Economy

• Thursday, September 5th 2024 - 08:05 UTC

  Brazil posts GDP growth above expectations in 2Q of 2024

  

  According to a report from the Brazilian Institute of Geography and Statistics (IBGE) released this week, the Gross Domestic Product (GDP) in South America's largest country grew 1.4% in the second quarter of 2024 from the year's first trimester, far exceeding expectations, Agencia Brasil reported. The country’s total wealth amounts to R$ 2.9 trillion (nearly US$ 514 billion). The GDP represents the sum of all wealth produced in the country.

• Tuesday, September 3rd 2024 - 22:30 UTC

  Downspout affects Paraguayan foreign trade freight rates

  

  Paraguayan import/export operations, which are heavily dependent on barge transport through the Paraná and Paraguay Rivers, saw costs go up 29.2% interannually in July as lower water levels limited both navigation and the amount of cargo each vessel can carry. In the third week of August, the Paraguay River was one centimeter above its historical minimum.

• Monday, September 2nd 2024 - 11:40 UTC

  Milei vetoes pensions increase but faces Congress' reprisal

  

  Argentine President Javier Milei vetoed in its entirety Bill 27.756 providing for an increase in the wages of senior citizens and pensioners. The measure became effective after appearing in Monday's issue of the Official Gazette.

• Monday, September 2nd 2024 - 11:38 UTC

  Paraguayan businesses concerned as dollar keeps soaring

  

  Given the seemingly unstoppable soar of the US dollar against the local guaraní during a whole week, the Association of Importers and Traders of Paraguay (Asimcopar) said it feared the current trend might hit year-ending sales, which largely feature imported items.

• Saturday, August 31st 2024 - 10:22 UTC

  Brazil: Lula picks Galípolo for BCB CEO post

  

  Brazilian President Luiz Inácio Lula da Silva picked Central Bank Monetary Policy Director Gabriel Galípolo to replace Roberto Campos Neto as CEO. The outgoing chief executive had been appointed by Lula's predecessor Jair Bolsonaro and it was no secret that he would not remain in office at the end of his term. To be confirmed for the post, Galípolo still needs the Senate's nod.

• Friday, August 30th 2024 - 09:50 UTC

  Argentina makes imports easier to tackle inflation

  

  On Thursday, Argentina's Economy Ministry announced that it would suppress bureaucratic hindrances to importing key industry inputs such as steel, aluminum, and construction materials to “encourage competition and lower costs.” The measure also comes with a reduction in PAIS tax on purchases abroad to further tackle inflation. Representatives of the local steel industry expressed their objections and denounced that relevant safety measures were being disregarded.

• Wednesday, August 28th 2024 - 10:55 UTC

  Milei announces documentary about his path to Casa Rosada

  

  Argentine President Javier Milei Tuesday launched a film series on his fast political career to be made available through the social media platform X. The docuseries still has no premiere date and will be directed by Casa Rosada's regisseur Santiago Oría. The production will be titled “From Zero to President. The Phenomenon that Captivates the World.”

• Wednesday, August 28th 2024 - 09:36 UTC

  BCU's new VP insists the peso/dollar exchange rate is ruled by supply and demand

  

  Uruguay's Central Bank Vice President Martín Inthamoussu said Tuesday that the exchange rate between the local peso and the US dollar was “set by supply and demand.” He made those remarks minutes after taking up his new position and pledged to work to keep inflation low amid financial stability.

• Wednesday, August 28th 2024 - 06:41 UTC

  Falklands, instructions for pensioners receiving payments from overseas

  

  Due to unforeseen circumstances, the overseas payment system, Straight to Bank, is experiencing an issue. The Falkland Islands Government are working with Standard Chartered to urgently investigate this issue and an update will be provided as soon as we have more information.

• Monday, August 26th 2024 - 14:30 UTC

  Paraguayan carrier allowed to serve domestic route in Uruguay

  

  Paraguayan carrier Paranair reached an understanding with Montevideo to add a stopover in Salto to some of its bidaily flights between the Uruguayan capital and Asunción,
  Transport Undersecretary Juan José Olaizola announced.