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UN panel cuts Latin America 2015 growth forecast to 1pc SANTIAGO: Latin America's economies will grow just one percent this year, hit by a weakening global outlook, a UN commission forecast Tuesday, slashing its previous projection of 2.2 percent.The forecast comes after the region's economies grew an estimated 1.1 percent in 2014, their lowest level in five years, according to the Economic Commission for Latin America and the Caribbean (ECLAC).In December, when ECLAC released the regional growth figure for 2014, it predicted a better year of 2.2 percent growth in 2015.But the global economic picture has weakened since then, taking a toll on the region, the UN panel said."This revision reflects a global environment characterized by less economic dynamism than what was expected at the end of 2014," it said in a statement."With the exception of the United States, industrialized countries have revised their growth estimates downward, and emerging economies continue to decelerate."Latin America is also being weighed down by ...

Brazil to send police back into Rio slum after boy's death RIO DE JANEIRO: Brazil will send more officers back into a Rio de Janeiro slum amid public outcry over a 10-year-old boy killed during a police shootout, officials said Sunday.Police say Eduardo de Jesus Ferreira died during a shootout between officers and drug traffickers, but his family insists he was killed by police.Tensions have been high since the killing and police fired tear gas Friday to break up a protest over the boy's death. The ...
Fuel storage tank fire near Brazil's Santos port enters 4th day RIO DE JANEIRO: A fire at a fuel storage facility near Brazil's largest port Santos entered its fourth day on Sunday as 110 firefighters worked to stop the flames from spreading further, the local fire department said.Six fuel tanks run by Ultracargo, owned by Brazil's Grupo Ultra, were hit since the blaze started on Thursday morning, sending a column of thick black smoke into the air. Three of them were still burning on Sunday, the ...
Peru names new PM after spying scandal LIMA: Peru's President Ollanta Humala named a new prime minister on Thursday, moving to end a crisis sparked by spying allegations leveled at the previous premier, who was sacked by Congress.The new premier is Pedro Cateriano, who until now had served as defense minister.In a surprise move, the president also named a new foreign minister.The now ex-prime minister, Ana Jara, was deposed in a no-confidence vote late Monday after media reports that the powerful National ...
Peru cabinet chief sacked in spy scandal, president in crisis LIMA: Peruvian President Ollanta Humala was left scrambling to find a new cabinet chief Tuesday after Congress sacked the incumbent, Ana Jara, over allegations of domestic spying.Jara was deposed in a no-confidence vote late Monday after media reports that the powerful National Intelligence Directorate, or DINI, spied on politicians, journalists, business leaders and thousands of everyday citizens.The cabinet chief had been under fire since March 19, when news magazine Correo Semanal published a sweeping list ...
Brazil builder with ties to Petrobras files for bankruptcy SAO PAULO: Brazil builder OAS, which prosecutors accuse of involvement in the massive corruption scandal at state oil firm Petrobras, filed for bankruptcy protection for nine of its units Tuesday.OAS is accused of being part of a group of companies that paid bribes to politicians and Petrobras executives in exchange for contracts in the oil company."Since the beginning of the investigations at Petrobras, the financial institutions have systematically restricted the access of enterprises to the ...
Argentina unions launch transport strike over tax burden BUENOS AIRES: Transport unions in Argentina launched a 24-hour strike at midnight Monday over a tax regime they say hurts the lowest earners. It is the fourth major stoppage against President Cristina Kirchner, who took power in 2007 and completes her second term at the end of this year. The protest threatened to paralyze bus services, subways, trains, taxis, fuel service stations, airline flights and ports. Because of the strike the airlines LAN of Chile ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln