Economy

Wednesday, March 22nd 2023 - 10:35 UTC
Lula insists in criticizing central bank autonomy: current rate of 13,75% is “irresponsible”

Brazilian President Luiz Inacio Lula da Silva criticized on Tuesday the country's central bank, saying that an interest rate of 13.75% - its current level - is “irresponsible,” adding he will continue to fight the current level to stimulate the economy.
Wednesday, March 22nd 2023 - 10:35 UTC
Crucial week for the Fed's Powell and the US banking system

Several banking failures in the US this month have raised fears about the health of the financial system. The collapses follow a sharp rise in global borrowing costs, led by the US, which has shocked the world economy and raised worries about a painful downturn known as a recession.
Wednesday, March 22nd 2023 - 10:24 UTC
Massa to announce new measures as Argentine peso sinks against US dollar

With the informal exchange rate between the Argentine peso and the US dollar known as “blue” going up AR$ 8, and reaching a new record high of AR$ 394, Economy Minister Sergio Massa is planning a set of measures to reverse that trend. The new package is to be conveyed to businessmen and bankers over breakfast Wednesday before being announced.
Wednesday, March 22nd 2023 - 10:11 UTC
IDB loan for Uruguay to strengthen post-pandemic public policy and fiscal management

The Inter American Development Bank, IDB, president Illan Goldfajn and Uruguay's Economy and Finance Minister Azucena Arbeleche signed a US$ 145 million loan agreement for the Program to Strengthen Public Policy and Fiscal Management in Response to the Health and Economic Crisis
Wednesday, March 22nd 2023 - 10:11 UTC
Beijing authorities and financial system confirm Chinese economy rebound; PBC increases liquidity

China's economic rebound has been confirmed by a surge in market demand for short-term funds, with liquidity becoming tighter in the inter-banking system, according to the country's financial market data tracker gelonghui.com.
Wednesday, March 22nd 2023 - 10:05 UTC
UN Economic Commission for Latam and Caribbean celebrating 75th anniversary

The Economic Commission for Latin America and the Caribbean (ECLAC), in Santiago, Chile, is celebrating 75 years since its creation with a commitment to continue working for a more productive, inclusive and sustainable future for the region.
Monday, March 20th 2023 - 16:08 UTC
It’s the Banking Regulations, Stupid

By Antonio Floglia (*), LONDON – Rather than developing a robust understanding of the errors that led to the 2008 global financial crisis, politicians and the public demanded that supervisory authorities simply double down on regulation. So, that is what they did, and we are now seeing the results with the sudden collapse of Silicon Valley Bank.
Monday, March 20th 2023 - 16:05 UTC
Network of leading Western central banks ready to inject the necessary dollars liquidity

Leading central banks of the West announced on Sunday a coordinated action to provide liquidity to the financial system through the US swap liquidity line arrangements. The statement was signed by Secretary of the Treasury Janet L. Yellen and Federal Reserve Board Chair Jerome H. Powell and becomes effective Monday 20 March.
Monday, March 20th 2023 - 16:04 UTC
Extreme surgery: Swiss government and UBS take over Credt Suisse

The Swiss National Bank said at a press conference in Bern on Sunday evening that UBS would be taking over embattled lender Credit Suisse. The deal will see UBS acquire Credit Suisse for 3 billion Swiss francs (US$ 3.23 billion).
Monday, March 20th 2023 - 15:59 UTC
Moscow extends 60 days Black Sea Grains exports; Putin insists West sanctions on Russian exports must also be lifted

The United Nations announced on Saturday that a deal allowing for the safe export of grain from Ukrainian reports had been extended. The UN did not specify the length of the renewal, while Russia and Ukraine issued conflicting statements on the matter.