Economy

• Saturday, June 24th 2023 - 10:43 UTC

  Lula insists on addressing inequality

  

  Brazilian President Luiz Inácio Lula da Silva Friday insisted in Paris on the advantages of using a common currency for foreign trade operations and underlined once again that the European Union's demands for the Mercosur agreement were a “threat.”

• Friday, June 23rd 2023 - 10:40 UTC

  Upheaval in UK mortgage market: banks and building societies to meet Chancellor Hunt

  

  Following on Thursday interest rate hike by the Bank of England, BBC is reporting that banks and building societies are to meet Chancellor Jeremy Hunt to discuss the upheaval in the mortgage market.

• Friday, June 23rd 2023 - 07:05 UTC

  Bank of England raises the base rate to 5% given a stubborn inflation of 8,7%

  

  The Bank of England, contrary to market expectations of a 25 basis points hike, on Thursday surprised with a 50 basis point hike to interest rates, its 13th consecutive increase as policymakers grapple with persistently high inflation.

• Friday, June 23rd 2023 - 06:23 UTC

  Falklands cruise season 2022/23, almost 60,000 visitors but still 16% below 2019/20

  

  Figures from the last tourist season were presented to the Falkland Islands Tourist Board committee this week, and in her report, Executive Director Stephanie Middleton supplied statistics for several aspects of tourism in the Islands.

• Thursday, June 22nd 2023 - 15:57 UTC

  Sigh of relief as Brazil leaves bank rate unchanged at 13,75%

  

  Brazil's Central Bank left its benchmark interest rate unchanged but softened its tone regarding further efforts to slow inflation. The bank's monetary policy committee, Copom, left the key Selic rate at 13.75%, where it has stood since August after a series of consistent rate hikes aimed at slowing inflation.

• Thursday, June 22nd 2023 - 15:55 UTC

  Fed's Powell questioned in Congress over inflation and bank regulation

  

  Since inflation in the United States is still excessive, most Federal Reserve officials expect to raise interest rates further this year this year, Chair Jerome Powell told a House committee on Wednesday, who also had to respond about alleged further banking regulations.

• Thursday, June 22nd 2023 - 10:47 UTC

  Argentina did nothing to charge toll, Paraguay's Waterway Commission finds

  

  Paraguay's National Waterway Commission concluded that Argentina's technical explanations for charging tolls to vessels sailing through the Parana River between the Port of Santa Fe and the Confluence with the Paraguay River were inadequate and that there was no justification for such a unilateral measure, it was reported in Asunción.

• Wednesday, June 21st 2023 - 10:59 UTC

  Chile's Central Bank cuts down growth projections

  

  According to the Chilean Central Bank's new projections, the South American country's economy will grow less than expected this year, it was reported Tuesday in Santiago.

• Wednesday, June 21st 2023 - 04:34 UTC

  Short of US dollars, Argentina advances towards trading and hoarding in Yuan

  

  Argentina is increasing its use of Yuan to pay for imports from China, following the renewal and expansion of a currency swap agreement with Beijing. The use of the Chinese currency in bilateral trade amounted to 1.075 billion Yuan (US$ 150.5 million) in May this year. In the first ten business days of June, transactions worth 2.045 billion yuan ($286.3 million) were recorded, according to the Central Bank of Argentina Argentine Central Bank’s report on June 15.

• Tuesday, June 20th 2023 - 10:00 UTC

  Bangladesh files formal request to join BRICS

  

  According to the Dhaka Tribune, the government of Bangladesh last week filed a note applying for membership to the BRICS bloc made up of Brazil, Russia, India, China, and South Africa. The application from Bangladesh, currently recognized as a “Friend of BRICS,” is expected to be discussed at the group's summit in South Africa in August.