Economy

Tuesday, January 26th 2016 - 07:55 UTC
OAS 'virtually bankrupt and facing existential threat' says Permanent Council chairman

The new chairman of the Permanent Council of the Organization of American States (OAS) Sir Ronald Sanders says the institution is now facing a “serious existential threat”, with its coffers virtually empty. OAS currently has Uruguay's Luis Almagro as Secretary General.
Monday, January 25th 2016 - 10:36 UTC
Oil price plunge distorts Brazilian market and leaves Rio cash strapped

Brazil's President Dilma Rousseff approved a resolution to maintain the current system for establishing the minimum price of oil on which royalty payments are paid by state-run oil company Petrobras to local governments.
Monday, January 25th 2016 - 10:19 UTC
IMF praise for Argentina's measures... but forecasts 'mild recession' this year

Despite the austerity policies that have been implemented by the government of President Mauricio Macri, Argentina will see a bigger than expected recession this year, the International Monetary Fund (IMF) said in a new report. The economy is set to decline 1% this year, a drop that is 0.3 percentage points larger than the previous forecast that the IMF had released in October.
Monday, January 25th 2016 - 10:10 UTC
Proxy inflation in Argentina reached 6.5% in December and 31.6% in 2015

Consumer prices rose 6.5% in December in the Argentine province of San Luis, one of the indexes the new leaders of the country's INDEC statistics bureau had said could be used as a proxy for national inflation figures — amounting to a cumulative 31.6% increase in 2015.
Monday, January 25th 2016 - 10:01 UTC
IMF estimates 2016 Venezuela inflation at 720% and 8% economy contraction

Venezuela’s consumer inflation, already the world’s highest, will more than double this year surging to 720% in 2016 from 275% last year, according to a note published by the IMF’s Western Hemisphere Director, Alejandro Werner.
Monday, January 25th 2016 - 09:56 UTC
Tourists' arrivals grew 4.4% last year and forecasted to increase 4% this year

International tourist arrivals grew by 4.4% in 2015 to reach a total of 1,184 million in 2015, according to the latest UNWTO World Tourism Barometer. Some 50 million more tourists (overnight visitors) travelled to international destinations around the world last year as compared to 2014. 2015 marks the 6th consecutive year of above-average growth, with international arrivals increasing by 4% or more every year since the post-crisis year of 2010.
Saturday, January 23rd 2016 - 09:01 UTC
Rousseff eyeing foreign reserves to boost economy and cash strapped government

President Dilma Rousseff said on Friday that her cash-strapped government could consider tapping into Brazil's sizeable foreign reserves at a given moment, an idea that troubles investors already worried about the country's economic decline.
Saturday, January 23rd 2016 - 04:35 UTC
IMF chief Lagarde will stand for a second term

The head of the International Monetary Fund, Christine Lagarde, has confirmed she will stand for a second term. Ms Lagarde threw her hat into the ring during an appearance on French television.
Friday, January 22nd 2016 - 05:12 UTC
Banks don't discard credit-short Venezuela will undergo a 'credit event' in 2016

Slumping crude prices have investors and analysts warning of a potential messy default in Venezuela, with state-owned oil company PDVSA owing some US$10 billion in external debt payments due this year. With crude hovering around US$28 per barrel, Venezuela could have trouble satisfying its obligations.
Friday, January 22nd 2016 - 04:45 UTC
Macri/Cameron coincide on new relationship; Falklands left for further on

Argentine President Mauricio Macri met on Thursday with British Prime Minister David Cameron in Davos as both leaders attend the World Economic Forum in Switzerland. The atmosphere of the meeting was described as 'very positive' and several steps of a new relationship were announced, while the Falklands/Malvinas issue was left for further on.