Economy

• Saturday, March 29th 2025 - 10:14 UTC

  Slight drop in unemployment in Uruguay and Chile

  

  Uruguay's unemployment rate slightly decreased to 7.9% in February from 8.1% in January, according to a National Statistics Institute (INE) report released Friday. This represents a 0.2% drop month-over-month and a 0.4% decrease compared to February 2024, with approximately 150,900 people unemployed. The employment rate remained stable at 59.4%, while the activity rate saw a minor decline from 64.6% to 64.5%. It was President Luis Lacalle Pou's last month in office. Yamandú Orsi was sworn in on March 1.

• Friday, March 28th 2025 - 10:33 UTC

  Argentina secures $20B IMF deal, aims to boost Central Bank reserves to $50B

  

  Argentina’s Economy Minister Luis Toto Caputo announced Thursday that the loan negotiated with the International Monetary Fund (IMF) amounts to US$ 20 billion disbursement from the IMF, which, in addition to further borrowing from the Interamerican Development Bank (IDB), the World Bank, and the CAF would leave the Central Bank's (BCRA) reserves around US$50 billion.

• Thursday, March 27th 2025 - 16:50 UTC

  India and China no longer buying crude from Venezuela after Trump's threats

  

  The United States imposing a 25% tariff on countries importing oil and gas from Venezuela starting next month has already taken its toll on Caracas' coffers as India and China —accounting for over 50% of its crude exports— have halted purchases. China, which imported 351,000 barrels per day (bpd) last year, and India, with 254,000 bpd in January, are stepping back, with companies like India’s Reliance Industries planning to stop imports.

• Thursday, March 27th 2025 - 10:21 UTC

  Scufffles between retirees and law enforcement officers reported in Buenos Aires

  

  Clashes between law enforcement officers and demonstrators during Wednesday's traditional protest by Argentine retirees in Buenos Aires demanding better wages and medical coverage were recorded once again this week as unions and leftwing organizations tried to block a street, thus triggering Security Minister Patricia Bullrich's anti-picket protocol, which resulted in senior citizens, a girl and a photographer pepper-sprayed as authorities sought to keep traffic flowing.

• Wednesday, March 26th 2025 - 12:16 UTC

  Argentina's case before the IMF advancing rapidly

  

  According to International Monetary Fund (IMF) sources, negotiations with Argentina are in an advanced stage after a meeting between the credit agency's board of directors and technical staff on Tuesday. Further details are expected to be announced at a press conference on Thursday by IMF Spokeswoman Julie Kozack.

• Tuesday, March 25th 2025 - 10:15 UTC

  Lula arrives in Japan to celebrate 130 years of diplomatic ties

  

  Brazilian President Luiz Inácio Lula da Silva and First Lady Janja were welcomed by Japan's Emperor Naruhito and Empress Masako on Tuesday at the Imperial Palace in Tokyo, marking the start of the South American leader's state visit to celebrate 130 years of diplomatic relations between the two countries. Brazil arguably hosts the largest Japanese-descendant population outside Japan with around 2 million people, while Japan is home to the fifth largest Brazilian community abroad, with around 200,000 people.

• Monday, March 24th 2025 - 10:30 UTC

  Rousseff to stay at BRICS Bank helm for 5 more years after Moscow's nod

  

  Former Brazilian President Dilma Rousseff will remain at the helm of the BRICS bloc's Shanghai-based New Development Bank following Vladimir Putin's green light, Agencia Brasil reported citing Brasilia's newly-appointed Secretary for Institutional Relations Gleisi Hoffmann. Rousseff's term was to end in July this year.

• Saturday, March 22nd 2025 - 10:27 UTC

  Chile's Central Bank keeps benchmark interest rate unchanged

  

  Chile's Central Bank unanimously decided Friday to keep the monetary policy interest rate at 5%, thus responding to market expectations. It was the second consecutive month the rate has been held steady, reflecting caution amid heightened global economic uncertainty driven by geopolitical risks and US tariff announcements under President Donald Trump. These factors have impacted US growth prospects and inflation expectations, prompting the Federal Reserve to pause its rate cuts.

• Friday, March 21st 2025 - 19:24 UTC

  Uruguay records increase in foreign visitors who also spent more

  

  Uruguayan summer resorts recorded a 10.45% increase in tourist spending compared to the previous year, with 572,699 visitors entering the country. Popular destinations like Punta del Este, Piriápolis, and Barra del Chuy saw high demand, with accommodation prices soaring. Some apartments in the exclusive Punta del Este fetched up to US$ 20,000 per month. The surge was largely driven by Argentine tourists, compensating for a decline in Brazilian visitors. Montevideo's Carrasco International Airport also hit a record with 206,000 passengers.

• Friday, March 21st 2025 - 10:55 UTC

  Boric signs Chile's pension reform into law

  

  Chilean President Gabriel Boric Font Thursday signed into law the new pensions reform introducing changes to the retirement mechanism in force since Augusto Pinochet Ugarte's military dictatorship (1973-1990). The new law will become effective starting in September 2025 and be fully implemented by 2035. It provides for a mixed system with contributions from workers (10%), employers (8.5%), and a new state-backed social security component, in a move to boost pensions by 14% to 35% for 2.8 million senior citizens, thus addressing the low payouts from privately-managed Pension Fund Administrators (AFPs) currently giving about half the country's retirees about US$ 350 monthly when the minimum wage stands at US$ 500.