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MercoPress, en Español

Montevideo, April 3rd 2025 - 02:40 UTC

Economy

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

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

    According to vessel monitoring tracking services, crude loading operations are slowing down in Venezuelan ports

    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.

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

    Scufffles between retirees and law enforcement officers reported in Buenos Aires

    The situation keeps heating up as leftwing organizations and unions seek to capitalize on demonstrations that have been going on for years

    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.

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

    Argentina's case before the IMF advancing rapidly

    The IMF would not be so keen on letting the BCRA step in at will to keep doown the US dollar exchange rate

    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.

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

    Lula arrives in Japan to celebrate 130 years of diplomatic ties

    It is Lula's fifth trip to Japan as President of Brazil, including his two previous terms in office

    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.

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  • Monday, March 24th 2025 - 10:30 UTC

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

    Putin preferred to leave Rousseff rather than appoint a Russian official given his country's restrictions stemming from the war in Ukraine

    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

    “Uncertainty about the outlook for the global economy has increased significantly since the previous meeting,” the Central Bank panel admitted

    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

    Punta del Este recorded an increase in bookings driven by Argentine tourists having a stronger peso against the US dollar

    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

    Approving a reform to the AFP system “cost a lot,” Boric admitted

    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.

  • Friday, March 21st 2025 - 10:17 UTC

    Uruguay’s economy rebounded in 2024, but growth expected to slow in 2025

    The agriculture, energy, and manufacturing sectors saw the strongest performance, with energy growing by 19.6% and agriculture by 11.3%.

    Uruguay’s economy expanded by 3.1% in 2024, recovering from a severe drought the previous year, according to national accounts data released by the Central Bank of Uruguay (BCU). However, economists warn that growth in 2025 is likely to return to the country's historical pace of slower expansion.

  • Friday, March 21st 2025 - 09:32 UTC

    Argentina: Indec finds unemployment on the rise

    The lagging dollar has economic activities stagnating. Milei desperately needs a new loan from the IMF to boost the economy

    Unemployment in Argentina in the last quarter of 2024 rose to 6.4%, up 0.7 points from 5.7% in Q4 2023, but down 0.5 points from Q3 2024 (6.9%), the National Institute of Statistics and Census (Indec) said in a report released Thursday. Joblessness was higher in the Greater Buenos Aires area (7.1%) and lower in Patagonia (4%) while more women (6.9%) than men (6.1%) were going through that plight.