Brazil posted a lower than expected trade surplus of $5.444 billion in July, official data showed on Monday, with growth in imports again strongly outpacing that of exports, Reuters reported. The figure came below the median forecast of a $6.993 billion surplus in a Reuters poll. Imports rose 41.6% in July over the same month last year, to $24.511 billion, the Economy Ministry said. Exports grew by 23%, to $29.955 billion, added the ministry, stressing that higher prices boosted the results in both cases.
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Some holders of Ecuador's sovereign dollar-denominated bonds maturing in 2030, 2035 and 2040 have received interest payments which had been due on the securities on July 31, Reuters reported. A Luxembourg bailiff had ordered banks to freeze assets held by Ecuador at accounts in the country as a result of a dispute over a $391 million settlement award that Anglo-French oil company Perenco says remains unpaid, a document seen by Reuters show.
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Argentine President Alberto Fernández, grappling with a political crisis within his ruling coalition, on Thursday fired the economy minister he appointed three weeks ago and replaced her with an influential lawmaker and ally as he faces economic turmoil, WSJ Pro Bankruptcy reported. Sergio Massa, currently president of the lower-house of Congress, will take over as economy minister, the president’s office said in a statement. The president also gave Mr.
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Brazil created a net 277,944 formal jobs in June, with all sectors of the economy posting growth, figures from the country's labor ministry showed on Thursday, Reuters reported. That number, however, was lower than the 317,812 jobs created in the same month last year, said the ministry, which based its figures on adjusted government data. Net job creation in South America's largest economy reached 1.335 million in the six months of the year, with each month recording growth.
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Argentina's central bank raised its benchmark interest rate by eight percentage points on Thursday to 60%, marking its seventh hike this year alone, in a renewed push to tame surging inflation as the country suffers a deepening economic crisis, Reuters reported. The so-called Leliq interest rate set by the country's monetary authority was previously at 52%, but analysts expect inflation could exceed 80% this year as the governing coalition is rocked by growing internal divisions over spending as well as the tightly-controlled exchange rate.
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The International Monetary Fund said Argentine officials reaffirmed the nation’s commitment to its $44 billion program with the fund, attempting to shore up confidence after the economy fell deeper into crisis, Bloomberg News reported. Argentine Economy Minister Silvina Batakis “agreed on the importance of decisive program implementation,” IMF Managing Director Kristalina Georgieva tweeted Monday after meeting the new minister, who retweeted the comment.
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Brazil posted a current account deficit of $2.764 billion in March, the lowest shortfall for the period in five years, amid a solid performance in foreign trade, central bank data showed on Monday, Reuters reported. This was the best reading for March since 2017, when the country recorded a current account surplus of $185.5 million. The performance was backed by an improvement in the trade balance, which showed a surplus of $6.109 billion against a $514 million deficit in March 2021.
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Argentina is loosening some currency restrictions for foreign tourists and importers as the peso’s unofficial exchange rates extended a month-long slump, Bloomberg reported. Importers of strategic sectors in the economy will have more access to dollars, the government said in a statement Thursday, as it seeks to avoid shortages of imported goods. Meanwhile, foreign tourists who are not residents in Argentina will be able to exchange as much as $5,000 for pesos at a more lucrative exchange rate than the official one, a measure aimed to shore up the local currency.
Brazilian planemaker Embraer SA on Tuesday announced a partnership with BAE Systems PLC to expand its footprint in the global defense market, including a joint venture to develop a defense variant of an electric aircraft, Reuters reported. Embraer, at the Farnborough Airshow in the U.K., said that it has signed two memorandums of understanding with BAE Systems to go forward with projects involving its C-390 series and the electrical vertical take-off and landing (eVTOL) vehicle to be produced by Eve Holding Inc.