Economy

• Monday, January 2nd 2017 - 12:27 UTC

  Italy will eventually want to quit the Euro, forecasts top German economist

  

  The head of Germany's Ifo economic institute believes Italians will eventually want to quit the euro currency area if their standard of living does not improve, he told German daily Tagesspiegel.

• Monday, January 2nd 2017 - 12:21 UTC

  China pledges to boost investment in tourism and promises “toilet revolution”

  

  China said it will boost investment in tourism, with plans to develop rustbelt regions and upgrade public toilets high on its to-do list as it looks to lift the sector's contribution to economic growth.

• Monday, January 2nd 2017 - 05:45 UTC

  Argentina's new economic team aims to fight budget deficit and reform the tax code

  

  In his first public comments since his appointment, Argentine Economy minister Nicolas Dujovne told a press conference that his main objective would be to continue with center-right President Mauricio Macri's economic policies.

• Saturday, December 31st 2016 - 16:25 UTC

  Argentina GDP contracts 3.8% in third quarter: sharp declines in manufacturing and construction

  

  Argentina’s Gross Domestic Product (GDP) fell 3.8% at the end of the third quarter of the year, with sharp declines in manufacturing, construction and consumption, the INDEC official statistics bureau reported.

• Friday, December 30th 2016 - 17:49 UTC

  Petrobras sale of assets still US$ 1.5bn short of 2015/16 divestment target

  

  Brazil's oil and gas corporation Petrobras announced this week the sale of ethanol and petrochemicals assets for US$587 million, but said it would still fall US$1.5 billion short of its divestment target for the 2015-2016 period.

• Friday, December 30th 2016 - 17:36 UTC

  The 100 Bolivar notes refuse to die: Maduro extends their use until January 20

  

  Venezuelan President Nicolas Maduro says his government will extend the use of 100-bolivar notes to January 20, after a plan to withdraw those bills from the economy sparked protests across the country and widespread looting.

• Friday, December 30th 2016 - 17:27 UTC

  Argentina beef exports begin to pick up and could reach US$ 1bn this year

  

  Argentina's beef exports totaled 193,000 tons between January and October, up 10% from the same period last year, the government said, a year after it rescinded export taxes and restrictions.

• Friday, December 30th 2016 - 17:18 UTC

  Brazil's unemployment rate reaches a record high of 11.9%: this means 12.1m out of a job

  

  Brazil's unemployment rate from September to November reached a record high of 11.9%, the country's statistics agency IBGE said. This new rate is a significant year-on-year hike over the same period in 2015, when it stood at 9%.

• Friday, December 30th 2016 - 17:15 UTC

  Temer will not bail out heavily indebted Brazilian states

  

  After months of bailing out Brazil's most iconic city and state, Rio de Janeiro will not be getting their debts renegotiated anytime soon. Brazil president Michel Temer said he will veto plans to renegotiate loans with Rio, Minas Gerais and Rio Grande do Sul states. All three states are economic powers of Brazil and have fallen on hard times over the last three years.

• Friday, December 30th 2016 - 17:12 UTC

  Brazilian banks drastically cutting costs to lower interest rates

  

  The Brazilian government has not pressured state-run banks to free up credit and reduce their spread, but interest rates are likely to fall as the central bank's benchmark Selic rate continues to drop, state-controlled Banco do Brasil Chief Executive Officer Paulo Rogerio Caffarelli said.