Economy

• Friday, March 17th 2023 - 07:53 UTC

  “Euro area banking sector is resilient, with strong capital and liquidity positions”, ECB President Lagarde

  

  Anticipating the Euro area banking sector is resilient, with strong capital and liquidity positions, and that inflation is projected to remain too high for too long, the European Central Bank announced on Thursday that the ECB Governing Council decided to increase the three key ECB interest rates by 50 basis points, in line with its determination to ensure the timely return of inflation to the 2% medium-term target.

• Thursday, March 16th 2023 - 07:35 UTC

  Chancellor Hunt, “British ale may be warm, but the duty on a pint is frozen”

  

  The price of a packet of cigarettes rose hours after the UK Budget was delivered in Parliament, while drinkers will see tax on alcohol go up by 10.1% in August, in line with inflation. According to London media, the only alcohol not to see a rise was draught beer where duty will be frozen. Chancellor Jeremy Hunt said this was to help “the great British pub”.

• Thursday, March 16th 2023 - 06:40 UTC

  UK Corporation Tax rate will increase from 19% to 25%; investments deductable

  

  Corporation Tax, paid on UK company profits, will rise next month, chancellor Jeremy Hunt has confirmed to Parliament. It will go up from 19% to 25% for companies with over £250,000 in profits, Mr. Hunt told the Commons.

• Wednesday, March 15th 2023 - 10:50 UTC

  Argentina's interannual inflation reaches three digits

  

  Argentina's Consumer Price Index (CPI) for February of 2023 was reported to stand at 6.6%, according to the National Institute of Statistics and Census (Indec), which resulted in interannual inflation of 102.5%. In this scenario, Economy Ministry sources quoted by Buenos Aires media admitted the possibility of not meeting the 60% annual target outlined in the 2023 Budget.

• Tuesday, March 14th 2023 - 13:51 UTC

  Following the failure of Silicon Valley Bank, the Fed and BoE have issued statements

  

  The Federal Reserve Board on Monday announced that Vice Chair for Supervision Michael S. Barr is leading a review of the supervision and regulation of Silicon Valley Bank, in light of its failure. The review will be publicly released by May 1.

• Tuesday, March 14th 2023 - 09:52 UTC

  Biden says US banking system safe after Silicon Valley Bank collapse

  

  US President Joseph Biden said his country's banking system was “safe” in the aftermath of last week's collapse of Silicon Valley Bank, a California financial giant specialized in the technology sector. Biden insisted Monday that Americans can “trust that the banking system is safe,” and said he would seek to move forward with stronger regulations.

• Monday, March 13th 2023 - 08:48 UTC

  Argentina's industry grows 6.3% YoY in January

  

  Argentina's industrial output recorded a 6.3% interannual growth in January of 2023 and 9.6% against the same month of 2019, the Secretariat of Industry and Productive Development reported. It was the second-highest January, only surpassed by 2018. Against January 2022, the sectors that grew the most were Food and Beverages (+9.1%), Automotive (+24.8%), Metal Industries (+8.9%), and Metal Products (+15.2%).

• Thursday, March 9th 2023 - 10:55 UTC

  Uruguay, Brazil agree on joint infrastructure works

  

  Brazilian and Uruguayan officials have reached an understanding whereby the Rivera airport will become binational, a waterway will be developed, and a new bridge will be built over the Yaguarón river, it was announced after Tuesday's encounter in Brasilia featuring Foreign Ministers Francisco Bustillo and Mauro Viera, among other dignitaries.

• Thursday, March 9th 2023 - 10:20 UTC

  Chile shows negative inflation in February

  

  Chile recorded a 0.1% decrease in its Consumer Price Index (CPI) for the month of February of 2023 for an interannual 11.9% increase, the National Statistics Institute (INE) reported in Santiago Wednesday. It was the first negative monthly variation since November 2020.

• Wednesday, March 8th 2023 - 10:10 UTC

  Uruguay generates certainty for Argentine migrants, Lacalle says

  

  Uruguayan President Luis Lacalle Pou Tuesday explained that many Argentines had decided to migrate and settle “across the pond” because his country was one that “generates certainty.”