Economy

• Wednesday, May 22nd 2013 - 06:00 UTC

  Francis criticizes ‘savage capitalism” and the “logic of profit at any cost”

  

  Pope Francis criticised what he called “savage capitalism” on a visit to a food kitchen on Tuesday, in an address in which he called for the values of generosity and charity to be revived.

• Wednesday, May 22nd 2013 - 05:53 UTC

  Uruguay’s main problem is high inflation but no policy changes planned, says Astori

  

  Uruguay's main economic problem is high inflation, and policymakers will continue to use interest rates and bank reserve requirements to bring it under control, Vice President Danilo Astori said on Tuesday. Consumer prices in Uruguay rose 8.14% in the 12 months through April, far outside the country's official annual target range of 4 to 6%.

• Wednesday, May 22nd 2013 - 00:16 UTC

  PM Cameron warns 10 Overseas Territories on tax issues: ‘get your house in order’

  

  Prime Minister David Cameron has urged British overseas territories to “get their house in order” and sign up to international treaties on tax. He wrote to 10 territories and crown dependencies, including the Cayman Islands and the Isle of Man, which operate low-tax regimes.

• Wednesday, May 22nd 2013 - 00:14 UTC

  Carnival cruises profits suffering from a bad spell of vessels’ incidents

  

  Shares in cruise company Carnival have fallen more than 7% after it issued a profit warning its second in just three months. Carnival, which operates ships under brands such as P&O and Costa Cruises, said full year revenues, which were expected to be flat, would now fall 2-3%.

• Tuesday, May 21st 2013 - 23:48 UTC

  Chile ranked third as most attractive country for copper mining investments

  

  Chile is the third most attractive country for copper mining investments behind Canada and Australia according to a report from the Chilean Copper Committee, Cochilco that includes fifteen leading countries in the industry and was released this week by Mining minister Hernan de Solminihac in Santiago.

• Tuesday, May 21st 2013 - 06:43 UTC

  Argentines expect inflation to average 34.9% in the next twelve months

  

  Argentines expect inflation to average 34.9% in the next twelve months according to a private report released on Monday by the Finance Research Centre, CIF, belonging to the Torcuato Di Tella University.

• Tuesday, May 21st 2013 - 06:27 UTC

  Massive money easing in rich countries making Latam currencies too strong

  

  Currency strength due to stimulus measures in the developed world is currently Latin America's Achilles' heel, though the region's macroeconomic management is a bright spot, the head of the United Nations' body for the region said on Monday.

• Tuesday, May 21st 2013 - 05:01 UTC

  Argentina absorbs 93% of beef production, exports tumble behind Paraguay

  

  Argentine government trade restrictions on overseas sales of beef have turned Paraguay into Mercosur third largest exporter behind Brazil and Uruguay. The first place last year belonged to Brazil with exports of 1.3 million tons; Uruguay, 350.000 tons; Paraguay, 210.00 and finally Argentina.183.000 tons.

• Tuesday, May 21st 2013 - 00:35 UTC

  Falkland Islands’ tourism industry keeps growing despite a drop in cruise visitors

  

  The Falkland Islands International Tourism Statistics Report released to the public this week records that 2012 was the second highest year on record in terms of overnight visitors travelling for leisure. There were 7,791 overnight tourists (as opposed to day trip cruise tourists) arrivals in the Falkland Islands in 2012, of which 1,937 could be classed as leisure visitors. Overall, tourist arrivals have grown at an average annual rate of 7% per annum over the period 2000-2012.

• Monday, May 20th 2013 - 22:22 UTC

  Brazil opens ports to private investment hoping to ease bottlenecks strangling exports growth

  

  Brazil’s Congress approved legislation that opens up state-owned ports to private investment and lifts restrictions on the building of private ports in a bid to eliminate serious bottlenecks strangling the country’s export growth. The Brazilian Association of Infrastructure and Basic Industries praised the approval of the bill and anticipate investment of 25bn dollars.