Economy

• Friday, February 1st 2013 - 23:02 UTC

  IMF censures Argentina; ‘remedial measures’ expected by September

  

  Argentina became the first country censured by the International Monetary Fund for not sharing accurate data on inflation and economic growth under a procedure that can end in expulsion. The declaration of censure was adopted Friday by the IMF 24-member board of directors and even if it doesn’t have immediate effects, the decision takes the country a step closer to sanctions that include barred access to IMF loans.

• Friday, February 1st 2013 - 07:51 UTC

  Argentine unions anticipate marches and protests for next March

  

  Argentina’s powerful organized labour even divided have agreed that the recent rise in the income tax floor announced by the government of President Cristina Fernandez is ‘not enough’ and industrial action is anticipated as soon as next March, when full activity resumes in Argentina following summer holidays.

• Friday, February 1st 2013 - 07:45 UTC

  IMF: Peru, Chile, Paraguay and Bolivia, best prepared in the event of another global crisis

  

  Peru, Chile, Paraguay and Bolivia area among the South American countries best prepared in the event of another global crisis while Venezuela stands at the opposite end with ‘weakened’ defences, according to the latest report released by the IMF.

• Friday, February 1st 2013 - 07:38 UTC

  Chile and Uruguay banks outlook for 2013 stable and negative for Argentina, says Fitch ratings

  

  The outlook for Southern Cone Banks is mixed in 2013, with a stable outlook for Chile and Uruguay, while Argentina faces a negative outlook and the potential for downgrades, according to a new Fitch Ratings report.

• Friday, February 1st 2013 - 07:32 UTC

  Cost of crimes against property and people in Uruguay estimated at 3.1% of GDP

  

  The cost of crimes against property and people in Uruguay in 2010 totaled at least 1.2 billion dollars, which was equivalent to 3.1% of the country’s GDP. This was the conclusion of a new study carried out at the country’s Economic Research Center by researchers Aboal Diego, Jorge Campanella, and Bibiana Lanzilotta, with the collaboration of Magdalena Dominguez and Maren Vairo.

• Friday, February 1st 2013 - 07:09 UTC

  Big boost for foreigners who invest in Brazilian real estate

  

  Brazil on Thursday exempted foreign investors from paying a financial transaction tax on purchases of real estate investment trusts traded on the country's stock exchange. Since early last year the government of President Dilma Rousseff has aimed to develop funding alternatives for local builders, many of which are overly dependent on loans from state development bank BNDES, the main source of long-term corporate financing in Brazil.

• Friday, February 1st 2013 - 07:05 UTC

  Brazil’ overall budget deficit: 2.47% of GDP and primary surplus of 2.38% GDP

  

  Brazil failed to reach its primary budget surplus goal last year posting a primary surplus of 104.951 billion Reais (53 billion dollars), the equivalent of 2.38% of GDP, according to central bank data released this week, which was below the annual target of 139.8 billion Reais, approx 3.1% of GDP.

• Thursday, January 31st 2013 - 07:55 UTC

  Argentines love for US dollar remains unbeatable, even as it approaches 8 Pesos

  

  Argentines wishing to spend vacations overseas, edgy farmers, strong demand from business and the government’s hoarding of hard currency are pushing the US dollar to new highs in Argentina, just a few cents away from the threshold 8 Pesos to the greenback, while in the official market trading is climbing closer to 5 Pesos.

• Thursday, January 31st 2013 - 07:52 UTC

  Petrobras raises gasoline and diesel prices, but markets say it’s insufficient

  

  Brazil's state-run oil company Petrobras said in a market filing that it would increase refinery prices for gasoline and diesel by 6.6% and 5.4%, respectively, starting on January 31. However the market’s reaction was negative with the Bovespa stock exchange falling to a seven-week low.

• Thursday, January 31st 2013 - 07:20 UTC

  Argentina in the process of quitting from World Bank investment disputes centre

  

  Argentina says it plans to withdraw from the International Centre for Settlement of Investment Disputes, ICSID, a World Bank body designed to arbitrate between states and foreign investors.