Economy

Economy
Saturday, February 13th 2016 - 08:34 UTC

Macri announces end of mining export duties campaigning for provincial support

Macri short in Congress of sufficient support is wooing provincial governors and lawmakers with more funds and loans to have his legislative program passed.

Continuing with his economic reforms Argentine president Mauricio Macri announced on Friday the elimination of export duties for metallic and non-metallic minerals during a visit to the province of San Juan, a key mining district in Argentina. At the announcement were present several other provincial governors with strong interests in the mining industry.

Saturday, February 13th 2016 - 05:40 UTC

Aurelius hedge fund “baffled” by Argentina's decision to 'continue litigation'

Given “the choice between accepting the substantial haircut we have offered, continuing negotiations, and litigating, Argentina chose to litigate”, said Brodsky

Hedge fund Aurelius Capital Management, one of the major creditors in the Argentine bond litigation who has not agreed to participate in a proposed $6.5 billion settlement, called Argentina's decision to return to court in the dispute “baffling.”

Saturday, February 13th 2016 - 05:32 UTC

Pollack confirms 'eventful week' of negotiations between Argentina and holdouts

“Two major “holdouts” reached agreements in principle with Argentina to settle their claims”, said Pollack. Aggregated, between them, they represent over US$1bn

In the midst of ongoing negotiations in the United States courts between the administration of President Mauricio Macri and holdouts to reach an agreement, special master Daniel A. Pollack on Friday issued a statement reiterating “two major holdouts reached agreements in principle with Argentina to settle their claims.

Friday, February 12th 2016 - 18:47 UTC

Falklands' (oil exploration) “has been a hugely successful campaign”, says Rockhopper

The notice to terminate follows a number of operational issues with the Eirik Raude rig. Chatham well is deferred until Sea Lion pre-development drilling campaign.

Rockhopper Exploration which has a joint venture agreement with Premier Oil offshore the Falkland Islands, described the oil exploration campaign now terminated as a 'huge success' and underlines the postponement of the Chatham well drilling will have no impact on the Field Development Plan for the Sea Lion oil discovery development.

Friday, February 12th 2016 - 18:14 UTC

Falklands' exploratory campaign ended, following termination of ocean rig contract

The rig 'Eirik Rude' experienced a number of material operational issues, according to Premier Oil and Noble Energy

The Falkland Islands government and Premier Oil have announced on Friday the ocean rig 'Eirik Raude' contract termination, which in practical terms puts an end to the current exploratory campaign and the scheduled drilling of the Chatham well. Nevertheless both sides underlined the success of the now terminated campaign with the oil discoveries at the Zebedee and Isobel Deep prospects in the North Falkland basin and look forward to continue working in the near future.

Friday, February 12th 2016 - 06:55 UTC

Lagarde, as sole candidate, has virtually assured five more years as IMF head

Named to head the IMF in July 2011, Lagarde officially entered her nomination for a second term at the World Economic Forum in Davos, in January this year.

The International Monetary Fund (IMF) has nominated current managing director Christine Lagarde for the second term, IMF Executive Board Dean Aleksei Mozhin said in a statement on Thursday.

Friday, February 12th 2016 - 06:33 UTC

France claims the EC has done ”too little too late to help (struggling) farmers”

Prime Minister Manuel Valls said the Commission had so far “done too little, too late,” in response to a downturn in agricultural markets.

France called on the European Commission to do more to help its struggling livestock industry, seeking to defuse protests that have seen farmers block highways and supermarkets.

Friday, February 12th 2016 - 06:21 UTC

Brazil's economic outlook worsens, according to latest central bank survey

The government of president Rousseff expects inflation to end the year within its target range of 4.5%, with a 2 percent band with the top end rate at 6.5%.

Analysts expect Brazil's economy to contract by 3.21% this year, with the outlook worsening from last week, the Central Bank said this week. Seven days ago analysts said they expected Brazil's economy to contract by 3.01% in 2016.

Friday, February 12th 2016 - 06:15 UTC

Falklands' oil industry development continues despite slump in crude prices

”Despite the low oil price environment, the Sea Lion project continues to move forward,” said chief executive Sam Moody.

Rockhopper Exploration flagship project, offshore the Falkland Islands the Sea Lion oil field development, continues to advance despite the recent slump in crude prices.

Thursday, February 11th 2016 - 05:57 UTC

Fed warns about uncertainty in China and tightening financial markets

Yellen said there are good reasons to believe the US will stay on a path of moderate growth that will allow the Fed to pursue “gradual” adjustments to monetary policy.

Tightening financial conditions driven by falling stock prices, uncertainty over China and a global reassessment of credit risk could throw the US economy off track from an otherwise solid course, Federal Reserve Chair Janet Yellen cautioned in a prepared testimony to Congress on Wednesday.

Advertisement

Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!

Advertisement