Economy

• Wednesday, July 13th 2016 - 02:30 UTC

  Beijing rejects adverse international ruling on South China Sea islands and maritime space

  

  China has firmly rejected an international tribunal ruling that its claims to rights in the South China Sea have no legal basis. President Xi Jinping said China's “territorial sovereignty and marine rights” in the seas would not be affected by the ruling “in any way”, however he added that Beijing was still “committed to resolving disputes” with its neighbors.

• Wednesday, July 13th 2016 - 01:31 UTC

  Argentina and Brazil situations take a toll on Uruguay's 2015/16 cruise season

  

  The number of vessel calls dropped 6.4% and passengers landed 4.1%, during the last 2015/2016 cruise season compared to 2041/2015, according to the final report from Uruguay's Tourism ministry. The number of passenger and crew landed in Montevideo and Punta del Este reached 319.000 having spent an estimate 11.1 million dollars.

• Monday, July 11th 2016 - 07:44 UTC

  Buenos Aires port planning ambitious new terminal to recover cruise industry business

  

  The port of Buenos Aires is planning a new terminal for the cruise industry with the purpose or recovering lost business estimated at 50% compared to the peak reached in the 2012/2013 season. Likewise for this coming season there will be a drastic reduction in landing and provision costs for cruise companies operating from Buenos Aires.

• Monday, July 11th 2016 - 07:24 UTC

  IMF lowers Euro Zone growth prospects because of Brexit and extended risk aversion

  

  The International Monetary Fund has cuts its economic growth forecasts for the Euro zone in the wake of the UK's vote to leave the European Union. The Euro zone is now expected to grow by 1.6% this year and 1.4% in 2017.

• Monday, July 11th 2016 - 07:21 UTC

  US employment rebounds strongly during June

  

  US economy created 287,000 jobs in June, rebounding strongly from disappointing growth in May. The figure was much stronger than forecast, and the dollar and yields on US government bonds rose in the belief a US rate rise was now more likely.

• Monday, July 11th 2016 - 06:20 UTC

  The Pound beats the Argentine Peso as worst performing currency in 2016

  

  The pound has beaten the Argentine peso to become 2016's worst performing currency after it plunged to a 31-year low in the aftermath of the decision to leave the EU. Sterling dipped below US$1.30 for the first time since 1985 in the second week after the European referendum.

• Monday, July 11th 2016 - 05:08 UTC

  Meirelles budget lower deficit objective prevails in the Temer administration

  

  Brazil set a smaller 2017 primary deficit target than initially envisioned, in an attempt to show greater austerity after an increase in spending raised doubts about the government's fiscal discipline. The central government primary deficit target was set at 139 billion Reais (US$41.32 billion) for 2017, a figure well below the 160 billion Reais it initially considered.

• Monday, July 11th 2016 - 05:04 UTC

  Brazil's six-month inflation remains above same period last year and central bank target

  

  Inflation in Brazil fell in June by 0.35% to an annual rate of 8.84%, but remains almost double the government target, official figures showed. This was an improvement from May, when inflation hit 9.32%, temporarily reversing a three-month falling trend.

• Saturday, July 9th 2016 - 09:57 UTC

  PAHO/WHO congratulates Uruguay for successfully defending tobacco control policies, “a model for the region”

  

  The Pan American Health Organization/ World Health Organization (PAHO/WHO) congratulated n Friday the Government of Uruguay for winning an international legal case brought by the Philip Morris tobacco company. Philip Morris challenged tobacco control regulations implemented by Uruguay in compliance with its obligations under the Framework Convention on Tobacco Control (FCTC), the world's first international public health treaty negotiated under the auspices of WHO.

• Saturday, July 9th 2016 - 07:26 UTC

  Uruguay wins lead case against Philip Morris over strict anti-tobacco law

  

  Uruguay won on Friday an arbitration case against US tobacco giant Philip Morris, which sued the state claiming its strict anti-tobacco law harmed the cigarette maker's business, both sides said. Philip Morris argued that Uruguay had violated terms of a bilateral investment treaty with Switzerland, where it has its main headquarters.