Economy

• Friday, March 15th 2013 - 06:57 UTC

  Argentina: dollar in black market climbs to milestone 8 Pesos and 57% gap with the official rate

  

  The black market dollar exchange rate in Argentina pierced the milestone 8 Pesos mark while the official rate climbed to 5.09 Pesos with the gap between the two markets reaching 57%. The other ‘cash’ option: buying Argentine shares in Buenos Aires and reselling them in New York climbed 10 cents to 8.46 Pesos.

• Friday, March 15th 2013 - 06:54 UTC

  Argentina February Congressional inflation index more that double the official rate

  

  In contrast with the 0.5% inflation reported by the Argentine government’s controversial stats office, Indec, the index based on private estimates and released by opposition lawmakers climbed to 1.23% with an accumulated 25.27% in the last twelve months.

• Friday, March 15th 2013 - 06:50 UTC

  Iberia back in the air: unions accept sacking of 3.141 staff and salary cuts

  

  Workers of Spanish airline Iberia called off further strikes in a dispute over thousands of job cuts after unions accepted a mediation plan, the company announced in a statement.

• Thursday, March 14th 2013 - 09:07 UTC

  Argentina furious with Brazil over cancelling of 6bn potash development project

  

  The government of President Cristina Fernandez is furious with the Brazil-based Vale mining company for suspending its 6 billion dollars potash development in Mendoza, the largest investment in Argentina in recent years.

• Thursday, March 14th 2013 - 08:50 UTC

  Argentine official inflation in February, 0.5% helped by 60 days price freeze

  

  Argentine consumer prices rose 0.5% in February, the smallest gain since June 2009, after supermarkets and home appliance retailers agreed to freeze prices for sixty days, according to the government’s much questioned stats office, Indec.

• Wednesday, March 13th 2013 - 03:36 UTC

  Europe ready to talk with the US to create the world’s largest free trade agreement

  

  The European Commission agreed Tuesday negotiating guidelines for talks with the United States on the world's biggest Free Trade Agreement, stressing a pragmatic approach to even sensitive subjects.

• Monday, March 11th 2013 - 22:54 UTC

  Argentine macroeconomic context forces huge 6bn potash project suspension

  

  Brazilian mining giant Vale announced on Monday it has suspended the 6 billion dollars Río Colorado potash project in Mendoza province. The mining, main producer of iron had halted the work on the project back in December, awaiting tax breaks for the project to help to compensate for soaring costs related to inflation and exchange rates.

• Monday, March 11th 2013 - 08:15 UTC

  China’s February inflation and exports with positive messages for the economy

  

  China's inflation rate hit a 10-month high in February, as Lunar New Year festivities drove up food prices. Consumer prices rose 3.2% from a year earlier, with food prices up by 6%. Likewise exports rose more than expected in February, probably indicating that the Chinese economy could be in an upturn.

• Monday, March 11th 2013 - 05:32 UTC

  Brazil to scrap federal taxes on food staples to lower inflation

  

  Brazil announced it will scrap federal taxes on certain food staples and toiletries, the latest in a series of measures to curb prices after a surprise jump in inflation in February triggered alarm bells.

• Sunday, March 10th 2013 - 11:38 UTC

  PM Cameron fumble turns austerity and budget cuts policy into a national debate

  

  Prime Minister David Cameron was reprimanded by a budget watchdog for claiming that it did not see his austerity agenda as a drag on Britain's economy. In a speech on Thursday, Cameron said his deficit-cutting agenda was not responsible for the country's depressed growth rate which was instead caused by the financial crisis, the Euro zone's problems and higher oil prices - a view he said was endorsed by the independent watchdog.