Economy

Thursday, February 7th 2013 - 19:22 UTC
ECB leaves rates unchanged, but appreciation of the Euro turns into controversy

European Central Bank President Mario Draghi admitted on Thursday policy makers are concerned that the Euro strength will hamper their efforts to pull the economy out of recession and although the exchange rate is not a policy target, he confirmed “it is important for growth and price stability”.
Wednesday, February 6th 2013 - 21:53 UTC
Uruguay promotes a free trade agreement of Mercosur with Canada

Foreign minister Luis Almagro announced that Uruguay will work for a free trade agreement between Mercosur and Canada during the first half of the year when Uruguay holds the chair of the South American group that also includes Argentina, Brazil, Paraguay and Venezuela.
Wednesday, February 6th 2013 - 05:54 UTC
Argentina eases pressure on potash project timetable but denies fiscal incentive

Argentine authorities backed away from a recent ultimatum for Brazilian mining giant Vale to submit a new timeline for its 6 billion dollars Rio Colorado potash mine, giving the company more time to find a solution for the imperiled project.
Wednesday, February 6th 2013 - 05:38 UTC
Very poor year for Argentine pears and apples exports last year; 2013 prospects improving

Brazil's high fruit demand didn't prevent the general collapse of Argentine export of pears and apples. The exchange rate lag was a determining factor in this trading debacle, but better prospects are expected for 2013.
Wednesday, February 6th 2013 - 05:33 UTC
US fund sues YPF and underwriters for a misleading and untrue 2011 prospect

Argentina’s oil and gas corporation YPF, seized by the government last year, was sued by an investor who accused the company of making false statements prior to its March 2011 public offering.
Tuesday, February 5th 2013 - 20:51 UTC
Colombia reaches sustained production of over a million barrels of oil per day

Colombia announced that it produced an average of 1.01 million barrels of oil per day in January, marking the first time that average crude output for a month surpassed the one million-barrel mark that the government had set as a target for the country's oil industry.
Tuesday, February 5th 2013 - 19:17 UTC
Osborne says with reform bill “no UK government would ever again bail-out an entire bank”

British Chancellor George Osborne has announced the Banking Reform Bill that will not only see savers’ deposits safeguarded but also enforce rules to make it easier for consumers to switch bank accounts.
Tuesday, February 5th 2013 - 17:13 UTC
Petrobras still going strong but 2012 low profits and high debt pound on prospects

Brazil’s government managed oil and gas corporation Petrobras posted a net benefit of 21.182 billion Reais (approx 10.6bn dollars) in 2012, which is 36% below 2011, reported the company in a filing, but in the fourth quarter profits totalled 7.747bn Reais (approx 3.9bn dollars) 53% higher than in the same period in 2011.
Tuesday, February 5th 2013 - 17:03 UTC
France insists Euro is too strong; fears it could undermine exports

French President François Hollande called on the Euro zone on Tuesday to develop an exchange rate policy to help protect the common currency from “irrational movements”. His comments came amid growing concern that the Euro, now trading around 1.35 to the US dollar, is too strong and could undermine the country’s exporters and hence wider economic growth.
Tuesday, February 5th 2013 - 06:25 UTC
January inflation in Uruguay confirms strong hike tendency

Inflation in Uruguay climbed 1.9% in January totalling 8.72% in the last twelve months, according to the latest release from the government’s stats office, INE. Last year twelve month inflation reached 7.48% and for this year the government established a target of 4% to 6%.