Economy
Economy feedPetrobras testing discovery of “huge” natural gas reserves in Peru’s Amazon
Brazil’s Petrobras said on Friday it is still studying drilling results from lot 58 in Peru’s Amazon and has yet to estimate natural gas deposits there, a day after Peruvian President Alan Garcia said the company struck a large find.
Mining and construction backbone of Chile’s economic recovery
Mining and construction industries have led Chile’s economic recovery, according to a recently released economic report.
British Airways reports record loss and faces threat of strikes
British Airways reported a record pre-tax loss Friday of more than 485 million US dollars, another setback for the airline as it faces the threat of strikes over the Christmas period.
Roubini warns of an assets bubble because of the dollar-carry trade
The prevalent dollar-carry trade, in which investors borrow US dollars at 0% interest rates, to park in risky assets across the globe could come to an end in the foreseeable future, which may result in a major crash in such risky asset classes such as equities and commodities, according to economist Nouriel Roubini.
US economy shedding jobs for 22nd month in a row, longest period in 70 years
The unemployment rate in the United States rose to 10.2% in October, which was its highest rate since April 1983, according to figures from the US Labour Department. Unemployment in September was 9.8%.
EU/Mercosur round of talks agreed negotiations remain stalled
The European Union and Mercosur closed on Friday a three-day round of talks unable to re-launch the stalled trade negotiations, although both sides were quick to point out to the “advances” of the last five years.
Bank of England to pump extra £ 25 billion to the economy
The Bank of England voted on Thursday to pump an extra £25 billion into the economy amid concerns over getting the UK’s faltering recovery out of recession. The quantitative easing (QE) program aimed at increasing the money supply and helping the economy no stands at £ 200 billion.
Brazilian industry suggests direct negotiations with EU, leaving aside Mercosur
Brazil’s all powerful Sao Paulo Federation of Industries, FIESP, said it is willing to yield positions so a free trade agreement can be reached with the European Union but also suggested Brazil should leave Mercosur aside.
Magallanes Region economy contracted 1.3% from 2004 to 2008
Magallanes Region, in the extreme south of Chile, economic performance from 2004 to 2008 has been one of the worst of the country according to the regional report from Chile’s Central Bank. The region experienced in the period a 1.3% GDP contraction, the only negative result of all Chilean regions.
Argentina after an agreement with the IMF at the G20 Scotland meeting
Argentina’s Economy Minister Amado Boudou travels to Scotland Thursday where he will participate in a meeting with his G-20 counterparts. Boudou is also scheduled to meet with International Monetary Fund (IMF) head Dominique Strauss-Kahn.
