Economy

Monday, December 3rd 2012 - 20:49 UTC
Uruguay budget deficit trebles in twelve months and soars to 3% of GDP

Uruguay’s budget deficit soared to 3% of GDP in the twelve months to the end of October, the highest since November 2003, (3.1%) when the country was recovering from the financial crisis which spilt over from Argentina. The deficit also exposes Uruguay’s precarious power generating situation.
Monday, December 3rd 2012 - 06:01 UTC
IMF reminds Argentina it must deliver a report on statistics advances by Dec 17

The IMF ratified last week that by December 17 Argentina must reply to Managing Director Christine Lagarde on the latest advances referred to the country’s statistics both on inflation and GDP growth.
Monday, December 3rd 2012 - 05:57 UTC
Brazil farmland prices quadrupled over the past decade outpacing inflation

Prices for farmland in Brazil surged by an average 14% a year to nearly quadruple over the past decade, well outpacing inflation and nearly matching gains made by São Paulo's blue-chip Ibovespa stock index, a new study shows.
Monday, December 3rd 2012 - 05:11 UTC
Brazil ‘trapped and isolated’ in Mercosur, should try trade agreements with US, says former president

Former Brazilian president Fernando Henrique Cardoso said it was convenient to consider a trade integration with the Unites States given the very modest advances with Mercosur, where open trade has stalled or is far less than was expected when the original idea and is subjected to protectionist lobbies.
Monday, December 3rd 2012 - 04:54 UTC
Holdout funds want Argentina to deposit 250m by December 10

Investment funds suing over Argentina's 2002 debt default have asked a US court to order the country to post a security deposit of at least 250 million dollars by December 10, while an appeal of a lower court's order is pending.
Saturday, December 1st 2012 - 07:25 UTC
Unasur summit rejects Falklands’ referendum and wants to limit ‘vulture funds’

The Union for South American Nations (Unasur) agreed to limit the actions of ‘special situation funds’ (hedge funds or ‘vulture funds’) and categorically rejected a referendum that will take in place in the Falkland Islands in March to decide the political status of the archipelago, during the summit that took place in Lima.
Saturday, December 1st 2012 - 07:00 UTC
Moody’s downgrades EU financial support funds after France loses top grade

Moody's Ratings agency announced it has downgraded the European Stability Mechanism (ESM) and European Financial Stability Facility (EFSF) from “Aaa” to “Aa1,” with negative outlook on each.
Friday, November 30th 2012 - 23:54 UTC
Rousseff vetoes part of oil royalties’ bill: victory for producer states

President Dilma Rousseff vetoed on Friday parts of a controversial oil royalties bill that pit Brazil's oil-producing states against the rest of the country in a battle over future oil wealth.
Friday, November 30th 2012 - 23:51 UTC
Surprisingly disappointing performance of Brazilian economy in third quarter

Brazil on Friday reported slower than expected economic growth in the third quarter putting more pressure on President Dilma Rousseff to make deeper structural reforms and adding to fears that the global slowdown is reaching big emerging markets.
Friday, November 30th 2012 - 08:40 UTC
YPF takes over Argentina’s main gas distribution company belonging to BG

Argentina’s nationalized oil and gas company YPF announced it has taken control of Metrogas, after acquiring 54.67% of the shares of Gas Argentino (GASA) from the company British Gas (BG). The takeover leaves the oil company as the main stockholder and controller of 70% of the largest gas distribution company in Argentina.