The governor of Argentina's central bank, Luis Caputo resigned on Tuesday for personal reasons, the bank said in a statement, a surprise announcement in the midst of the country's talks with the IMF that sent the peso tumbling. Former finance minister Caputo has only held the role since June and is the second Argentine central bank president to resign this year. Argentina's peso currency slid 4.65% to open at 39.15 per U.S. dollar after the announcement, traders said.
Jailed former Brazilian president Lula da Silva is expected to allow his Workers Party to announce running mate Fernando Haddad as its candidate, following the latest ruling from the Supreme Court. Lula had hoped the Justices would agree to an appeal for more time to switch the head of the Workers Party (PT) ticket after Brazil’s top electoral court last week banned him from running due to a corruption conviction and gave him 10 days to remove his name.
President Mauricio Macri unveiled plans on Monday to raise export taxes on grains and slash the number of government ministries in a bid to balance its budget next year, as Argentina seeks a deal with the IMF to accelerate a US$ 50 billion standby loan program.
Brazil's Foreign Minister Aloysio Nunes said he expects more movement from the European Union as long running talks on a free trade deal with his South American bloc Mercosur head into the home stretch.
Negotiators of a free trade deal between the European Union and Mercosur want to wrap up by September, but differences over beef, sugar and the auto industry could dash those hopes, Brazilian foreign minister Aloysio Nunes said. Issues over intellectual property, rules of origin and marine shipping services also need to be nailed down, Nunes said in an interview.
Brazilian farmers are expected to plant a record amount of soybean acres this coming season, encouraged by strong demand from China, and yield a record harvest next year, consultancy Céleres said in its first forecast for the new cycle. The next crop cycle in Brazil, the world's No. 1 soybean exporter, begins in September.
Mercosur excessive reliance on exports to China and industrial protectionism in chemicals are core stumbling blocks to reaching a free trade agreement (FTA) with the EU, a policy paper published by the 28-country bloc released on Monday.
Brazil's leftist Workers' Party nominated its charismatic founder Luiz Inacio Lula da Silva for the upcoming presidential contest on Saturday despite him being imprisoned for corruption. In a message from Lula read to the party convention in Sao Paulo, he said, Brazil needs to restore its democracy. Although serving a 12-year sentence for corruption, Lula, 72, remains by far the frontrunner in opinion polls.
The Chilean/Brazilian Latam airline has been chosen by the Falkland Islands Government as the preferred operator to provide a second commercial flight between the Falkland Islands and South America. The official announcement was made on Thursday, 26 July.
Mercosur and Singapore have started negotiations for a free trade agreement, officials from both sides announced on Monday on the sidelines of the 13th Pacific Alliance Summit held in Puerto Vallarta, Mexico.