Economy

• Tuesday, March 19th 2013 - 06:19 UTC

  HSBC accused by Argentina of tax evasion and money laundering

  

  Argentina’s tax agency formally accused the local unit of British banking giant HSBC Holdings Plc. of conspiracy to hide bank accounts, thereby helping private companies evade tax payments and launder money.

• Monday, March 18th 2013 - 21:37 UTC

  Rough times ahead for Latam warns IDB; limited margin for fiscal and monetary policies

  

  World growth is likely to be suppressed below potential for several years to come, but Latin America and the Caribbean can escape this global outlook and boost growth significantly by adopting appropriate structural reforms, according to the Inter-American Development Bank’s annual macroeconomic report, released at the IDB annual meeting.

• Monday, March 18th 2013 - 21:13 UTC

  Argentina should be self-sufficient in energy in five/six years says YPF

  

  Argentina’s energy self-sufficiency can be expected in five to six years said Miguel Galuccio, CEO of YPF, the oil and gas corporation which was nationalized a year ago when the government of President Cristina Fernandez seized a 51% majority from Spain’s Repsol.

• Monday, March 18th 2013 - 20:36 UTC

  Uruguayan economy expanded between 3% and 3.5% last year says Central bank

  

  The Uruguayan economy expanded between 3% and 3.5% last year which is below the 5.7% of 2011, mostly because of a serious drought and a deteriorating world situation, advanced the country’s Central bank president Mario Bergara.

• Monday, March 18th 2013 - 08:02 UTC

  China will provide 2bn dollars for Latam development projects through IDB

  

  China will provide up top 2 billion dollars for an Inter American Development Bank (IDB) fund, in support of projects for the public and private sector that promoted sustainable growth in the region.

• Monday, March 18th 2013 - 07:44 UTC

  Brazil promises renewed Maracana stadium will be ready for inauguration match with England June 2

  

  Brazil 2014 World Cup organising committee has guaranteed that the historic Maracana Stadium in Rio do Janeiro will be ready in time to host the FIFA Confederations Cup in June.

• Monday, March 18th 2013 - 07:26 UTC

  Cyprus bailout conditions trigger fears of Euro debt crisis escalation and run on banks

  

  Asian markets have dipped after Cyprus bailout plans triggered fears of an escalation of the Euro zone debt crisis. The EU and IMF want all bank customers to pay a levy in return for a bailout worth 10bn Euros and although the plan is yet to be finalised, the news of the deal caused a rush to the cash machines in Cyprus as people tried to withdraw money.

• Saturday, March 16th 2013 - 07:28 UTC

  Mining project suspension in Mendoza leading to major clash between Argentina and Brazil

  

  A major conflict could be brewing between Argentina and Brazil after Rio’s Vale decided to cancel a 6 billion dollars potash development project in Mendoza and the Argentine Labour minister issued a mandatory conciliation which actually impedes implementation of the closing down decision.

• Saturday, March 16th 2013 - 03:31 UTC

  Argentina expanded 1.9% in 2012; saves 4bn dollars on GDP-growth linked bonds

  

  Argentina’s GDP expanded 1.9%, following an increase of 2.1% in the last quarter of 2012, compared to the 8.9% of 2011, according to the official but questioned national stats office Indec release on Friday.

• 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.