Economy

• Friday, November 20th 2015 - 09:44 UTC

  Brazilian economic activity contracts for the fourth straight quarter

  

  Economic activity in Brazil contracted for the fourth straight quarter, central bank data showed this week as Latin America's biggest economy plunges further into recession. The bank's IBC-Br economic activity index indicates economic activity fell 1.41% in the third quarter from the previous three months.

• Friday, November 20th 2015 - 07:47 UTC

  Goldman Sachs forecasts another miserable year for commodities in 2016

  

  A slowdown in China, which gobbled up raw materials everywhere from Australia to Chile, exacerbated a supply glut in most major commodities. And Goldman Sachs thinks the pressure is likely to persist as it noted its underweight position in commodities for the next 12 months.

• Friday, November 20th 2015 - 07:36 UTC

  Brazil considering plan to bolster Petrobras capital with 'hybrid securities'

  

  Brazil’s government is considering a debt plan to bolster the capital of heavily indebted state-controlled oil Petrobras, Agencia Estado news agency reported on Thursday. Under the plan, the Brazilian Treasury would transfer so-called hybrid securities to Petrobras, which would then book the securities as equity until it sold new stock, Estado reported.

• Friday, November 20th 2015 - 05:48 UTC

  UK Export Finance extends US$ 500m credit to debt-strapped Petrobras

  

  Brazil's oil company Petrobras has concluded negotiations with international export credit agencies (ECAs) for a total of US$1.84bn. According to a company statement. The financing will contribute towards its fundraising efforts for 2016.

• Thursday, November 19th 2015 - 07:55 UTC

  Argentina's fiscal deficit 3.5% of GDP, says minister Kicillof

  

  Argentina will likely end the year with a fiscal deficit of 3.5% of GDP, Economy Minister Axel Kicillof said on Wednesday, rejecting estimates by the opposition for a deficit around twice as high.

• Thursday, November 19th 2015 - 07:49 UTC

  Rousseff's just manages to uphold vetoes on spending bills; greater challenge in the pipeline

  

  Brazil's Congress has upheld President Dilma Rousseff's vetoes of two bills to raise public spending, a victory for the embattled leader as she tries to close a gaping fiscal deficit and regain investors' confidence.

• Wednesday, November 18th 2015 - 07:36 UTC

  Brazil ready to sign an EU/Mercosur wide ranging trade agreement

  

  Paraguay's foreign minister Eladio Loizaga is in Brussels holding a round of talks with different European Union officials regarding the trade and cooperation agreement with Mercosur, while in Brazil Industry and foreign trade minister Armando Monteiro announced that Mercosur was finally ready to advance with a wide range proposal.

• Tuesday, November 17th 2015 - 09:19 UTC

  Rousseff again confirms Levy as (austerity) minister despite complaints from the ruling party

  

  Brazilian President Dilma Rousseff jumped to the defense of her embattled finance minister saying she would not be pressured into sacking him. Rousseff, fighting to save her second term presidency from threatened impeachment proceedings, said she was ignoring suggestions by the head of her own Workers' Party (PT) that Joaquim Levy should be dismissed.

• Monday, November 16th 2015 - 08:36 UTC

  Latin America expanding at a “two-speed” rate: Pacific Alliance and Mercosur

  

  Latin America is expanding at a 'two-speed' rate according to the latest report from the Spanish bank BBVA, pointing out that the Pacific Alliance is expected to grow 2.5% in 2015/16, while Mercosur will be lagging with a contraction of 2% to 1.5%.

• Monday, November 16th 2015 - 08:15 UTC

  Cristina Fernandez overspending to the last Peso and credit before leaving

  

  Outgoing Argentine president Cristina Fernandez will be leaving not only the Central bank reserves exhausted but also a budget deficit which is estimated at 7% of GDP by the end of the fiscal year, equivalent to 400.000 million Pesos, according to the country's National Auditing Office, AGN.