Economy

• Wednesday, December 14th 2016 - 09:21 UTC

  Yesterday Colombia, now Venezuela closes border with Brazil

  

  The government of President Nicolas Maduro government closed the border with Brazil for 72 hours for the same reason it had taken the same measure with Colombia: money smuggling, Brazilian local authorities and residents of southern Venezuela who routinely cross to Brazil where they can make transactions in bolivars confirmed.

• Wednesday, December 14th 2016 - 05:10 UTC

  Trump challenges Congress and nominates close friend of Putin, Rex Tillerson Secretary of State

  

  Donald Trump officially announced his plan Tuesday to nominate ExxonMobil CEO Rex Tillerson as secretary of state, a pick that could pose complications in the confirmation process due to Tillerson's ties to Russia. Tillerson, 64, has no government or diplomatic experience but has done extensive work overseas on behalf of his petroleum company.

• Tuesday, December 13th 2016 - 15:31 UTC

  .Bearish market for commodities and protectionism impact on Latin American exports

  

  Latin American and Caribbean exports are expected to fall approximately US$50 billion, or 6%, in 2016, a lower contraction rate than the 15% observed in 2015. This relative improvement was mainly due to a rebound of commodity prices, according to a report conducted by the Inter-American Development Bank (IDB) using detailed data for 24 countries in the region. The value of total exports should reach US$850 billion in 2016.

• Tuesday, December 13th 2016 - 10:45 UTC

  Cuba, Europe normalize relations after 20 years

  

  Cuba and the Eurpean Union Monday signed in Brussels their first cooperation agreement, which will be from now on the legal basis of the link between the island and the 28 EU countries.

• Tuesday, December 13th 2016 - 10:32 UTC

  Argentina ready to take Mercosur chair: priority is the trade accord with Europe

  

  Argentina's priority as chair of Mercosur which it will officially take over this week will be to advance negotiations with the European Union for a wide ranging trade agreement which will not include Venezuela, anticipated foreign minister Susana Malcorra .

• Tuesday, December 13th 2016 - 10:23 UTC

  Chaos in Venezuela: bills and coins pulled out of circulation to combat hyperinflation

  

  Venezuelans hastily dumped the country's 100-bolivar bill, the largest denomination, on Monday after the government said it would be pulled from circulation as the crisis-racked nation suffers what is believed to be the world's highest inflation. Populist president Nicolas Maduro said the withdrawal of the bill — worth just 2 U.S. cents on the black market — was needed to reduce contraband of the banknotes on the Venezuela-Colombia border.

• Monday, December 12th 2016 - 17:51 UTC

  US, EU and Japan do not recognize China as market economy: Beijing anticipates retaliation

  

  China's battle for recognition as a market economy that would help it avoid penalties from key trade partners has been thwarted, as a key clause in Beijing's deal to join the WTO expired on Sunday.

• Sunday, December 11th 2016 - 19:56 UTC

  Deloitte Brazil admits false auditing and obstructing investigations

  

  The United States accounting watchdog hit Deloitte's Brazil division with a record US$8 million fine for issuing false audits of a US-traded Brazilian airline and then doctoring papers to thwart an investigation, the agency said.

• Sunday, December 11th 2016 - 19:53 UTC

  Brazil fines five global banks for manipulating exchange rates

  

  Brazil’s antitrust body has slapped five banks with fines worth a combined 183.5 million reais (US$ 54 million) for creating a cartel to manipulate exchange rates, official sources announced. CADE, an office in charge of preventing economic abuse, announced that it had hit Barclays, Citicorp, Deutsche Bank, HSBC and JPMorgan Chase with the fines for participating in anti-competitive activities.

• Sunday, December 11th 2016 - 18:46 UTC

  A Positive Report on The Falklands

  

  An update on the progress of the Falkland Islands’ economy has been given to the Falkland Islands Association at their annual general meeting in London. Member of the Legislative Assembly, Mr. Mike Summers indicated that all aspect of the Islands development were doing well.