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MercoPress, en Español

Montevideo, January 28th 2025 - 04:05 UTC

Economy

  • Saturday, December 21st 2024 - 10:55 UTC

    Indec says Argentina's economy contracted 2.7% through October

    Milei says the recession is over

    A report released Friday by Argentina's National Institute of Statistics and Census (Indec) showed that the country's economic activity fell by 0.7% in October for an accumulated 2.7% interannual contraction in the first ten months of 2024, driven particularly by fishing (-49.9%) and construction (-14.5%) amid President Javier Milei's austerity plans which included halting all public works.

  • Friday, December 20th 2024 - 10:30 UTC

    Brazil's real recovers against US dollar

    Brazil's Central Bank sold US$ 5 billion to stabilize the exchange rate

    Brazil's Central Bank (BCB) successfully maneuvered Thursday and got the US dollar to fall against the local real after volatility gripped financial markets amid President Luiz Inácio Lula da Silva's planned taxation reforms, Agencia Brasil reported. The US currency closed at R$ 6.12 following Congressional approval of the Government's legal package.

  • Friday, December 20th 2024 - 10:17 UTC

    Bank of England leaves rate unchanged at 4.75%, but inflation is increasing with a no economic growth in 2024

    Three members of the Bank’s Monetary Policy Committee voted for a rate reduction, while six insisted in keeping them on hold.

    The Bank of England on Thursday left interest rates unchanged at 4.75%, despite an inflation rate that reached an eight-month high, pushed by services and wage increases. However three members of the Bank’s Monetary Policy Committee voted for a rate reduction, while six insisted in keeping them on hold.

  • Thursday, December 19th 2024 - 22:03 UTC

    IMF admits new loan to Argentina under consideration

    “A recovery in economic activity and real wages is now firmly underway” in Argentina, Kozack said

    International Monetary Fund (IMF) Spokeswoman Julie Kozack admitted Thursday that “talks are underway” to grant Argentina a new loan. The South American country is reportedly eligible for such a disbursement given the impressive achievements of President Javier Milei's “chainsaw” adjustment policies. The program currently in force ends this year and Argentina still owes around US$ 1 billion.

  • Thursday, December 19th 2024 - 09:11 UTC

    Uruguay: Unemployment falls in November

    Underemployment and informal work will pose a challenge for President-elect Orsi

    Unemployment in Uruguay fell to 7.2% of the Economically Active Population (EAP) last month, which represented a slight improvement from October’s 7.3%, according to the latest report from Montevideo's National Statistics Institute (INE) this week. It was the lowest figure since December 2021.

  • Wednesday, December 18th 2024 - 22:17 UTC

    US dollar soars in Brazil amid fiscal uncertainty

    Haddad hopes the US dollar will settle down, eventually

    Amid uncertainty stemming from President Luiz Inácio Lula da Silva's planned measures, the US dollar soared Wednesday against the Brazilian real, hitting a new record of R$ 6.26 = US$ 1 while the stock market fell above 3%, also driven by the 0.25 percentage point interests cut by the US Federal Reserve (Fed).

  • Wednesday, December 18th 2024 - 10:59 UTC

    EU/Mercosur trade deal: How detrimental for Mercosur and how beneficial for EU farmers?

    EC President Ursula von del Leyen with Mercosur leaders, Argentina’s Javier Milei; Uruguay’s Luis Lacalle Pou; Lula da Silva, Brazil and Paraguay’s Santiago Peña. 

    A few days after European Commission President Ursula von del Leyen signed a long-pending trade agreement with four South American nations, French farmers were back on the streets dumping manure. This time they parked the tractors near the tunnel in Calais that goes through the English Channel, according to a report from German political and business analyst Uwe Hessler.

  • Wednesday, December 18th 2024 - 10:22 UTC

    Brazil: Selic rate expected to keep growing next year

    Yoy inflation reached 4.87%, slightly above the 3% (+/- 1.5%) target

    Brazil's Central Bank's (BCB) Monetary Policy Committee (Copom) said Tuesday in a document that further hikes to the basic interest rate (Selic) were not to be ruled out next year given the rise of the US dollar against the Brazilian real, which crossed the BR$ 6 / US$ 1 barrier after the fiscal package announced by the Government of President Luiz Inácio Lula da Silva in recent days negatively impacted the market.

  • Tuesday, December 17th 2024 - 10:20 UTC

    Moody's downgrades politically shaken France's credit rating

    The Chairman of the centrist Democratic Movement (MoDem) became Macron's fourth prime minister this year

    A politically shaken France has been downgraded by Moody's Investors Service from “Aa2” to “Aa3” and the country's long-term outlook went from “stable” to “negative” amid the ongoing “fragmentation” following the appointment of Prime Minister François Bayrou.

  • Monday, December 16th 2024 - 10:30 UTC

    Milei: “Taxes are theft”

    Milei insisted Meloni was a very courageous woman

    Argentine President Javier Milei said this weekend in an interview with the Italian TV Quarta Repubblica to be aired Monday that taxes “are theft.” The South American leader also insisted that “public spending cuts are not an unpopular measure.” Milei spent the weekend in Rome where he had a meeting with Prime Minister Georgia Meloni and participated in other business and political engagements.