Economy

• Wednesday, December 30th 2015 - 00:51 UTC

  Dismal prospects for Brazilian economy in 2016, according to Central bank and budget deficit

  

  Analysts expect Brazil's economy to contract by 2.81% in 2016 after contracting by 3.70% this year, marking the biggest drop in economic output in 25 years, the Central Bank said on Monday. Economists are forecasting an inflation rate of 10.72% this year, the highest rate in 13 years, and 6.86% in 2016. The estimates seem to be supported by the latest numbers referred to the budget deficit.

• Tuesday, December 29th 2015 - 23:56 UTC

  Majority of Spaniards against a re-run of election; only 7% would change their vote says poll

  

  Less than one third of Spaniards want a re-run of 20 December's election, which resulted in a stalemate, with two-thirds favoring a pact between parties, a poll showed. Just 7% of those surveyed said they would change their votes in a fresh election, while 87.1% said they would vote the same way.

• Tuesday, December 29th 2015 - 21:54 UTC

  Environmental groups blame massive deforestation for floods in Mercosur members

  

  Deforestation is one of the main causes of the floods in South America that have left at least 160,000 people, 25,000 of them in Argentina alone, homeless, environmental groups said.

• Tuesday, December 29th 2015 - 07:46 UTC

  New five-year strategy for South Georgia emphasizes environment management

  

  The new five-year Strategy for South Georgia & the South Sandwich Islands 2016-2020 was published on 27th November. The Strategy sets out an ambitious agenda to deliver the highest standards of environmental stewardship and governance for the British Overseas Territory, according to the latest South Georgia Newsletter.

• 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%.