Economy

• Friday, July 13th 2012 - 06:59 UTC

  Argentine resident can only purchase “tourist dollars” through banks

  

  The dollar clamp continues to advance in Argentina: foreign currency for overseas travel will only be available in the official market with a bank check or debit from the buyer’s current account. This is considered the latest interpretation from last week’s resolution banning savings in the US currency.

• Friday, July 13th 2012 - 06:52 UTC

  The Argentine government moves into the power distribution sector

  

  Argentina's government appointed an “observer” Thursday to oversee business operations at the power distributor Edesur SA, after the company reportedly failed to make a payment to a regulatory company.

• Friday, July 13th 2012 - 06:44 UTC

  Argentine 2011/12 soy harvest 20% lower than previous year because of dry-spell

  

  Argentina's 2011/12 soy harvest has come at an expected 39.9 million tons, but 20% lower than the previous year's crop after a Pampas dry spell dashed early-season hopes of bumper crop, the Buenos Aires Grains Exchange said on Thursday.

• Thursday, July 12th 2012 - 22:35 UTC

  ECB zero deposit-rate shakes EU banking system and forces to look for alternatives

  

  European Central Bank's new zero deposit rate had an instant impact as it came into force, with banks more than halving the amount of cash parked there overnight and one ECB policymaker saying he expected the move to increase banks' lending.

• Thursday, July 12th 2012 - 19:36 UTC

  Rockhopper signs a billion dollars deal to develop Falklands’ oil discovery

  

  Britain's Premier Oil announced on Thursday a 1 billion dollars deal to farm in and develop Rockhopper Exploration oil and gas discoveries in the Falkland Islands.

• Thursday, July 12th 2012 - 07:27 UTC

  Brazil lowers benchmark rate for eighth straight time to 8%

  

  Brazil’s central bank cut its benchmark interest rate for the eighth straight time and signaled it will continue to lower borrowing costs, as spillover from a global economic slowdown limits inflation risks.

• Thursday, July 12th 2012 - 07:23 UTC

  Boom year for the Falklands’ tourism industry propped by the war’s anniversary

  

  Tourist arrivals to the Falkland Islands are expected to increase by 14.9% in 2012, with a significant 28.8% jump in the number of leisure visitors, mainly driven by the 30th anniversary of the Falklands War.

• Thursday, July 12th 2012 - 07:11 UTC

  Argentina displaces Venezuela as holder of the region’s highest inflation title

  

  Venezuela’s president Hugo Chavez running for re-election received a considerable boost for his campaign from his peer and political associate President Cristina Fernandez when it was revealed that Argentine inflation in the first half was over two digits.

• Thursday, July 12th 2012 - 07:09 UTC

  Argentine economy suffering from a mix of stagnation and strong inflation

  

  The stagnation of the Argentine economy at the end of the first half of the year is “palpable” and so is tension in the money exchange market because of the restrictions on the purchase of US dollars imposed by the government of President Cristina Fernandez, according to a report from economic advisors Ecolatina from Buenos Aires.

• Thursday, July 12th 2012 - 06:57 UTC

  China cuts retail fuel prices 5%, the third cut in two months

  

  China, the world's second biggest consumer of fuel, has cut retail oil prices by about 5% with immediate effect. This is the third cut in two months, and some analysts say could be an attempt to increase fuel consumption. Demand for oil fell for the first time in three years in April.