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MercoPress, en Español

Montevideo, November 21st 2024 - 09:07 UTC

Economy

  • Friday, November 8th 2024 - 19:17 UTC

    Bank of England cut the key interest rate to 4.75%, but anticipates a more cautious approach to further trims

    BOE Governor Andrew Bailey said the bank sees inflation rising by 0.5 percentage points, to hit a high of around 2.75% in 2025 before falling back to its 2% target.

    The Bank of England in an almost unanimous decision cut interest rates by 25 basis points on Thursday, a boost relief for mortgage holders, but also raised its inflation forecast following on Labor’s government budget and global uncertainty, which most probably conditions future policy easing.

  • Thursday, November 7th 2024 - 10:25 UTC

    Brazil's Copom raises Selic rate to 11.25%

    The measure was expected after the US dollar began to rise against the local real

    The Monetary Policy Committee (Copom) of Brazil's Central Bank (BCB) Wednesday agreed unanimously to increase the economy's basic interest rate known as Selic by 0.5%age points to 11.25% per year, Agencia Brasil reported. The move was expected within financial circles given the recent rise in the exchange rate between the local real and the US dollar which provided for an inflationary context.

  • Thursday, November 7th 2024 - 10:13 UTC

    Argentina's beef exports hit new records

    Only 30% of Argentina's production was for domestic consumption

    Beef exports from Argentina between January and September 2024 totaled US$ 2.122 billion, thus reaching its highest performance in the last 57 years, according to a report from the Economy Ministry's Agriculture, Livestock, and Fisheries Secretariat released Wednesday in Buenos Aires. Sales abroad amounted to 699,987 tons, it was also explained.

  • Wednesday, November 6th 2024 - 19:37 UTC

    Slight increase in Uruguay wool exports, with a timid comeback of China, but overall outlook remains depressive

    SUL indicates that with three months left, in 2024, there seems to be a modest, very modest advancement of the market, which anyhow remains quite depressing.

    In the first ten months of this year, Uruguayan exports of ovine goods reached US$ 158.2 million which is 7% below the same period last year, according to the latest figures from the Uruguayan Wool Secretariat, SUL. This is a slight improvement from the two previous months when exports were 10% and 13%, less than the same period a year ago.

  • Friday, November 1st 2024 - 21:14 UTC

    Argentina's Central Bank lowers basic interest rate

    The benchmark interest rate was standing at 133% when Milei took office

    Given the significant fall in Argentina's inflation rate, the Central Bank (BCRA) announced Friday that it was lowering the basic interest rate from 40% to 35% in a move to “boost private credit.”

  • Friday, November 1st 2024 - 10:55 UTC

    Wages in Uruguay grow 6.95% year-on-year, although real wages fall in September

    Inflation deducted, salaries posted a 0.31% setback

    According to a report from Uruguay National Statistics Institute (INE) released Thursday in Montevideo, wages grew 6.95% in the last twelve months. The Average Wage Index (AWI) had a monthly variation of 0.07% in September for a 6.13% accumulated so far in 2024. In terms of categories, the private sector grew the most, with 7.20%, while the public sector showed an increase of 6.50%.

  • Friday, November 1st 2024 - 10:23 UTC

    Brazil: Unemployment down in 3Q

    Only in December 2013 was unemployment lower since these measurements started in 2012

    According to a report from Brazil’s Institute of Geography and Statistics (IBGE) released Thursday, unemployment in South America's largest country fell to 6.4 % in the third quarter of 2024 (from July to September), Agencia Brasil reported. These figures are 0.5 percentage points lower than between April and June, when it stood at 6.9%. Compared to July–September 2023, the drop is 1.3 percentage points. In that quarter, the rate was 7.7%.

  • Thursday, October 31st 2024 - 19:21 UTC

    UK Office for Budget Responsibility, new government increases spending by £70bn annually for the next five years

    Chair from the Office for Budget Responsibility, Richard Hughes

    A quick analysis by the Chair from the UK Office for Budget Responsibility, Richard Hughes, on the Budget announced to Parliament on Wednesday by Chancellor of the Exchequer, Rachel Reeves MP.

  • Thursday, October 31st 2024 - 10:19 UTC

    BCP intervention keeps guaraní afloat against US dollar

    But Paraguay's economy faces other challenges such as the neverending downspout pushing freight costs upwards

    After an intervention by the Central Bank of Paraguay (BCP) deemed as “timely” in Asunción's financial circles last week, the local currency appreciated against the US dollar and fell further away from the psychological ₲ 8,000 barrier. The BCP pledged to further inject at least US$ 15 million daily into the market, to stabilize the local currency. The dollar went up 9% against the guarani in 2024, largely driven by demand for the dollar in the international market and by local exchange needs.

  • Wednesday, October 30th 2024 - 10:09 UTC

    Guterres urges countries to prioritize nature over businesses

    “We must defend the people who defend nature,” Guterres stressed

    United Nations (UN) Secretary-General António Guterres urged countries to set aside their business models and prioritize nature, which is neither infinite nor free. He made those remarks in the Colombian city of Cali during his appearance at the Global Biodiversity Conference (COP 16).