Economy

Economy
Monday, August 3rd 2015 - 13:44 UTC

China's factory activity shrinks the most in two years

The disappointing results, which focus on small to mid-sized companies, follows on the official survey this weekend which showed signs of a slowing economy.

Factory activity in the world's second largest economy, China, shrank the most in two years in July as new orders fell more than expected. The private Caixin/Markit manufacturing purchasing managers' index (PMI) dropped to 47.8 in July from 49.4 in the previous month.

Monday, August 3rd 2015 - 09:40 UTC

Brazilian currency at its weakest against the US dollar since March 2003

On Friday the US dollar broke the 3,40 Reais barrier for the first time since 20 March 2003. The Brazilian currency in the month of July lost 10.2%.

The Brazilian currency Real lost 1% at the end of trading on Friday and begins this week at 3.42 Reais to the US dollar, the lowest in twelve years, because of the political and economic uncertainties surrounding Latin America's largest economy.

Monday, August 3rd 2015 - 09:29 UTC

Argentine farmers at Palermo show opening: “please don't vote for 'populist adventures'”

“In a few days, democracy will be putting into the hands of all Argentines a powerful tool, a weapon loaded with future,” said Etchevehere next to Macri

Argentine farmers have taken sides decisively ahead of events leading to the presidential election in October and the primaries next weekend. At the opening of the country's major Palermo agriculture show in Buenos Aires, the head of the Argentine Rural Society Luis Etchevehere called on his fellow citizens to avoid supporting “democratically elected leaders but intoxicated with authoritarianism” and “populist adventures”.

Monday, August 3rd 2015 - 08:08 UTC

Unemployment in Magallanes drops slightly to 3.8% in April/June quarter

”Normally unemployment at this time of the year (winter) is higher than in summer months, but it actually dropped slightly” said Carlos Abarzúa

Unemployment in Magallanes region, extreme south of Chile, was 3.8% in the second quarter of the year, which represents a 1.5 percentage point increase over the last twelve months despite a slight fall of 0.2 percentage point compared to the previous quarter (March/May) of 2015, according to the latest release from the INE stats office.

Monday, August 3rd 2015 - 05:07 UTC

Switzerland central bank announces 51bn dollars loss in six months

The central bank warned it might not be able to share any profits with the government this year if results did not improve in the second half of 2015.

Switzerland's central bank announced Friday it had suffered a loss of 50.1 billion francs ($51 billion, 47 billion Euros) in the first half of the year, down on the 16.1 billion francs in profit logged for the same period a year earlier.

Saturday, August 1st 2015 - 09:55 UTC

Brazil reports its worst half year primary deficit since 1997

Last week the government lowered its fiscal targets and this prompted ratings agency S&P to threaten to downgrade Brazil’s investment-grade rating.

The Brazilian government registered a primary deficit of $470 million (1.6 billion Real) in the first half of 2015, according to figures from the National Treasury release on Thursday, O Globo newspaper reported. The deficit is the worst result since 1997. In the same period last year, the government recorded a surplus of $5 billion (17 billion real).

Friday, July 31st 2015 - 06:41 UTC

Maduro takes over brewers complex as Venezuela runs out of beer because of lack of barley

Maduro has accused Polar of sabotaging the economy by hoarding goods and intentionally creating shortages, a charge the company denies.

Venezuela's largest food distributor on Thursday denounced the government occupation of a Caracas warehouse amid accusations that the company is hoarding goods. Soldiers took over the warehouse complex used by Empresas Polar late Wednesday just as Venezuela's federation of brewers announced that Polar's beer manufacturing subsidiary is shutting two of its six plants because of a lack of imported barley.

Friday, July 31st 2015 - 06:25 UTC

Former Fed chief says discussion is not monetary policy but government spending

“To me the discussion today shouldn’t be on monetary policy it should be on how do we constrain this extraordinary rise in entitlements” said Greenspan

Former Federal Reserve Chairman Alan Greenspan warns that government spending “extremely dangerous” to the future of the US economy. Greenspan decried a rise in entitlement costs, which he contended have pressured the U.S. economy.

Friday, July 31st 2015 - 06:08 UTC

UK overtakes Brazil as Santander's most profitable market

Pre-tax profits of £928m eclipsed the €1bn (£700m) posted by the Spanish bank's Brazilian operation, which saw its revenues jump by 9%.

The UK has become Santander's most profitable market, generating just over a fifth of the bank's profits in the first half of 2015. Pre-tax profits in the UK rose £74m to £928m, while revenues were up 5%. The results eclipsed the €1bn (£700m) posted by the Spanish bank's Brazilian operation, which saw its revenues jump by 9%.

Friday, July 31st 2015 - 05:59 UTC

US economy expands at an annual 2.3% in 2Q; strong consumer spending

Consumer spending grew at a rate of 2.9% in the second quarter, compared with 1.8% in the first three months of the year.

The US economy grew at an annualized pace of 2.3% in the three months to June, official figures have shown. The figure - the first estimate of growth in the second quarter - followed an upwardly revised growth rate of 0.6% in the first three months of the year. The Commerce Department said growth was boosted by increased consumer spending and cheaper fuel prices.

Advertisement

Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!

Advertisement