Economy

Tuesday, August 15th 2023 - 10:20 UTC
Argentine gov't orders 22% devaluation of the peso

The Government of Argentina Monday ordered a 22% devaluation of the national currency which stood at AR$ 365 / US$ 1 on the official market. Financial authorities also raised the interest rate from 97% to 118% annually, it was reported in Buenos Aires. Thus, the monthly rate will be 9.83% and the effective annual rate will be 209%.
Monday, August 14th 2023 - 10:00 UTC
Falklands: Financial Secretary resigns; by election candidates have until 22 August for nomination papers

The Falkland Islands Financial Secretary Tracey Prior has handed in her resignation, reports the Penguin News. Her resignation is due to personal reasons, confirmed FIG to when contacted by the paper on Wednesday. This is to enable her to spend more time with her young family, and recruitment for her role will be underway in due course said FIG Head of Communications Sally Heathman.
Saturday, August 12th 2023 - 10:58 UTC
Argentina: “Blue” dollar still climbing on last working day before PASO elections

The “blue” (a euphemism for “black market”) dollar climbed AR$ 3 and reached AR$ 605 on the last working day before Sunday's Open, Mandatory, and Simultaneous Primary (PASO) elections in Argentina, it was reported Friday in Buenos Aires. Meanwhile, the official exchange rate closed at AR$ 300.
Saturday, August 12th 2023 - 10:27 UTC
Brazilian gov't launches third version of PAC

Brazilian President Luiz Inácio Lula da Silva's government announced federal funds in the amount of R$ 371 billion (US$ 75.62 billion) over four years for the creation of roads, railways, ports, and airports in what is known as the New Growth Acceleration Plan (New PAC), which is a re-edition of an initiative undertaken during his second term in office and in the early stages of the Dilma Rousseff administration.
Friday, August 11th 2023 - 17:39 UTC
China's largest property developers on thin ice: 'Country Garden' admits losses of US$ 7,6bn in six months

One of China's biggest property developers, Country Garden has warned that it could see a loss for the first six months of the year of up to US$7.6bn., the latest sign of the major issues faced by the world's second-largest economy.
Friday, August 11th 2023 - 17:37 UTC
Inflation in US remains stubborn with 3,2% in twelve months to July

The rate of inflation in the United States was 3.2% over the year to July, driven by higher housing, car insurance and food costs, the Labor Department said. That was up from 3% in June, which was the lowest rate in more than two years.
Friday, August 11th 2023 - 17:30 UTC
Chinese recovery slowing down, with weaker trade and demands for fresh stimulus

China’s economic activity slowed and trade markers fell much faster than expected in July as weaker demand threatens recovery prospects in the world’s second-largest economy, heightening pressure for authorities to release fresh stimulus to steady growth.
Friday, August 11th 2023 - 11:48 UTC
“EU approach on trade accord with Mercosur is simply unacceptable,” Paraguayan President elect Peña

Paraguay President-elect Santiago Peña has said that Mercosur and the European Union should put on hold talks over a free trade agreement since the current environmental demands from the EU are “unacceptable.”
Thursday, August 10th 2023 - 11:45 UTC
Argentina: “Blue” dollar reaches AR$ 600

The “blue” (a euphemism for “black market”) dollar in Argentina Wednesday pierced the AR$ 600 barrier for the first time just days ahead of Sunday's Simultaneous, Open, and Mandatory Primary (PASO) elections while the official quotation neared AR$ 300, it was reported in Buenos Aires.
Thursday, August 10th 2023 - 11:25 UTC
Uruguay Peso, most overvalued currency against US dollar says the Big Mac Index

The Uruguayan Peso is turning out to be one of the most overvalued currencies (out of 52 surveys) against the US dollar. In other words according to the Big Mac Index, the US dollar is cheap in Uruguay and well below what is considered the long term “equilibrium point”.