Economy

• Saturday, December 29th 2012 - 06:44 UTC

  Venezuela praises Mercosur partners but completely ignores Paraguay

  

  Venezuela gave another step in its integration process as full member of Mercosur underlining recent achievements with its partners Argentina, Brazil and Uruguay but completely ignored Paraguay, the fourth full member currently suspended from the block.

• Saturday, December 29th 2012 - 06:30 UTC

  YPF signs shale gas exploration deals with Pan American Energy and Bridas

  

  Argentina’s nationalized oil and gas company YPF announced on Friday that Pan American Energy, PAE, would be investing 3.4bn dollars in gas production in the next five years while Bridas, belonging to the Bulgheroni brothers said it plans to invest 1.5bn dollars in the development of the non conventional shale deposits in Vaca Muerta.

• Saturday, December 29th 2012 - 06:26 UTC

  Spain lifts ban on Argentine bio-diesel; annual exports total 1.1bn dollars

  

  Spain has taken a step back with import restrictions on Argentina’s bio-diesel applied in a reprisal move after Argentine president Cristina Fernandez decided to seize control of energy company YPF, subsidiary of Spanish Repsol, earlier this year.

• Saturday, December 29th 2012 - 06:21 UTC

  Brazil names a candidate for the WTO Director General post

  

  Brazil on Friday named its World Trade Organization envoy Roberto Azevedo to succeed Pascal Lamy as head of the Geneva-based trade oversight body. Brazil's ambassador to the WTO since 2008, Azevedo has been tackling the country's cotton subsidy dispute with the United States.

• Saturday, December 29th 2012 - 06:19 UTC

  Brazil central bank injects more liquidity by lowering reserve requirements

  

  Brazil's central bank announced it would cut reserve requirements on demand deposits under specific conditions to free up around 15 billion Reais (7.3 billion dollars) for lending in a move aimed at boosting investment in the stagnating economy.

• Saturday, December 29th 2012 - 04:07 UTC

  Uruguay raises basic rate to 9.25%: “inflation the key risk of the economy”

  

  Uruguay’s Central bank raised its benchmark interest rate on Friday for the second time this year as policy makers struggle to bring inflation into the government’s target range. The IMF and local economists have warned about the need to “tackle inflation”, particularly since the budget’s fiscal deficit has soared in just twelve months from 0.4% of GDP to over 3% of GDP.

• Friday, December 28th 2012 - 08:08 UTC

  Defaulted bonds: Argentina makes its case before the New York Appeals court

  

  Argentina will be making a presentation before the US Court of Appeals for the second circuit, in Manhattan on Friday regarding Federal Judge Thomas Griesa recent ruling that Argentine defaulted bondholders must be paid simultaneously with those who accepted the restructured bonds.

• Thursday, December 27th 2012 - 06:01 UTC

  Xmas rainstorms and soggy soil delaying soy and corn planting in Argentina

  

  Christmas rainstorms across Argentina further delayed soy and corn planting, keeping markets guessing about whether the grains powerhouse can produce enough this season to help bring high-flying global food prices down to earth.

• Thursday, December 27th 2012 - 05:49 UTC

  China’s Industrial and Commercial bank, authorized to open a branch in Brazil

  

  The Industrial and Commercial Bank of China Ltd, the world's largest lender by market value, got the green light from Brazilian regulators to operate a subsidiary in the Latin America's largest economy, the lender said on Wednesday. Brazil's central bank approved the license on Dec 19.

• Thursday, December 27th 2012 - 02:52 UTC

  Brazil raises minimum wage and lowers taxes on share earnings

  

  Brazil's government announced on Monday it would raise the statutory monthly minimum wage by an above-inflation 9% to 678 Reais (330 US dollars) a month, a rise that comes at the end of a year of tepid economic growth.