Economy

Economy
Tuesday, May 31st 2016 - 07:36 UTC

Poor squid season hits Argentina's seafood exports in first quarter

Squid not only had a bad season, but sales dropped 47.4% over the same period the previous year. However the improved price 29%, meant revenue fell by 32.2%.

Argentina's Under Secretariat of Fisheries reported that landings between January first and 30 April plummeted19.3% but exports in the first quarter achieved significant growth in foreign currency: 16.2%, with a slight increase in volume 1.7%. The poor landings are attributed to a “terrible” squid season, while the jump in export value was supported by extraordinary sales of shrimp.

Tuesday, May 31st 2016 - 07:21 UTC

Brazil's posts a primary budget surplus in April, because of annual income tax collection

Treasury chief Otavio Ladeira said the steep surplus was due to an increase in the collection of the annual income tax due in April and a drop in expenditures

The Brazilian government posted a primary budget surplus in April well above market expectations due to a seasonal increase in tax revenues and a drop in subsidies, a senior official said on Monday. The government, which is struggling to lift the economy out of a deep recession, posted a primary budget surplus of 9.751 billion reais (US$2.72 billion) in April.

Tuesday, May 31st 2016 - 06:40 UTC

Latam is suspending flights to Venezuela because of the government's mounting debts

In a statement, Latam airlines said it would suspend its operations to Caracas airport “temporarily and for an unspecified time”.

The largest airline in Latin America, Latam, (Lan Chile and Braizl's TAM) announced it is suspending its flights to Venezuela because of the worsening economic situation. The suspension came a day after Germany's Lufthansa said it would suspend its services to the country.

Monday, May 30th 2016 - 07:36 UTC

Venezuela's public sector will only work Mondays and Tuesdays for another two weeks

President Maduro's administration blames the power shortage on a drought caused by the El Niño weather phenomenon

Venezuela's government on Saturday extended by two weeks a decree reducing the public sector workweek to Mondays and Tuesdays in a bid to tackle the oil-rich country's electricity crisis. The enforced leave was first announced in late April, a drastic move for a government also grappling with an economic crisis that has Venezuelans queuing for hours to buy scarce supplies.

Sunday, May 29th 2016 - 14:28 UTC

World health experts call for Rio Olympics to be postponed or moved given Zika spread fears

“The Brazilian strain of Zika virus harms health in ways that science has not observed before,” the letter said.

More than 100 health experts have called for the Rio Olympic Games to be postponed or moved because of fears that the event could speed up the spread of the Zika virus around the world, according to a public letter published online.

Sunday, May 29th 2016 - 08:23 UTC

“Modern Times”, robots rapidly replacing workers in electronics factories

Xu Yulian, head of Kunshan region PP.RR., said: “More companies are likely to follow suit.” China is investing heavily in a robot workforce.

Apple and Samsung supplier Foxconn has reportedly replaced 60,000 factory workers with robots. One factory has “reduced employee strength from 110,000 to 50,000 thanks to the introduction of robots”, a government official told the South China Morning Star.

Saturday, May 28th 2016 - 07:46 UTC

British Pavilion at Uruguay's main agriculture show, Expo Prado, next September

Ambassador Lyster-Binns said the aim is to promote UK exports and provide UK companies in Uruguay a platform to sell and promote their products or services.

At a breakfast at the residence of Ambassador Ben Lyster-Binns on May 25th, the British Embassy in Montevideo and the Rural Association of Uruguay (ARU) presented the proposal for the British Pavilion at Expo Prado 2016. Representatives of several companies that have ties with the UK, many of which already formed part of the pavilion in 2015 and 2014, attended the event.

Saturday, May 28th 2016 - 06:50 UTC

Magallanes region expanded 6.3% in the first quarter boosted by fisheries and construction

Manufacturing was concentrated in fish and sea food elaboration and packing, plus the chemistry industry, and artisanal beer

Magallanes region in the extreme south of Chile reported an economic activity of 6.3% during the first quarter of the year, according to the country's stats office, INE, only behind Atacama, 8.9% and Maule, 7.2%.

Saturday, May 28th 2016 - 06:38 UTC

UK and Eire farmers warn about falling farm-gate prices, and celebrate exclusion of Mercosur beef

NFUS livestock committee chairman Charlie Adam said that processors must start working with farmer representatives, rather than dictating to them

Following a meeting to discuss common concerns, the British Isles' farming unions – NFU Scotland, the English NFU, NFU Cymru, the Ulster Farmers Union and the Irish Farmers Association – issued a joint statement warning buyers that the downward pressure on farm-gate prices was “sapping confidence” out of the sector.

Thursday, May 26th 2016 - 11:51 UTC

A debt agenda for G7 meeting in Japan

In the United States, the Congressional Budget Office estimates that the federal government debt doubled over the past decade, from 36% of GDP to 74% of GDP.

By Martin Feldstein - On May 26-27, the heads of the Group of Seven leading industrial countries will gather in Japan to discuss common security and economic problems. A major common problem that deserves their attention is the unsustainable increase in the major developed countries’ national debt. Failure to address the explosion of government borrowing will have adverse effects on the global economy and on debt-burdened countries themselves.

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