Economy

Economy
Sunday, February 1st 2015 - 21:52 UTC

First tranche of Chinese loan to build dams in Argentine Patagonia; CFK en route to Beijing

China is helping to rebuild Argentine cargo train lines with a 2 billion dollars credit. Some of the first coaches are already functioning in Buenos Aires

The construction of the Nestor Kirchner and Jorge Cepernic dams in Santa Cruz, Patagonia is finally set to begin now that China has deposited the first 287.7 million dollars tranche of funding for the massive 4.71 billion project, Argentine President Cristina Fernández announced before leaving for a state visit to China.

Sunday, February 1st 2015 - 20:47 UTC

'Mercosur does not exist': Uruguay should try a one to one deal with the Europe

“There is no excuse for not attempting a one-to-one agreement with the EU, because other countries in the continent have followed that path” said Riezler

Mercosur does not exist; Uruguay is losing precious time and should try a one to one trade agreement with the European Union, according to Paul Riezler, president of the Euro-Chamber in Uruguay and of the Uruguay-Germany Commerce and Industry Chamber.

Saturday, January 31st 2015 - 10:44 UTC

Moody's downgrades Petrobras credit rating because of corruption scandal

The rating “reflected concerns about corruption investigations and liquidity pressures that might result from delays in delivering audited financial statements.”

Moody's Investors Service has downgraded the credit rating of Brazil's state-owned oil company Petrobras because of the widening kickback-corruption scandal affecting the country's largest corporation.The credit rating agency announced its decision late Thursday in a statement posted on its website.

Saturday, January 31st 2015 - 09:30 UTC

Despite fourth quarter blip US economy fundamentals remain robust with strong tailwind

Even with the moderation in the fourth quarter, growth remained above the 2.5% pace, which is considered to be the US economy's potential.

US economic growth slowed sharply in the fourth quarter as weak business spending and a wider trade deficit offset the fastest pace of consumer spending since 2006. GDP expanded at a 2.6% annual pace after the third quarter's spectacular 5%, the Commerce Department said in its first fourth-quarter GDP snapshot.

Thursday, January 29th 2015 - 08:41 UTC

Federal Reserve pledges to be 'patient' on raising interest rates from record lows

Janet Yellen and her colleagues contained no hint of a big change in Fed policy, but there was an added note of concern about low inflation.

The U.S. Federal Reserve on Wednesday after a two-day meeting reiterated its pledge to be patient and hold off on raising interest rates from the record low levels they’ve been at for the last six years. The Fed also pointed out it was watching “international developments” closely.

Thursday, January 29th 2015 - 07:55 UTC

UK economy expanded 2.6% in 2014, the fastest since 2007

Chancellor George Osborne said figures showed the economy was “on track”, but warned the international economic climate was “getting worse”

The UK's economy grew by 2.6% last year, the fastest pace since 2007 and up from 1.7% in 2013, official figures have from the Office of National Statistics, ONS, have shown. The economy expanded 0.5% in the last quarter of 2014, which was a slowdown from the 0.7% of the previous three months.

Thursday, January 29th 2015 - 07:38 UTC

YPF and China's Sinopec sign memorandum to develop shale oil and gas in Patagonia

The MOU is a “great step forward” that opens new possibilities for the long-term development of Argentine oil and gas resources, said Galuccio (R)

Argentine state-controlled energy company YPF said it signed a memorandum of understanding Wednesday with China's Sinopec pertaining to the eventual development of conventional and non-conventional oil and gas projects in Patagonia.

Thursday, January 29th 2015 - 07:23 UTC

Petrobras releases long delayed 3Q results but did not include reserves for corruption scandal

CEO Graças Foster said testimony indicates bribes were “improperly recognized as part of the cost of our fixed assets, therefore requiring adjustments.”

Brazil’s embattled Petrobras released its long delayed third quarter results Wednesday but did not include any reserves tied to an ongoing corruption scandal that has already landed three former executives in jail. The company recorded a third quarter 2014 net profit of 1.18 billion dollars, down from 1.32 billion during the same period last year.

Thursday, January 29th 2015 - 07:17 UTC

Consumer confidence in Brazil drops in January to its lowest

President Rousseff has a long, hard road ahead to get the economy rolling again

The reading of consumer confidence dropped in Brazil in January--to its lowest level ever--as the country's economy struggled. Brazil's main consumer-confidence index was at 89.8 points in January, down from 96.2 points in December, the Getulio Vargas Foundation, or FGV, said earlier this week.

Thursday, January 29th 2015 - 06:32 UTC

Raul Castro demands the return of Guantanamo and compensation for US trade embargo

The Cuban president told the Celac summit that “if these problems aren't resolved, this diplomatic rapprochement wouldn't make any sense.”

Cuban President Raul Castro demanded on Wednesday that the United States return the U.S. base at Guantanamo Bay, lift the half-century trade embargo on Cuba and compensate his country for damages before the two nations re-establish normal relations.

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