Economy

• Monday, December 28th 2015 - 08:38 UTC

  Argentine central bank building reserves: much depends on farmers and bankers

  

  This short week and the month of January will test if the Argentine administration of president Mauricio Macri can continue to build up Central Bank reserves following on the decision to end the dollar clamp, let the foreign exchange float, together with the prospect of loans and hoarded grain sales.

• Monday, December 28th 2015 - 07:59 UTC

  UK largest banks paid no corporation tax in 2014, by offsetting past losses

  

  Five of the largest banks in the UK paid no corporation tax in 2014, despite making billions of pounds in profits, analysis by Reuters has shown. JP Morgan, Bank of America Merrill Lynch, Deutsche Bank, Nomura Holdings and Morgan Stanley paid no corporation tax at all, the news agency said. The banks offset past losses against their taxable income for 2013-14.

• Monday, December 28th 2015 - 07:46 UTC

  Tierra del Fuego applauds end of dollar clamp in Argentina but cautions about domestic and Mercosur tourists

  

  Tierra del Fuego tourism industry praised the Argentine government's decisions to end the dollar clamp and make more transparent the foreign money exchange because “this will make the country, and Tierra del Fuego, highly competitive internationally”. However they also cautioned that consideration must be given to domestic and regional tourists which make up almost 45% of the number of the people visiting the extreme south of Argentina.

• Monday, December 28th 2015 - 07:31 UTC

  Argentina issues US$ 5bn in bonds to pay importers; some restrictions persist

  

  The Argentine government will issue bonds worth US$5 billion to be auctioned this week to pay back debt from imports during the previous Cristina Fernandez administration, according to a resolution published by the current government.

• Thursday, December 24th 2015 - 10:34 UTC

  Argentina begins round of negotiations on prices; unions demanding bonus to counter inflation

  

  The Argentine government of president Mauricio Macri started a round of negotiations with big price setters as part of its bid to keep prices under control despite the recent devaluation of the peso. Domestic Trade Secretary Miguel Braun and Central Bank Governor Federico Sturzenegger met with the top representatives of the Argentine Chamber of Commerce (CAC) and representatives from medium-sized companies, who asked for cheap credit in exchange for the government’s goal of keeping prices in check.

• Thursday, December 24th 2015 - 08:57 UTC

  Brazilian economy will contract 3.6% this year confirms Central bank

  

  Brazil's economy will shrink 3.6% this year and inflation will come in at 10.8%, according to a Central Bank report released Wednesday. The bank expects a continued recession in 2016, albeit with a less severe contraction of 1.9%, and an inflation rate of 6.2%.

• Wednesday, December 23rd 2015 - 10:07 UTC

  Brazil's Barbosa insists fiscal policies to shrink budget deficit “will be maintained”

  

  Brazil’s new finance minister, Nelson Barbosa, continued his effort to win over investors on Tuesday reiterating that the government of president Dilma Rousseff will maintain the same fiscal policies intended to shrink the budget deficit and cut debt that were favored by his predecessor.

• Wednesday, December 23rd 2015 - 09:17 UTC

  Macri's priorities: Mercosur, trade agreement with EU and the Pacific Alliance

  

  Argentine president Mauricio Macri pledged full support for Mercosur which he defined as a 'long term strategic project', called for a quick trade agreement with the European Union and closer ties with 'our partners from the Pacific Alliance'.

• Wednesday, December 23rd 2015 - 08:46 UTC

  Despite falling oil prices, Brazil is developing the equatorial Barreirinhas basin

  

  Inchcape Shipping Services (ISS), the world's leading maritime and logistics service provider, has signed a contract with CGG to provide offshore agency support services for a new oil and gas exploration project in the Barreirinhas Basin in the equatorial margin of northern Brazil.

• Tuesday, December 22nd 2015 - 15:29 UTC

  Chile calls for a South American convergence; pledges to bring together Mercosur and Pacific Alliance

  

  Chilean president Michelle Bachelet called for “a convergence among governments” of South America despite the “political and ideological differences”, and anticipated that Chile will strongly promote the rapprochement between Mercosur and the Pacific Alliance.