trade agreement between Mercosur and the European Union.
Wednesday, October 9th 2013 - 05:38 UTC
Brazil expected to announce “the largest oil discovery in the world this year”

Petrobras CEO Maria das Gracas Foster described as ‘simply exceptional’ the latest discovery of hydrocarbons off the coast of the north-eastern state of Sergipe on the Atlantic but declined to give further details of the prospect. Even when the Brazilian administration has abstained from making any announcement the Sergipe government has said “it is the largest oil discovery in the world this year”.
Wednesday, October 9th 2013 - 05:33 UTC
French Total signs to explore for oil to the north of Uruguay

French energy giant Total signed on Tuesday a deal with Uruguay’s oil company Ancap to search for oil in the northern counties of Artigas and Salto in an area of 6.200 square kilometres.
Wednesday, October 9th 2013 - 05:28 UTC
IMF forecasts higher growth for Argentina this year, but reliability of official stats remains controversial

Argentina’s growth has recovered because of an abundant crop but economic activity continues to be contained because of the exchange rate and other administrative controls, according to the IMF latest World Economic Outlook (WHE), Latam and Caribbean chapter released on Tuesday. The IMF statement refers to Argentina’s export duties and the so called ‘dollar clamp’ which bans even saving in US dollars.