Economy

Economy
Saturday, October 25th 2014 - 12:50 UTC

BP and GDF Suez announce discovery of new field in UK Central North Sea

The discovery has been called Marconi by GDF Suez subsidiary GDF Suez E&P UK, while BP has named it Vorlich ( Pic Thinkstock)

Oil firms BP and GDF Suez have announced the discovery of a new field in the UK Central North Sea. The find, which spans adjacent blocks operated separately by the two companies, has been flow-tested at a maximum rate of 5,350 barrels per day.

Saturday, October 25th 2014 - 10:09 UTC

Another hedge fund, Dart container, after Argentine assets to cash defaulted bonds

“EM now seeks an injunction from this court that is the same as the injunction that was issued in NML v. Argentina,” Dart’s hedge fund said

Billionaire Kenneth Dart’s EM Ltd. is seeking to take advantage of a U.S. court ruling won by fellow billionaire hedge fund manager Paul Singer NML Capital, as he seeks payment on 835 million dollars in defaulted Argentine bonds.

Saturday, October 25th 2014 - 10:02 UTC

Argentina's bonds dispute: Judge Griesa delays a week a Citigroup hearing

In a brief order Friday Griesa said the hearing, originally set for Dec. 2, will now take place Dec. 9.

U.S. District Judge Thomas Griesa has delayed by a week a December hearing to consider whether Citigroup Inc should be allowed to process an interest payment by Argentina on bonds issued under its local laws following its 2002 default.

Friday, October 24th 2014 - 06:38 UTC

Argentine economic activity slumps 1.2% in August reveal official stats

Restrictions on access to foreign currency have caused serious supply problems for the purchase of necessary parts and other inputs for industry from overseas.

Argentina's economic activity index slumped 1.2% in August compared with the same month a year earlier, official data showed on Thursday, underscoring a slowdown in Latin America's third-largest economy.

Friday, October 24th 2014 - 04:20 UTC

Argentine farmers agree release grains following accord with government

The 5.7bn dollars pledged in sales by the chambers represent a 70% increase on Argentine total grain exports of 4bn dollars for the same period last year

Argentine grain exports will total US$5.7 billion in the fourth quarter of the calendar year, the CIARA and CEC chambers promised on Wednesday, after seemingly successful negotiations with the government of President Cristina Fernandez that is eager to inject much-needed export dollars into the economy.

Thursday, October 23rd 2014 - 05:57 UTC

US Appeals court sends Argentina back to Judge Griesa on BONY's case

In a order the Appeals court said it lacked jurisdiction as the August ruling by District Judge Griesa was a clarification rather than modification

A U.S. appeals court on Wednesday dismissed the Argentine government's appeal of an order directing Bank of New York Mellon Corp to hold onto 539 million dollars the country deposited for its restructured bondholders.

Thursday, October 23rd 2014 - 05:26 UTC

Jaguar-Land Rover begins production in China in joint venture with Chery

“Making the Range Rover Evoque in Changshu is a result of our commitment to bringing more Chinese vehicles to Chinese customers” said CEO Dr Ralf Speth

Tata group's Jaguar Land Rover established its first overseas manufacturing unit in China this week. The facility is the first joint venture between British auto maker Jaguar Land Rover and Chinese automotive company Chery Automobile Company Ltd.

Wednesday, October 22nd 2014 - 15:13 UTC

Falklands' program to monitor social effects of hydrocarbons development

The project is co-funded by FIG, Premier and Noble oil companies

The Falkland Islands government discussed and agreed proposals from the Policy Department on a Social Effects monitoring program in respect of hydrocarbons development, according to the report on the latest Executive Council meeting.

Tuesday, October 21st 2014 - 06:24 UTC

UK company confirms discovery of oil in the Paraguayan Chaco

“Whilst we are most satisfied with this discovery, President is now focused on drilling down to the original target which still lies in front of us”, said Levine

President Energy announced on Monday it has discovered good oil-bearing zones at its Lapacho drill in the Paraguayan Chaco and confirms strong hydrocarbon pay at its Jacaranda well.

Monday, October 20th 2014 - 22:17 UTC

UK businesses export support plan represented £49.1 billion to the economy

Trade Minister Lord Livingston said that over the last 4 years, UKTI has more than doubled the number of companies it has helped.

The number of United Kingdom businesses receiving export support has increased by 50% in the last financial year, Trade Minister Lord Livingston announced on Monday. This translates into a total of 47,960 businesses in 2013 to 2014 which exported for the first time or found new markets through its extensive network of specialists in the UK and in British embassies around the world.

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