Economy

Economy
Wednesday, November 26th 2014 - 10:30 UTC

OECD warns about Euro zone 'prolonged' stagnation with global impact

“We are far from being on the road to a healthy recovery. Japan has fallen into a technical recession,” OECD Secretary-General Angel Gurria said

Global economic growth in the coming two years is facing difficulties because of problems of recession in Japan and stagnation in the European economies and prospects for healthy growth “are stuck in low gear,” the Organization for Economic Cooperation and Development said on Tuesday.

Wednesday, November 26th 2014 - 09:56 UTC

US economy stronger and growing sturdier than most forecasts

US has seen its strongest two consecutive quarters of growth for a decade. Consumer spending was the biggest driver of the raised expansion estimate.

The US economy grew much faster in the third quarter than first reported, official figures have shown. It expanded at an annual zed rate of 3.9% between July and September, up from the 3.5% first estimated by the Bureau of Economic Analysis.

Wednesday, November 26th 2014 - 09:41 UTC

Pacific Alliance and Mercosur represent 90% of Latam and Caribbean GDP

“The gradual convergence between the Pacific Alliance and Mercosur” is a natural conclusion of the integration, said Alicia Barcena

The Pacific Alliance (PA) and the Common Market of the South (Mercosur) combined represent more than 80% of regional foreign trade as well as population, and more than 90% of GDP and direct foreign investment flows, according to a new report by the Economic Commission for Latin America and the Caribbean (ECLAC).

Wednesday, November 26th 2014 - 06:56 UTC

Ana Botin reshuffles Santander, names new CEO and promotes other managers

Jose Antonio Alvarez is the new CEO. Changes come two months after Emilio Botín's sudden death in September

Spain's Santander, the biggest bank in Europe by market value, reshuffled its command naming Jose Antonio Alvarez as its new chief executive replacing Javier Marin after his two years in the job, the bank said in a statement.

Wednesday, November 26th 2014 - 06:48 UTC

Follow the sand to the real fracking boom

This all puts frac sand in the drivers’ seat of the next phase of the American oil boom, and it has already seen its price increase up to 20% over the past year

When it takes up to four million pounds of sand to frack a single well, it’s no wonder that demand is outpacing supply and frack sand producers are becoming the biggest behind-the-scenes beneficiaries of the American oil and gas boom.

Tuesday, November 25th 2014 - 06:57 UTC

Busy October in South Georgia: 21 harbor calls and 400 paying cruise visitors

The main tourist season started on October 22nd with the arrival of the cruise ship “Ushuaia”. Three more cruise ships visited before the end of the month

October was a busy month for shipping activities in South Georgia with 21 harbor visits to Cumberland Bay and nearly 400 paying passengers visiting, according to the latest edition (October) of the South Georgia News and Events release.

Monday, November 24th 2014 - 07:44 UTC

IMF monitoring impact of Venezuela's economic stress for Caribbean islands

“We are mindful and concerned about the feasibility of PetroCaribe continuing, certainly at the level it has been” said IMF advisor Cantelli

The International Monetary Fund (IMF) says it is monitoring the potential impact any changes to PetroCaribe, Venezuela’s oil alliance with several Caribbean islands will have on regional economies.

Monday, November 24th 2014 - 07:25 UTC

Britain confirms financial assistance to five Eastern Caribbean countries

Walker said the DFID has “listened carefully” to what Eastern Caribbean countries have been saying are the key challenges for the region.

Britain is providing assistance to five Eastern Caribbean countries “to help them return to economic growth while managing the risks from external shocks”. The Department for International Development (DFID) Caribbean says it will work closely with Antigua and Barbuda, Grenada, St Lucia, St Vincent and the Grenadines and Dominica under the new program that runs until 2020.

Monday, November 24th 2014 - 06:37 UTC

Argentine central bank discards 'any devaluation' of the Peso in 2015

Vanoli explained that the Central Bank’s goal is to maintain a managed floating exchange rate regime. “Argentina does not have a fixed exchange rate,” he said.

The head of Argentina's Central Bank Alejandro Vanoli reaffirmed that “there won’t be a devaluation” of the Peso next year and stressed that the government of President Cristina Fernandez will not give in to pressure from the financial market and the export sector.

Saturday, November 22nd 2014 - 09:19 UTC

Brazil committed to advance with EU/Mercosur trade negotiations

“Mercosur has been holding negotiations with the EU; we're in discussions with other countries, but we must look for a way to advance”, said Marcadante

Brazil must speed international trade agreement negotiations, said cabinet chief Aloizo Mercadante, in direct reference to Mercosur and demanding an end to internal disputes.

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