Economy

Economy
Saturday, April 25th 2015 - 06:33 UTC

Oil price war may benefit both US Shale and Saudi Arabia

After the oil price crash in 1985, it took almost twenty years for prices to revert to previous levels; this could mean oil does not return to $100 a barrel until 2035

Even as financial commentators on CNBC are starting to come around to the idea of a bottom in oil prices, the key question for US oil producers remains one of timing. How long will the oil price slump last? Is this a relatively short term event like 2008, or a longer term slump like the one in the mid 1980’s?

Saturday, April 25th 2015 - 05:41 UTC

Argentine economy picking up boosted by agriculture; manufacturing continues downfall

The EMAE, (production of goods and services) increased 0.9% in February compared to the previous month, the best performance since April 2014

Economic activity in Argentina expanded 1.4% in February compared to the same month last year, boosted by the agricultural sector and a hike in consumption, making it the highest increase since January 2014, according to the latest release from the country's stats office, Indec.

Friday, April 24th 2015 - 08:51 UTC

Petrobras normalizing links with investors on improved governance and transparency

“It's impossible to have a normal relationship with investors because there's no transparency without the numbers,” Ivan Monteiro

With the release of audited financials, Brazilian oil giant Petrobras believes it has started to normalize its relationship with investors and to implement better corporate governance in the wake of the financial scandal that has rocked the company, its chief financial officer said on Thursday.

Friday, April 24th 2015 - 08:43 UTC

Good news for Brazil: economy adds jobs for the first time since November

Job creation remained lackluster by historical standards: over the past decade, the Brazilian economy usually added more than 100,000 jobs per month.

Brazil's economy added jobs in March for the first time since November, government data showed on Thursday, suggesting the country's likely recession may not be as severe as many economists feared. Factories, farms and services companies in Brazil added a net 19,282 jobs in March, the Labor Ministry said, topping market expectations for 25,000 net firings.

Friday, April 24th 2015 - 08:25 UTC

Deutsche Bank agrees to pay 2.5bn fine for manipulating the LIBOR rate

NYDFS Superintendent Lawsky said staff at the bank had engaged in a “widespread effort to manipulate benchmark interest rates for financial gain.”

The New York State Department of Financial Services (NYDFS) announced Thursday that Deutsche Bank had agreed to pay 2.5 billion (2.3 billion Euros) to US and UK authorities as part of a legal settlement over the bank's role in manipulating the London Interbank Offered Rate (Libor).

Friday, April 24th 2015 - 08:08 UTC

EU regulators Russia's Gazprom of abusing dominant position; fine could reach 16bn

“Gazprom may have built artificial barriers, …hindering cross-border competition,” said European Competition Commissioner Margrethe Vestager

Russia’s biggest gas utility, Gazprom, was hit with an antitrust case by European Union regulators for “abusing” its dominant position and overcharging customers for gas supplies. The investigation against the Gazprom has been ongoing for two years.

Friday, April 24th 2015 - 08:03 UTC

Nasdaq index beats its 2000 record, closing at an all time high of 5.056

The rise of Apple has been an important part of the Nasdaq's recovery. It launched the iPod in 2001 and the iPhone in 2007.

The United States tech-heavy Nasdaq index has closed at a record high, surpassing a level it last reached in 2000 at the height of the dot com bubble. The index gained 20.89 points to close at 5,056.06, besting the high of 5,048.62 it hit on 10 March 2000.

Thursday, April 23rd 2015 - 08:54 UTC

Griesa rules hedge funds entitled to details of recent Argentine bond offering and banks must comply

District Judge Thomas Griesa

U.S. judge on Wednesday ruled that hedge funds suing over unpaid debt stemming from Argentina's 2002 default are entitled to details of a recent bond offering by Buenos Aires.

Thursday, April 23rd 2015 - 08:45 UTC

Brasil's third biggest builder contracting drastically after Petrobras scandal and bankrupcy

OAS hopes to start talks with creditors on how to restructure the 8 billion Reais that the group owes to banks, suppliers and bondholders.

Brazilian engineering conglomerate Grupo OAS expects revenue to shrink more than 50% by 2017 as it sells operations and refocuses on civil construction after filing for bankruptcy protection due to a bribery scandal at a state-run oil company.

Thursday, April 23rd 2015 - 07:09 UTC

Petrobras reveals extent of its losses because of corruption and mismanagement

CEO Bendine said, “we have made our best efforts to turn the page on this sad chapter that the company has passed through.”

Brazil's state-run oil giant Petrobras which has been bashed by a wide-spread corruption scandal, reported on Wednesday a 2014 net loss of 21.6 billion Reais (7.2 billion dollars) after taking 50.8 billion Reais in charges.

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