Brazil’s economy shrank 4.1 percent in 2020, officials said Wednesday, closing out what analysts called another “lost decade” for Latin America’s biggest economy with a year badly disrupted by the coronavirus pandemic. The contraction, which was in line with analysts’ forecasts, added to a bad run for a country that was just recovering from a … Read more
President Alberto Fernández reiterated his call for broad judicial reform on Monday, branding the Judiciary as privileged and politicised as he delivered an annual state of the nation address. The Peronist leader faced a hostile opposition as he delivered a speech marking the opening of the 139th ordinary sessions of Congress, with angry interjections from … Read more
Brazil wants to alter the rules of the Mercosur trade bloc to make it more flexible, so that each country can independently negotiate trade agreements with other nations. “Our goal is for Mercosur to be an efficient negotiating bloc.” Brazil’s Foreign Minister Ernesto Araújo told the AFP news agency in an interview on Thursday. “If … Read more
Argentina’s government is investigating several food companies for allegedly withholding production or deliveries, possibly increasing oversight of an industry that already faces widespread price controls. The Production & Development Ministry plans to investigate Danone SA, Unilever PLC and Procter & Gamble Co, among others, for not “increasing production to its highest level of installed capacity” … Read more
State-run oil company YPF SA needs to come up with more than US$ 1 billion to spur drilling in Patagonia, where the firm is leading development of the biggest shale patch outside the United States. It’s not going to be easy. YPF restructured bonds last week to free up money to spend on shale, which … Read more
Brazilian President Jair Bolsonaro said that more changes are underway after naming a former general to replace the University of Chicago-educated economist running state-controlled Petroleo Brasileiro SA. The leadership change at Petrobras followed a feud with Bolsonaro over fuel prices after Petrobras adjusted them to align with international rates. His comments on Saturday may add … Read more
Argentina’s economic recovery sputtered out in December, tallying its worst month since the start of the pandemic. Economic growth month-over-month slowed to a crawl of 0.9 percent growth, down from 1.4 percent in November. After a short-lived bounce-back from the pandemic in May, the country still tallied an annual descent of 2.2 percent from December 2019, … Read more
With the price of copper reaching a 10-year high thanks in no small part to China’s insatiable appetite, Chile, the world’s leading producer, faces a “unique” opportunity, experts told AFP. Copper rose to US $ 4.21 a pound on the London Metal Exchange on Wednesday, meaning it has doubled its price since March 2020. Now … Read more
Argentina’s economy shrank by 10 percent in 2020 due to the coronavirus pandemic, according to initial estimates published by the INDEC national statistics bureau. Data from the bureau’s Monthly Estimator of Economic Activity (EMAE), published Wednesday, revealed the economy fell by 2.2 percent in December, compared to the same month in 2019, although it was … Read more
The income chasm between the rich and poor in Latin America, dramatically exacerbated by the coronavirus pandemic, has led to efforts to tax the wealthy – though the reception has been uneven across various countries. The Latin American Network for Economic and Social Justice describes the region as “the most unequal in the world in terms … Read more