Economy

• Tuesday, May 7th 2013 - 09:28 UTC

  IMF again warns Argentina about protectionist and foreign currency exchange policies

  

  The International Monetary Fund Director for the Western Hemisphere, Alejandro Werner, warned on Monday about the “negative effect” that the existence of two foreign currency exchange markets and protectionist policies bring to Argentina.

• Tuesday, May 7th 2013 - 09:04 UTC

  Brazil expects a boom in sales of its unique sugar cane liquor ‘cachaca’

  

  Brazil’s ‘cachaca’ the world's fourth most-produced distilled spirit, but little known abroad, except as an ingredient in popular cocktails like caipirinhas is about to change when the US recognizes the sugar cane liquor as a distinctive Brazilian product.

• Tuesday, May 7th 2013 - 09:00 UTC

  Rousseff creates ministry for small businesses and announces soft loans

  

  Brazilian President Dilma Rousseff announced on Monday a reduction in the interest rate on public loans for owners of small businesses from 8% to 5% and inaugurated the Secretariat for Micro and Small Businesses which will have the category of a ministry.

• Tuesday, May 7th 2013 - 05:49 UTC

  Cristina Fernandez pledges ‘no Peso devaluation’, but markets are not convinced

  

  In a clear signal to the markets, President Cristina Fernández de Kirchner strongly rejected on Monday a possible devaluation of the Argentine Peso and targeted sectors advocating for such a measure, as she warned that “those hoping to profit from it will have to wait for a different Government.”

• Monday, May 6th 2013 - 07:22 UTC

  Unemployment in the US falls to a four-year low of 7.5%

  

  The US economy showed last month why it remains the envy of industrialized nations: in the face of tax increases and federal spending cuts, employers added a solid 165,000 jobs in April, and the unemployment rate dropped to a four-year low of 7.5%.

• Monday, May 6th 2013 - 05:18 UTC

  Bolivia full incorporation to Mercosur now rests on legislative approval from other members

  

  Bolivia has completed the presentation of its Mercosur incorporation protocol, which opens the way for the parliaments of the different member-countries to begin considering and ratifying her full membership. Once completed Bolivia becomes the sixth full member next to Argentina, Brazil, Paraguay, Uruguay and Venezuela.

• Monday, May 6th 2013 - 01:55 UTC

  Euro-zone admits deeper recession and higher unemployment in 2013

  

  The recession in the Euro-zone will be worse than expected with unemployment remaining at record levels, says the EU in its latest economic forecast. The EU said that GDP in the 17 Euro-zone countries will shrink by 0.4% this year, better than the 0.6% for 2012 but 0.1% points worse than the EU had forecast back in February.

• Monday, May 6th 2013 - 00:48 UTC

  Brazil and Argentina working to find a long-standing agreement on trade, says Marco Aurelio

  

  Brazil and Argentina are trying to address their economic and trade differences so that they can reach a long-standing, long term solution, said Marco Aurelio García, the Brazilian Executive advisor on foreign issues and trouble shooter for this kind of conflicts.

• Monday, May 6th 2013 - 00:34 UTC

  Uruguayans on average have to work 128 days a year to pay their taxes

  

  Uruguayans on average work 128 days, over a third of the year to pay taxes, according to a report from a local lobby group based on the “Tax-free day” which supposedly marks the end of the time dedicated to contribute to the treasury.

• Saturday, May 4th 2013 - 10:03 UTC

  Uruguay admits trade and economic relations with Argentina ‘couldn’t be worse’

  

  Vice-president Danilo Astori admitted on Friday that economic-trade relations with Argentina continue to deteriorate and seriously question Mercosur and Uruguay must therefore speed the search for other alternatives.