Economy

• Monday, November 5th 2012 - 13:02 UTC

  Argentina calls on G20 for global action against ‘predatory’ actions from ‘vulture funds’

  

  Argentine Economy Minister Hernán Lorenzino called for developed countries to set limits to ‘vulture funds’ and credit rating agencies as “promoters of the global crisis,” as he addressed the G20 Finance Ministers meeting in Mexico on Sunday.

• Sunday, November 4th 2012 - 06:40 UTC

  Argentina private sector increasingly isolated from foreign money markets

  

  Earlier in the week Standard & Poor’s ratings services lowered to ‘B-’ from ‘B’ its unsolicited long-term sovereign credit rating on Argentina and on Friday the ratings agency said it is taking a similar rating actions on four Argentine banks and 16 Argentine corporations.

• Sunday, November 4th 2012 - 06:37 UTC

  Argentine farmers claim floods are delaying sowing and threaten expected 2012/13 boom crop

  

  Fourteen million hectares are affected by floods in Argentina’s prime farm land provinces and the presence of water jeopardizes the harvest of grains, according to farming sector leaders.

• Sunday, November 4th 2012 - 06:24 UTC

  Argentina to blast ‘vulture funds’ at the G20 ministerial meeting in Mexico

  

  Argentine Economy Minister Hernán Lorenzino and Central Bank Governor Mercedes Marcó del Pont are leading the country’s delegation in the technical G20 meeting in Mexico, where they are expected to insist on the government’s criticisms against ‘vulture funds’ and credit rating agencies.

• Saturday, November 3rd 2012 - 04:20 UTC

  IMF top marks for Uruguay’s economy but beware of inflation and wage indexation

  

  An International Monetary Fund (IMF) mission headed by Ulric Erickson von Allmen visited Uruguay from October 22 to November 2 to conduct the country’s annual Article IV consultation. At the conclusion of the visit, Mr. Erickson von Allmen division chief in the IMF’s Western Hemisphere Department issued the following statement in Montevideo:

• Saturday, November 3rd 2012 - 04:03 UTC

  Bank of England governance ‘defective’ with ‘centralized and hierarchical’ structure

  

  Governance of the Bank of England is “defective”, according to the chairman of the Treasury Committee following the publication of three independent reviews into the Bank's performance. Andrew Tyrie said the reviews were too little, too late.

• Saturday, November 3rd 2012 - 03:44 UTC

  Peru considers rescuing debt to cool inflow of capital and currency appreciation

  

  Peru is considering the anticipated cancelling of public debt to drain ‘dollars’ from the market and impede the sustained appreciation of the local currency, Sol, said Economy minister Luis Castilla. This would be the first step for a new liabilities management approach to extend in time the maturing of Peruvian bonds and other debt papers.

• Friday, November 2nd 2012 - 23:07 UTC

  Falklands extends Rockhopper licences to evaluate further oil potential

  

  The Falkland Islands government has granted a one year extension for Rockhopper Exploration’s production licences PL023 and PL024. The licences, in which Rockhopper has a 40% interest, have been extended until November 2013, with no requirement for the operator to perform further work on the licences in that time.

• Friday, November 2nd 2012 - 08:28 UTC

  Drought in US farms is helping Brazil’s exports of corn and ethanol

  

  Brazil's trade ministry said the country's exports of corn and ethanol rose in October as foreign buyers turned to Brazil after the worst drought in 50 years ravaged US crops.

• Friday, November 2nd 2012 - 06:42 UTC

  Brazil tax-incentives for foreigners to develop local debt markets and finance ‘investment projects’

  

  Brazil granted a tax exemption to foreigners who buy mortgage-backed securities or invest in funds that purchase them after sales of new debt supported by real estate loans fell almost 50% this year.