Economy

Saturday, March 31st 2012 - 06:17 UTC
Uruguay reveals the existence of an “Argentina 2020: imports substitution” plan

Uruguay’ Foreign Affairs Minister Luis Almagro revealed that the government of President Cristina Fernandez is fully involved in the implementation of a plan called “Argentina 2020: substitution of imports” and therefore bilateral trade negotiations that are difficult, will continue on that same path for several years.
Saturday, March 31st 2012 - 01:08 UTC
US/Uruguay free trade accord, among priorities of new ambassador in Montevideo

The new US ambassador in Uruguay, confirmed this week by the US Senate, expects to hold contacts with Uruguayan authorities to promote and negotiate a free trade agreement.
Friday, March 30th 2012 - 20:18 UTC
Argentina blasted at WTO for its trade-restrictive measures and lack of transparency

Argentina received a barrage of criticism at the World Trade Organization on Friday where the United States, European Union, Japan and 10 other countries accused it of tying imports up in red tape. They also requested Argentina provide a detailed written explanation of why in its view “these measures and practices are consistent with WTO rules”.
Friday, March 30th 2012 - 17:16 UTC
US lottery jackpot stands as a record 640 million dollars; some recommendations

US lottery officials say they are increasing the MegaMillions lottery jackpot to 640 million dollars increasing what was already a world record prize. The previous record jackpot was 390 million dollars in 2007.
Friday, March 30th 2012 - 17:04 UTC
PetroChina replaces Exxon-Mobil as world’s largest publicly traded oil producer

Beijing oil company PetroChina has become the world’s largest publicly-traded oil producer, surpassing Exxon Mobil Corp. in production last year, reported several international news agencies.
Friday, March 30th 2012 - 16:58 UTC
Spain announced toughest austerity budget since the return of democracy

Spain is cutting 27bn Euros from its budget this year as part of one of the toughest austerity drives in its history. Changes will include freezing public sector workers' salaries and reducing departmental budgets by 16.9%.
Friday, March 30th 2012 - 07:47 UTC
US economy expanded 3% in the fourth quarter and incomes even faster

The US economy expanded as expected in the fourth quarter while personal income grew at a much faster pace than previously thought, according to the Commerce Department final estimate released Thursday.
Friday, March 30th 2012 - 07:42 UTC
US Judge criticizes Argentine ‘continued intransigence’ in refusing to honour lawful debts

A US judge threw out claims by bondholders on up to 2.21 billion dollars of Argentine funds held at the Federal Reserve Bank of New York, but criticized the country’s “continued intransigence” in refusing to pay creditors holding defaulted debt.
Friday, March 30th 2012 - 07:39 UTC
Brazil monetary authorities suggest benchmark rate could fall to 9% (from 9.75%)

Brazil's Central Bank Monetary Policy Committee (Copom) reaffirmed the likelihood it will continue to cut rates and at the same time perhaps put into question its commitment to the 4.5% inflation target for 2013, according to the quarterly inflation report released Thursday morning.
Friday, March 30th 2012 - 07:11 UTC
Inflation notoriously above the target range, admits Uruguay’s central bank

The Central Bank of Uruguay left its benchmark interest rate unchanged at 8.75% on Thursday, saying the current level is consistent with a restrictive monetary policy as Uruguayan authorities stubbornly battle high inflation.