Economy

Economy
Sunday, August 28th 2016 - 03:56 UTC

Rousseff takes the stand on Monday, following the round of defense witnesses

Tension is building ahead of Monday when Rousseff, from the leftist Workers' Party, will take the stand for the first time and face her accusers.

Suspended Brazilian president Dilma Rousseff's former economy minister testified Saturday that Rousseff did not break any laws justifying impeachment, as her trial closed in on next week's climax. Rousseff is accused of taking illegal state loans to help bridge budget shortfalls and mask the true state of the economy during her 2014 reelection campaign. The president argues the charges are trumped up and amount to a rightwing coup.

Saturday, August 27th 2016 - 05:32 UTC

Tierra del Fuego gas field inauguración suspended; Macri wants to attend

Apparently the ceremony has been postponed for October, when president Macri is expected to attend visiting the offshore rig

The inauguration ceremony of the Vega Pléyade natural gas field offshore Tierra del Fuego scheduled for Friday, has been postponed, although no official explanation has been given, it is believed that Argentine President Mauricio Macri was determined to attend, but his political agenda is too full precisely over the energy controversy and the fact next week he flies to China for the G20 summit.

Friday, August 26th 2016 - 11:44 UTC

Total inaugurates gas field offshore Tierra del Fuego with potential production of 10m cubic meters per day

A joint operation of Total Austral, Wintershall Energy and Panamerican South the well is located in 50 meters deep water and linked through a 77kms pipeline

Argentina will officially inaugurate this Friday the Vega Pléyade natural gas field, twenty kilometers offshore Tierra del Fuego to the south of the San Sebastián bay. The field started production last February and as “a production potential of 10 million cubic meters per day”.

Friday, August 26th 2016 - 10:55 UTC

Argentina's economy contracts 4.3% year-on-year in June

 Economic activity shrank at a seasonally adjusted 0.3% pace in June from May, Indec said. A downturn in construction likely drove the contraction in June.

Argentina's economy shrank 4.3% year-on-year in June, a much sharper contraction than expected in the first official growth data reported during President Mauricio Macri's term.

Friday, August 26th 2016 - 07:01 UTC

Macri claims Kirchnerism created 750.000 government jobs to hide a stagnant economy

Macri said that what matters is the fact that the proportion of the population that is effectively employed in Argentina “barely exceeds” 40%

President Mauricio Macri expressed concern that Argentina's employment rate “barely exceeds” 40% and criticized previous administrations for creating 750,000 government jobs to hide what he said was its inability to grow the economy.

Thursday, August 25th 2016 - 08:23 UTC

The world has rediscovered Brazil

Brazil has hosted an extraordinary event, and this is the work of all Brazilian people.

By Michel Temer, Acting President of the Republic - The Olympic Games were an absolute success. This is the result of the work of each person who helped build the stadiums, the metro, the Olympic Village; each carioca who gave the right directions to our visitors.

Wednesday, August 24th 2016 - 07:53 UTC

Chileans massive protest to end the private pension system; Bachelet's approval plummets to 15%

 Opponents of Chile’s private pension system say it forces workers to give their earnings to for-profit funds that do not ensure a dignified old age for all Chileans.

Tens of thousands of Chileans took to the streets throughout the country on Sunday, seeking to increase pressure on the government to throw out Chile’s private pension system in favor of one that would provide better retirement benefits.

Wednesday, August 24th 2016 - 07:25 UTC

Argentina unemployment in second quarter, 9.3%; first official data since Macri took office

“It is obvious that we have a serious situation in the labor market,” said Jorge Todesca, head the statistics agency.

Argentina had 9.3% unemployment in the second quarter of the year, the government's Indec statistics agency said in a report on Tuesday. It was the first official unemployment data to be published by Argentina since Mauricio Macri became president in December.

Tuesday, August 23rd 2016 - 09:03 UTC

Fed vice-president optimistic about US economy employment and inflation targets

“We are close to our targets,” Fischer said on Sunday, adding that jobs growth had been “remarkably resilient”. However he did not mention interest rates

The Federal Reserve is close to hitting its targets for US employment and 2% inflation, according to the central bank's vice chairman, Stanley Fischer. In a speech in Colorado, the Fed's number two policymaker was upbeat about the economy's recovery and prospects.

Tuesday, August 23rd 2016 - 06:37 UTC

Premier Oil currently drafting a Project Proposal for oil production in the Falklands

The Mobile Offshore Drilling Unit (MODU) will drill subsea wells, which will include oil-producing, water-injection and gas-production wells.

The commercialisation of the Sea Lion Oil Field off the Falkland Island’s continues to take steps forward as Premier Oil prepares a detailed project proposal to be submitted to the Falkland Island’s Government (FIG). Premier Oil has been undertaking public consultations in the Falklands over the past week as part of their Environmental Impact Assessment, which will support their application to FIG to proceed with oil development.

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