Economy

• Saturday, February 4th 2023 - 08:57 UTC

  WB appoints new country director for Argentina, Paraguay, and Uruguay

  

  The World Bank (WB) announced this week the appointment of US-French Economist Marianne Fay as its new Director for Argentina, Uruguay, and Paraguay to replace Jordan Schwartz, who will head the Eastern Europe division.

• Friday, February 3rd 2023 - 10:23 UTC

  Political crises might impact Latin America's economy, IMF team warns

  

  A technical team of the International Monetary Fund (IMF) has warned that political unrest in various regions of Latin America might have consequences for the economy since it would affect how the region is perceived worldwide.

• Friday, February 3rd 2023 - 10:20 UTC

  Aggressive ECB takes basic rate to 2,5%, anticipates another increase in March

  

  The European Central Bank increased its basic interest rate 50 basis point to 2,5% and anticipated it intended to hike by another 50 basis points in March. The move follows four hikes in 2022 which brought euro zone rates out of negative territory for the first time since 2014.

• Friday, February 3rd 2023 - 10:15 UTC

  Bank of England raises main rate to 4%, but anticipates a shallower recession

  

  The Bank of England Monetary Policy Committee on Thursday voted 7-2 in favor of hiking interest rates by 50 basis points with the main rate now at 4%. However the MCP indicated in its statement that smaller hikes and an eventual end to the hiking cycle may be in the cards in coming meetings. The two dissenting members voted to leave rates unchanged at this meeting.

• Thursday, February 2nd 2023 - 10:59 UTC

  Uruguay cattle breeders fear 'monopoly conditions' as Brazilian companies control most of the beef industry

  

  Brazil's protein producer giant Minerva Foods issued a note to the market communicating the purchase of state-of-the-art Breeders and Packers Uruguay (BPU Meat) abattoir and processing plant for USD 40 million. The conclusion of the deal is still pending approval by the Uruguayan authorities.

• Thursday, February 2nd 2023 - 10:28 UTC

  Brazil Central Bank leaves benchmark rate unchanged at 13,75%; warns about fiscal policy

  

  Brazil's Central Bank on Wednesday left the Selic benchmark interest rate at 13,75%, but in the adjoining release, the bank's rate setting committee, Copom said the high interest rate policy is expected to last longer than market expectations because of fiscal risks

• Thursday, February 2nd 2023 - 10:21 UTC

  Fed admits inflation cooling, but more evidence needed that “the disinflationary process has started”

  

  The Federal Reserve following a two day meeting announced it decided on Wednesday to raise its key interest rate a quarter point arguing that although inflation is easing it is still too high, and did not discard further rate hikes could be needed since more evidence is needed to be confident inflation is in a sustained downward path. The increase was the eighth since March.

• Wednesday, February 1st 2023 - 09:42 UTC

  Argentine fisheries exports down 8,4% in 2022; exchange rate policy hindered sales overseas

  

  Argentine fisheries exports dropped 8,4% last year, to US$ 1,804bn because of lower prices and a retraction in demand from the main markets, according to Capeca, the Chamber of fishing vessels' annual report. Not to mention the Argentine monetary policy with the great exchange rate gap between the official US dollar price and the free market.

• Tuesday, January 31st 2023 - 18:41 UTC

  IMF slightly more optimistic about 2023

  

  The International Monetary Fund (IMF) Monday adjusted its projections for 2023 with relatively good news since it upgraded its growth forecast for Latin America by 0.1 percentage points from October's figures. The economy in Latin America and the Caribbean is expected to grow by 1.8% this year amid steady inflation and the worldwide consequences of the armed conflict in Ukraine, the IMF heralded.

• Tuesday, January 31st 2023 - 10:35 UTC

  “Bregret”, the new word to express regret for voting Britain lo leave the EU

  

  Like Brexit a few years ago, popular vocabulary in UK has incorporated “Bregret”, basically meaning “regretting the decision to vote for Britain leaving the European Union”. And one of the latest opinion polls indicates a dramatic shift in the UK as to such a momentous vote. The poll, by Focaldata and taking in 10,000 people across the country, asked respondents whether they agreed or disagreed with the statement, “Britain was wrong to leave the EU”.