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MercoPress, en Español

Montevideo, July 2nd 2025 - 18:19 UTC

Economy

  • Saturday, May 18th 2024 - 10:57 UTC

    Wages keep losing purchase power in Argentina, study finds

    Salaries had outpaced inflation under Alberto Fernández (2019-2023)

    According to a study released Friday in Buenos Airers by the Research and Training Center of the Argentine Republic (Cifra), formal wages took a slump of nearly 15% in the last semester, particularly after the Dec. 13 118.3% devaluation of the local currency once Javier Milei took office as president.

  • Saturday, May 18th 2024 - 10:35 UTC

    Two more Uruguayan meatpacking plants cleared for shipments to China

    According to Torre Ejecutiva, this achievement resulted from President Luis Lacalle Pou's trip to China in Nov. 2023

    Chinese authorities have authorized additional Uruguayan slaughterhouses to ship beef and horsemeat from plants in Florida and Canelones to that country, Agriculture and Livestock Minister Fernando Mattos confirmed Friday.

  • Friday, May 17th 2024 - 20:18 UTC

    Milei lands in Madrid, praises his administration's achievements

    During the weekend, Milei is also scheduled to hold encounters with Spanish businesspeople

    Argentine President Javier Milei landed Friday in Madrid after a refueling stopover in the Canary Islands, for a series of engagements, none including a member of the Spanish government or the royal house. Also aboard the ARG 01 aircraft was Presidential Secretary Karina Milei.

  • Friday, May 17th 2024 - 11:59 UTC

    Argentina's industrial activity keeps dropping

    The sharp drop can be partly explained by last year's “soybean” dollar boosting sales abroad

    Despite victorious announcements from President Javier Milei's government, industrial activity in Argentina fell for the tenth consecutive month amid a growing loss of purchasing power. Interannually, a 17.2% drop was recorded after March's 4.7% decline. In addition, the first quarter of 2024 showed a year-on-year 11.7% slide.

  • Thursday, May 16th 2024 - 19:34 UTC

    Uruguayan aviation looking ahead at promising developments

    Long-haul flights will be able to land at Carrasco with 150-meter visibility, it was explained

    Uruguayan authorities have reached an agreement with the company managing Montevideo's Carrasco International Airport for the installation of state-of-the-art navigation equipment which would make landings safer even under foggy weather.

  • Thursday, May 16th 2024 - 19:08 UTC

    Argentina needs to solve its exchange rate problem, IMF spokeswoman says

    Milei's government will need to evolve to keep its successful plan going, Kozack warned

    International Monetary Fund (IMF) Spokeswoman Julie Kozack said that Argentina needed to lift the exchange rate ceiling if the government were to protect the country's Central Bank reserves. Kozack's remarks during a press conference came a day after Economy Minister Luis Toto Caputo announced that the South American nation was on course to dollarization.

  • Thursday, May 16th 2024 - 10:58 UTC

    Argentina getting ready to dollarize its economy, minister says

    Argentina still needs to terminate the “stocks” holding the parity between the local peso and the US dollar, Caputo explained

    Argentine Economy Minister Luis 'Toto' Caputo said Wednesday that the Libertarian administration of President Javier Milei had that the Government has “everything ready for dollarization.” The “recovery is very close,” he added as the “blue” (a euphemism for “black market”) dollar bounced back after it became evident that the government would be unable to deliver on Milei's promise to have an agreement signed with the provincial governors by May 25.

  • Wednesday, May 15th 2024 - 19:54 UTC

    Petrobras' shares plummet after Prates' departure from CEO post

    Prates said he was happy having averted full privatization rumors shadowing Petrobras

    Brazilian President Luiz Inácio Lula da Silva's decision to have Jean-Paul Prates removed as CEO of the State-run oil company Petrobras resulted in shares dropping more than 8% at the Sao Paulo Stock Exchange on Wednesday. Ordinary shares (PETR3) fell 8.36% while preferred shares (PETR4) went down 6.75%, it was reported. In addition, Petrobras' ADRs (American Depositary Receipt) in New York were down around 7.5% on Wednesday.

  • Wednesday, May 15th 2024 - 19:20 UTC

    Lula orders major reshuffle at Petrobras' helm

    In 1Q of 2024, Petrobras' profits shrank 23% from last year's 4Q

    President Luiz Inácio Lula da Silva has ordered a reshuffle at the top of Brazil's state-run oil company Petrobras, with Magda Chambriard replacing Jean-Paul Prates as CEO, Agencia Brasil reported. Following the head of state's decision late Tuesday, the board of directors approved the early termination of Prates' term Wednesday morning. In the meantime, and until Chambriard takes office, Corporate Affairs Executive Director Clarice Coppetti has been appointed on an interim basis.

  • Wednesday, May 15th 2024 - 16:58 UTC

    Milei celebrates inflation figures football-style

    Milei thanked Toto Caputo for the latest achievement

    Argentine President Javier Milei became overtly extrovert on social media Tuesday after the National Institute of Statistics and Census (Indec) announced that April's monthly Consumer Price Index (CPI) had stood at 8.8%. “GOOOOOOOOOOOOOOOOOOOL...!!!!,” he wrote in football-fan mode. Meanwhile, Presidential Spokesman Manuel Adorni said inflation had “its death certificate signed.”