Economy

• Wednesday, June 6th 2012 - 06:30 UTC

  Consumer lending bank seized by Brazil’s Central bank for ‘serious financial violations’

  

  Brazil’s easy money policies have squeezed yet another of its banking weaklings. The country’s central bank seized consumer lender Banco Cruzeiro do Sul on Monday for “serious” financial violations. The episode serves as another example of a bank losing its way in Brazil’s lending frenzy

• Wednesday, June 6th 2012 - 06:27 UTC

  Uruguay planning to expand nascent sovereign debt market to improve liquidity

  

  Uruguay wants to expand its nascent local sovereign debt market to improve the liquidity of its securities, said Azucena Arbeleche, the head of the country’s debt management unit at the Ministry of Economy and Finance.

• Tuesday, June 5th 2012 - 23:53 UTC

  Brazil re-assessing its 3bn dollars potash project in Argentina due to ‘political risk’

  

  Brazil’s Vale Doce, the world's second-largest miner, expects to overcome obstacles that prompted management to re-assess a 3 billion dollars potash project in the Argentine province of Mendoza, the company's head of fertilizers, Roger Downey, said.

• Tuesday, June 5th 2012 - 23:47 UTC

  Santander bank chief praised Brazil as “the place to be to make business”

  

  Emilio Botin president of Santander, Spain’s largest bank and one of the leading EU financial institutions said that Brazil is the top priority for the group since it is the source of 30% of its global earnings and anticipated the opening of more branches in merit to the country’s economic stability and social progress.

• Tuesday, June 5th 2012 - 23:34 UTC

  Uruguay lost competitiveness for sixth month running in April with main trade partners

  

  External competitiveness of Uruguayan goods dropped for the sixth month running in April because locally produced goods’ prices in US dollars dropped less than those of its main trade partners according to figures released by the Central bank.

• Tuesday, June 5th 2012 - 23:22 UTC

  G7 members agree to work together to deal with Spain’s financing problems

  

  The Group of Seven finance chiefs agreed in a teleconference call to work together to deal with the problems hitting Spain and Greece, Japanese Finance Minister Jun Azumi said on Tuesday.

• Tuesday, June 5th 2012 - 20:03 UTC

  Uruguay’s inflation kept climbing in May reaching an annualized 8.06%

  

  Uruguay’s inflation climbed in May to an annualized 8.06% the highest so far this year, according to the Statistics Office release on Tuesday. In May consumer prices were up 0.39% over April accumulating 3.82% in the first five months of the year, which makes the annual target of 4% to 6% hard to achieve.

• Tuesday, June 5th 2012 - 07:58 UTC

  New car sales balloon and housing market stalls with Argentina’s “clamped dollar”

  

  Trading in the Argentine money exchange market on Monday was relatively calm with very few operations in the so called ‘blue’ or ‘parallel’ dollar but with none of the expectations announced by members from President Cristina Fernandez administration.

• Tuesday, June 5th 2012 - 07:46 UTC

  Canada and US closely monitoring Uruguay’s flag air carrier in the brink of default

  

  The governments of Canada and the US are “concerned” and “closely following” events in Uruguay’s flag air carrier Pluna since banks and an investment fund from the two countries are heavily involved in the running of the money-loosing company is spite of repeated financial support from the Uruguayan government.

• Tuesday, June 5th 2012 - 03:04 UTC

  Major Canadian uranium mining company leaves Argentina fearful of populist policies

  

  Another Canadian miner has pulled back from investing in Argentina fearful of the latest moves from a growingly populist government and not so clear rules for the mining industry.