Economy

Thursday, October 2nd 2014 - 07:24 UTC
Buenos Aires shares plunge 8.2%; US dollar trades cautiously fearing raids

Buenos Aires shares plunged on Wednesday 8.2% to 11.516,28 units following the news that the Central Bank chief Juan Carlos Fabrega had resigned. The Merval benchmark stock index has risen 132% so far this year.
Thursday, October 2nd 2014 - 07:15 UTC
Climbing volatility of the US dollar in Argentina forces resignation of central bank president

Argentine Central Bank President Juan Carlos Fabrega resigned Wednesday after an alleged disagreement with President Cristina Fernandez over how to keep a lid on the black market exchange rate ('blue' dollar) that hit a record 16 pesos per dollar last week.
Thursday, October 2nd 2014 - 07:06 UTC
Uruguay's fiscal deficit 'relatively' stable at 3.3% of GDP

Uruguay's fiscal deficit in the twelve months to August was equivalent to 3.3% of GDP, or 1.725bn dollars according to the latest release from the Economy and Finance ministry. However the primary deficit (before debt payments) was 202 million dollars or 0.39% of GDP.
Thursday, October 2nd 2014 - 06:34 UTC
Magallanes region in extreme south Chile has the lowest unemployment rate

The extreme south region of Chile, Magallanes continues with record low unemployment, less than half the national average, according to the official stats for the mobile June/August quarter. While the Chilean national average unemployment is 6.7% in Magallanes it stands at 3.3%, and 0.8 percentage points less than a year ago.
Wednesday, October 1st 2014 - 21:28 UTC
Industrial production in Argentina declines for the 13th consecutive month

Argentine industrial output fell 2.3% in August compared to a year ago and 2.8% in the last twelve months in non seasonally adjusted terms according to a report from the Ministry of Economy.
Wednesday, October 1st 2014 - 08:09 UTC
US calls on Argentina “to normalize relations with all bondholders”

While the US State Department again called Tuesday on Argentina 'to normalize relations with all its bondholders’, the government of President Cristina Fernandez deposited a 161 million dollars bond interest payment with a newly appointed local trustee on Tuesday, defying a U.S. judge who held Argentina in contempt of court on Monday for taking illegal steps to meet its debt obligations.
Tuesday, September 30th 2014 - 22:50 UTC
Argentina/China trade forecasted to boom in Yuan-denominated operations

Trade between Argentina and China could see a rise in Yuan-denominated operations after the bilateral currency swap deal that was sealed earlier this year, according to key leaders of the Sino-Argentine business community in Buenos Aires.
Tuesday, September 30th 2014 - 07:00 UTC
Cristina Fernandez claims US is responsible for Judge Griesa's decision

President Cristina Fernandez said US Judge Thomas Griesa decision to declare Argentina 'in contempt of court' in the dispute with speculative funds, was in violation of international law, the UN chart and the OAS (Organization of American States) chart.
Tuesday, September 30th 2014 - 05:11 UTC
Argentine reserves below 28bn dollars; bonds payments of 170m on Tuesday

The informal of “blue” dollar in Argentina fell back 15 cents to 15.55 Pesos after it skyrocketed 75 cents last week and scraping 16 Pesos. The formal US dollar meantime advanced three cents to 8.49 Pesos at the end of trading in Buenos Aires City banks and foreign exchange offices. The gap between the two rates dropped to 83.9%.
Tuesday, September 30th 2014 - 04:55 UTC
Brazil will give exporters 3% tax refunds to help struggling businesses

The Brazilian government will offer tax rebates for exporters beginning in October, Finance Minister Guido Mantega said on Monday, in the latest measure to help struggling businesses just days ahead of a presidential election.