Economy

Wednesday, August 21st 2013 - 18:39 UTC
Sharp decline of oil and gas from off-shore UK is ‘worrying’ says annual report

The sharp decline in production of oil and gas from under British waters is “worrying” industry leaders. Trade body Oil and Gas UK says there is record investment this year of £13.5bn, but its annual report on the industry's economic impact highlights the sharp fall in output of 19% during 2011 and 14% in 2012.
Wednesday, August 21st 2013 - 18:36 UTC
Controversy with FIFA over hotel prices for the 2014 World Cup

The Brazilian government has expressed concern that some hotels listed on FIFA website for the 2014 World Cup plan significant price increases during the tournament. Brazil’s tourism board, Embratur, is said to have notified the justice ministry after its research showed that rates will be up to 500% more expensive during the World Cup in some hotels offered by the MATCH Services agency on FIFA website.
Wednesday, August 21st 2013 - 01:35 UTC
Uruguay Vice-president concerned Royal Bank of Canada is leaving the country

Vice-president Danilo Astori said he was surprised at the way events unfolded ending with the decision from the Royal Bank of Canada of leaving Uruguay, but also concerned about the international impact of such a move, triggered by a ‘disorderly’ raid in its offices.
Wednesday, August 21st 2013 - 00:23 UTC
“Devaluation of the Argentine Peso is a fact of the market”, says Lavagna

Former minister and ex-presidential hopeful Roberto Lavagna warned that the Argentine economy is going through “the worst scenario possible” since the market has already adapted to the devaluation of the Peso, but the government of President Cristina Fernandez in its fantasy refuses to acknowledge it.
Wednesday, August 21st 2013 - 00:15 UTC
Slow Chinese demand hits mining giants’ profits; not much change expected in short term

Newly-formed mining giant Glencore Xstrata has written down the value of Xstrata's assets by 7.7bn dollars and reported a drop in revenues. The firm, which was created in May, said the write-down reflected tougher conditions in the mining sector.
Tuesday, August 20th 2013 - 23:35 UTC
The sliding Brazilian currency has depreciated 18% in the last twelve months

The Brazilian currency Real, which is the region’s reference, is undergoing one of its major depreciations against the US dollar in the last four years because of the poor performance of its economy and the tendency is to continue, at least in the short term, given the uncertainty about US monetary policy.
Tuesday, August 20th 2013 - 01:47 UTC
Uruguay has become one of the most expensive countries in the region

Uruguay has become one of the dearest countries in the region taking into account prices of goods and services according to a survey in eleven cities done by the Group of Newspapers from the Americas, (GDA) a network of the main dailies in the continent.
Friday, August 16th 2013 - 18:00 UTC
Canadian bank abandons Uruguay following raid on its office on request from Argentine judge

The Royal Bank of Canada, RBC, is abandoning Uruguay following a raid in its offices at Zonamerica ordered by a Uruguayan magistrate on request from Argentina during which computers, documents on clients and even cell phones from staff were seized by the intervening party which included on-watching Argentine treasury police.
Friday, August 16th 2013 - 03:37 UTC
Argentina will pay bonds maturing in September with Central bank reserves

Argentina's central bank approved on Thursday the use of 2.5 billion dollars to pay public debt through the rest of 2013, a move that will further diminish reserves already stretched by heavy state spending ahead of the October midterm election.
Friday, August 16th 2013 - 03:18 UTC
Argentina’s official July inflation 0.9%, less than half private estimates

Argentina's Consumer Price Index (IPC) was up 0.9% in July, 5.7% in the first seven months of the year and 10.6% in the last twelve months, the official statistics bureau Indec reported on Thursday.