The five-year restructuring plan proposed for ailing Caribbean island Puerto Rico has become a center of criticism from economists, who question that who shall benefit from this debt deal. Economists argue that the debt plan overstated the financial requirements of the island.
South/Central America
Breaking News
Venezuelan telecom sector is reeling under pressure as it lacks additional funds availability, the physical currency of dollars. The cash-strapped telecom companies are unable to strengthen their networks. The soaring inflation doesn't allow them to raise a tariff.
Brazil's investment-grade credit falls beyond correction and into junk territory as Standard & Poor's downgraded the country's debt Wednesday. According to a report from The Guardian, Standard & Poor's said that Brazil lost its investment-grade status as it is projected with a negative outlook. This downgrade is unfortunate as the nation enters a recession.
The widening budget deficit has become a cause of concern for the Brazil. To speed up the economic recovery, the country needs a tax hike to ease the burden, the country's Chief of Staff Aloizio Mercadante said.
British engineering crown jewel Rolls-Royce is dragged into the giant Brazilian scandal, as it has been accused of giving kickbacks to officials involved in the state-owned oil giant Petrobras.
Whether Brazilians like it or not they are again headed for their worst economic crisis. The government reported Friday that the country's gross domestic product (GDP) had plunged 1.9% in Q2 alone and once again putting the nation into a technical recession.
Fast-food giant, McDonald's was recently hit with allegations suggesting that the company has been avoiding making tax payments and abusing their employees during a hearing held in Brazil.
The value of Venezuela's currency, the Bolivar, has nose-dived too fast and has now reached a point where it's worth less than a penny on the US dollar.
Puerto Rico is jacking up its sales tax in a bid to address its fiscal problems. This is considered a regressive move that could ultimately hurt the country's bottom line and its countless poor people.
The continuous fall of peso currency is giving jitters to the Mexican economy. The second largest economy in Latin America is making all the possible efforts to prevent the arrest of its falling peso. It increased dollar auction level by almost four times to support the weakening peso.
Mexico kicked out foreign companies 77 years ago, but just last Wednesday the tables seem to turn as its government auctioned 14 exploration blocks to attract international energy companies, which will hopefully redeem the country's dwindling production.
A local judge in Buenos Aires has allegedly ordered a raid on the home of a technologist who had disclosed insecurities and weak spots in the source code of the software which will be used to tally votes in the second round of the Argentine capital's upcoming mayoralty elections.
Pope Francis complained over unbridled capitalism and the worship of money in a speech he made during his visit in Asuncion, Paraguay on July 12, one of the three countries in South America he visited over the weekend, including Bolivia and Ecuador. Accordingly, Bolivian President Evo Morales said that Pope Francis is preaching socialism, saying that the Pope is the "first and the best politician in the world".
Cuba has opened 35 Wi-Fi access points nationwide, offering unprecedented online access in a country that until now has restricted use of the Internet to an elite few.
Plans by Brazil's Petrobras to sell its stake in ethanol and sugar producer Guarani SA have hit a snag as the state-run oil company has not been offered enough money for the asset, two sources with direct knowledge of the matter said.
