MercoPress, en Español

Montevideo, September 21st 2024 - 09:01 UTC

Economy

  • Monday, August 19th 2024 - 10:18 UTC

    Consumption plunges in Argentina despite Milei's optimism

    Scientia's document also projects declines ranging from 18% to 20% once the figures for the July 29-Aug. 4 week are released

    Consumption in Argentina has dropped below the pandemic and 2001 levels as the South American country's economy continues its erratic behavior under Libertarian President Javier Milei, whose administration depicts a different scenario. A survey conducted by the pollsters Scentia showed the loss of purchasing power and the recession on mass consumption.

  • Monday, August 19th 2024 - 07:38 UTC

    Brazil and China celebrate fifty years of diplomatic relations

    In the first half of 2024, Brazil exported US$ 28.44 billion in agricultural products to China, soybeans, corn, sugar, beef, chicken, cellulose, cotton, and fresh pork

    China and Brazil celebrated on August 15, fifty years of diplomatic relations, which with time paved the way for Beijing to become Latin America's largest economy main trading partner.

  • Monday, August 19th 2024 - 07:12 UTC

    Falklands cancels second season of Loligo squid for conservation reasons

    Despite the fishing industry agreeing with reasons not to open the second Loligo season, this will have a significant impact on the fishing sector

    In July 2024 the Falkland Islands Fisheries Department conducted a routine pre-season survey prior to the second Loligo season, working in close partnership with local fishing companies. The survey results showed the lowest second pre-season biomass estimate since 2008, with the lower end of the estimate being below the Fisheries Department safe stock replenishment threshold of 10,000 tonnes.

  • Saturday, August 17th 2024 - 08:55 UTC

    Uruguay's Central Bank keeps Monetary Policy Rate at 8.5%

    It was the first Copom meeting chaired by BCU's new president, Washington Ribeiro

    The Monetary Policy Committee (Copom) of Uruguay's Central Bank (BCU) decided Friday to maintain the Monetary Policy Rate (MPR) at 8.5% for the third month in a row to help keep inflation downwards and en route to the 4.5% Monetary Policy Horizon, it was announced in Montevideo after the first Copom meeting chaired by BCU's new president, Washington Ribeiro.

  • Friday, August 16th 2024 - 21:00 UTC

    Panama Canal ups vessel draft to 50 feet

    The news reflects the Canal's commitment to return to normal operating conditions, the ACP said in a statement

    The Panama Canal Authority (ACP) has sent a notice to shipping lines announcing that the maximum draught for vessels passing through the Neopanamax locks between the Atlantic and Pacific Oceans has been increased to 50 feet (15.24 meters). The ACP explained this decision was made in light of the current and projected water levels in Lake Gatun for the coming weeks.

  • Friday, August 16th 2024 - 09:54 UTC

    Milei outlines his dollarization plan which will add other currencies

    “At some point, there are going to be so many dollars in the economy that, maybe that day, we will be able to close the Central Bank,” Milei explained

    During his appearance at the Expo Real Estate event, Argentine President Javier Milei explained Thursday his currency competition plan and also delved into the matter of closing down the Central Bank, one of his main campaign promises. The head of state also stressed that thanks to the economic adjustment undertaken by his administration a debt rollover for part of 2025 had been guaranteed.

  • Thursday, August 15th 2024 - 09:31 UTC

    ECLAC highlights low investments and productivity in the region

    “The question is whether the Argentine people will have the patience to wait,” Salazar-Xirinachs wondered

    The Santiago de Chile-based Economic Commission for Latin America and the Caribbean (ECLAC) issued this week a new edition of its annual Economic Survey of Latin America and the Caribbean 2024 report highlighting the region's poor investment performance, low labor productivity, and limited fiscal space.

  • Wednesday, August 14th 2024 - 21:03 UTC

    Argentina: Inflation in July reaches 4%, Indec says

    Below par were “Communications” (3.5%), “Miscellaneous Goods and Services,” and “Household Equipment and Maintenance” (3.5% each), Indec's report showed

    Argentina's Consumer Price Index (CPI) went up 4% in July, the National Institute of Statistics and Census (Indec) announced Wednesday in Buenos Aires. Thus, interannual inflation stood at 263.4%. So far in 2024, prices rose by 87%.

  • Tuesday, August 13th 2024 - 10:16 UTC

    Mercosur-China talks held in Montevideo

    “Uruguay has been a promoter of this type of dialogue,” Albertoni stressed

    Deputy Foreign Minister Nicolás Albertoni met Monday with his Chinese colleague Hua Chunying in Montevideo as the Southern Common Market (Mercosur) under Uruguay's rotating presidency kept pushing for a Free Trade Agreement with the Asian giant. Also present were dignitaries from the other members of the regional bloc as well as Beijing's Ambassador Huang Yazhong.

  • Tuesday, August 13th 2024 - 07:59 UTC

    China is the main buyer of Argentine beef and Beijing wants to increase bilateral trade further

    Between 2017 and 2022, Argentina’s exports to China grew by 12.8% per year, and although the value of exports fell last year, growth picked up again this year

    Argentina’s economic relationship with China has become increasingly important, with growing trade highlighted by increasing Argentine beef exports, points out the English language China Daily. Something which to a certain point is surprising, given the electoral campaign speeches of president Javier Milei, condemning all authoritarian regimes.