Economy

• Tuesday, May 31st 2016 - 18:47 UTC

  Argentina’s Eternal Debt Problem

  

  By Carmen Reinhart (*) Argentina recently emerged from nearly 15 years of the most litigious sovereign default in modern times, if not ever. Now it has the opportunity to reenter the global financial system and build a more stable and prosperous future. It is a chance that the country must be careful not to squander.

• Tuesday, May 31st 2016 - 07:36 UTC

  Poor squid season hits Argentina's seafood exports in first quarter

  

  Argentina's Under Secretariat of Fisheries reported that landings between January first and 30 April plummeted19.3% but exports in the first quarter achieved significant growth in foreign currency: 16.2%, with a slight increase in volume 1.7%. The poor landings are attributed to a “terrible” squid season, while the jump in export value was supported by extraordinary sales of shrimp.

• Tuesday, May 31st 2016 - 07:21 UTC

  Brazil's posts a primary budget surplus in April, because of annual income tax collection

  

  The Brazilian government posted a primary budget surplus in April well above market expectations due to a seasonal increase in tax revenues and a drop in subsidies, a senior official said on Monday. The government, which is struggling to lift the economy out of a deep recession, posted a primary budget surplus of 9.751 billion reais (US$2.72 billion) in April.

• Tuesday, May 31st 2016 - 06:40 UTC

  Latam is suspending flights to Venezuela because of the government's mounting debts

  

  The largest airline in Latin America, Latam, (Lan Chile and Braizl's TAM) announced it is suspending its flights to Venezuela because of the worsening economic situation. The suspension came a day after Germany's Lufthansa said it would suspend its services to the country.

• Monday, May 30th 2016 - 07:36 UTC

  Venezuela's public sector will only work Mondays and Tuesdays for another two weeks

  

  Venezuela's government on Saturday extended by two weeks a decree reducing the public sector workweek to Mondays and Tuesdays in a bid to tackle the oil-rich country's electricity crisis. The enforced leave was first announced in late April, a drastic move for a government also grappling with an economic crisis that has Venezuelans queuing for hours to buy scarce supplies.

• Sunday, May 29th 2016 - 14:28 UTC

  World health experts call for Rio Olympics to be postponed or moved given Zika spread fears

  

  More than 100 health experts have called for the Rio Olympic Games to be postponed or moved because of fears that the event could speed up the spread of the Zika virus around the world, according to a public letter published online.

• Sunday, May 29th 2016 - 08:23 UTC

  “Modern Times”, robots rapidly replacing workers in electronics factories

  

  Apple and Samsung supplier Foxconn has reportedly replaced 60,000 factory workers with robots. One factory has “reduced employee strength from 110,000 to 50,000 thanks to the introduction of robots”, a government official told the South China Morning Star.

• Saturday, May 28th 2016 - 07:46 UTC

  British Pavilion at Uruguay's main agriculture show, Expo Prado, next September

  

  At a breakfast at the residence of Ambassador Ben Lyster-Binns on May 25th, the British Embassy in Montevideo and the Rural Association of Uruguay (ARU) presented the proposal for the British Pavilion at Expo Prado 2016. Representatives of several companies that have ties with the UK, many of which already formed part of the pavilion in 2015 and 2014, attended the event.

• Saturday, May 28th 2016 - 06:50 UTC

  Magallanes region expanded 6.3% in the first quarter boosted by fisheries and construction

  

  Magallanes region in the extreme south of Chile reported an economic activity of 6.3% during the first quarter of the year, according to the country's stats office, INE, only behind Atacama, 8.9% and Maule, 7.2%.

• Saturday, May 28th 2016 - 06:38 UTC

  UK and Eire farmers warn about falling farm-gate prices, and celebrate exclusion of Mercosur beef

  

  Following a meeting to discuss common concerns, the British Isles' farming unions – NFU Scotland, the English NFU, NFU Cymru, the Ulster Farmers Union and the Irish Farmers Association – issued a joint statement warning buyers that the downward pressure on farm-gate prices was “sapping confidence” out of the sector.