Economy

• Sunday, March 24th 2013 - 03:11 UTC

  Uruguay leaves benchmark rate unchanged; fears of slower economy and too strong Peso

  

  Uruguay’s central bank surprised the market by keeping on hold the benchmark interest rate at 9.25% after increases at the two previous monetary policy meetings failed to slow inflation, one of the country’s main concerns.

• Saturday, March 23rd 2013 - 10:17 UTC

  As Cyprus collapses, it's a race to the Mediterranean gas finish line

  

  By Jen Alic of Oilprice.com - Cyprus is preparing for total financial collapse as the European Central Bank turns its back on the island after its parliament rejected a scheme to make Cypriot citizens pay a levy on savings deposits in return for a share in potential gas futures to fund a bailout.

• Friday, March 22nd 2013 - 21:23 UTC

  Uruguay’s economic-trade relations with Argentina at ‘their worst moment in a long time’

  

  The economic-trade relations with Argentina are going through ‘their worst moment in a long time’, and the latest measures announced by the government of President Cristina Fernandez have a ‘very harmful effect’ on Uruguay, said Vice-president Danilo Astori on Friday.

• Friday, March 22nd 2013 - 21:16 UTC

  World Bank outstands Uruguay as a success story in economic and social recovery

  

  Under the heading of: “From crisis to opportunity: supporting an effective economic and social recovery with innovation and flexibility”, the World Bank outstands Uruguay as a success story, from the downfall of 2001/02, mainly consequence of the Argentine melting to the sustained recovery since 2004/05.

• Friday, March 22nd 2013 - 07:19 UTC

  Argentina threatens with ‘flexible imports’ to ensure supply of consumer goods

  

  Argentine president Cristina Fernandez announced the government is prepared to make imports more flexible in those areas where a few companies have a quasi-monopoly control, but also warned about windfall profiteering.

• Friday, March 22nd 2013 - 07:09 UTC

  Moody’s marks eroding capital position of two of Brazil’s main state-run banks

  

  Moody's Investors Service lowered this week the long-term issuer ratings of Brazilian state banks BNDES and Caixa Econômica Federal, citing their eroding capital position after years of rapid credit expansion, but spared the also government controlled Banco do Brasil.

• Friday, March 22nd 2013 - 07:04 UTC

  Bernanke de-personalizes his job: the Fed a ‘terrific team’ and ‘no single person is essential’

  

  Federal Reserve Chairman Ben Bernanke admitted speaking to President Barack Obama about his future and that he feels no personal responsibility to stay at the helm until the Fed winds down its unprecedented policies to stimulate the US economy.

• Friday, March 22nd 2013 - 06:55 UTC

  Brazil/China closer to promote trade in national currencies; announcement at BRICS summit

  

  Brazil hopes to sign a bilateral accord with China to promote trade in their national currencies at next week's BRICS summit of the world's five emerging powers, Trade and Industry Minister Fernando Pimentel said on Thursday.

• Friday, March 22nd 2013 - 02:28 UTC

  US congress agrees on ‘fiscal warfare’ truth until budget debate next October

  

  Congress has comfortably passed a large spending bill to keep the US government running until the end of September and avert a temporary shutdown. President Barack Obama must now sign the bill, which was passed by a bipartisan vote of 318-109.

• Friday, March 22nd 2013 - 02:18 UTC

  India, seventh market for Brazilian exports; bilateral trade reaches 10.6bn dollars in 2012

  

  By R. Viswanathan - India's trade with Brazil reached 10.6 billion dollars in 2012 (January to December), increasing by 15% from 9.2bn in 2011. Twenty years back, in 1992 bilateral trade was just 177 million dollars. Ten years back, in 2002, it was 1.2 billion dollars.
  India's exports to Brazil declined in 2012 to 5.04bn from 6bn dollars in 2011.