Economy

Saturday, December 30th 2006 - 20:00 UTC
Court ruling fairly reasonable, law experts say

While the government praised it as reinstating certainty, some savers saw it as the end of a nightmare and banks continue mum and mulling its possible implications, law experts said that the Supreme Court ruling that ordered banks on Wednesday to reimburse savers in pesos dollar deposits frozen during Argentina's 2001 economic debacle, was fairly reasonable.
Friday, December 29th 2006 - 20:00 UTC
South Africa's Standard Bank Argentine deal an attention call for competitors

The planned purchase by Standard Bank ÃÂ¢€“ South Africa's largest private bank by assets ÃÂ¢€” of most of US' Bank of America Corp.'s BankBoston Argentina assets, marks the first large investment by a foreign player in the sector since Argentina's 2001-2002 economic meltdown, and an attention call for competitors, banking sources told MercoPress.
Thursday, December 28th 2006 - 20:00 UTC
Argentine banks must return 2001/02 frozen deposits

Five years later and in a long-awaited ruling, the Argentine Supreme Court ordered local banks to reimburse in full their customers savings that were frozen during the economic crisis of 2001/02, when Argentina also defaulted on its foreign debt.
Thursday, December 28th 2006 - 20:00 UTC
Euro becomes the world's favourite currency

The US dollar bill's standing as the world's favourite form of cash is being pushed aside by the five-year-old euro with the value of Euro notes in circulation totaling 614 billion compared to the equivalent 588 billion Euros in greenbacks.
Wednesday, December 27th 2006 - 20:00 UTC
New homes sales figures boost Wall Street to record high

Sales of new homes in United States picked up in November following a big drop in October, while the backlog of unsold homes on the market became somewhat smaller, according to the latest report from the Commerce Department released Wednesday.
Tuesday, December 26th 2006 - 20:00 UTC
Argentina's international reserves set to reach 43 billion

Argentina's Central Bank international reserves are set to reach 43 billion US dollars by the end of next year according to estimates from the private BBVA Banco Francés, released Tuesday in Buenos Aires.
Tuesday, December 26th 2006 - 20:00 UTC
Uruguay's recovery “has exceeded all expectations”

The recovery of the Uruguayan economy from the 2002 crisis “has exceeded all expectations” but continued efforts are needed “to entrench macroeconomic stability, deepen structural reforms and reduce vulnerabilities”, reports the IMF in the last reviews of a stand by arrangement with Uruguay.
Monday, December 25th 2006 - 20:00 UTC
Italy's Gruppo Beltrame mulls steel plant in Argentina

BUENOS AIRES ÃÂ¢€” Italy's Gruppo Beltrame, Europe's fifth largest steelmaker, is considering plans to build its first plant outside Europe in Argentina at a cost of about 53 million dollars to manufacture plate for the shipbuilding sector, Río Santiago shipyard (ARS) said in a statement.
Monday, December 25th 2006 - 20:00 UTC
China to pursue “prudent monetary policy” in 2007

China will continue to pursue a prudent monetary policy in the coming months, aiming to keep the Yuan exchange rate stable at a reasonable and balanced level, said Monday China's Central Bank in Beijing.
Monday, December 25th 2006 - 20:00 UTC
US dollar appreciates in Chile and helps exporters

The US dollar closed in Chile at its highest in two months last week, 531 pesos, following the continuous drop in copper prices, the country's leading export.