Economy

Economy
Thursday, September 29th 2016 - 11:23 UTC

Brazil central bank sees annual inflation targets within arm's reach

The central bank quarterly inflation report released this week lowered its 2017 inflation forecast to 4.4% from 4.7%.

Brazil's central bank expects annual inflation to ease below the government's 4.5% target in 2017 after years of hovering well above that goal, leaving the door open for cutting some of the world's highest interest rates as early as October. The bank also held its estimate for an economic contraction of 3.1% in 2016, but it expects the economy to grow 1.3% in 2017.

Thursday, September 29th 2016 - 10:35 UTC

One in three Argentines, 8.8 million live in poverty and 1.7 million are indigent

Now we know the truth of this heartbreaking situation: one out of three Argentines is below the poverty line which hurts but also makes us furious, said Macri

Nearly one-third of Argentina’s population lives in poverty, the government said on Wednesday in the first official poverty data published in three years, underscoring the difficulty of reaching President Mauricio Macri’s stated “zero poverty” goal. The ranks of the poor surveyed in Argentina totaled 8.8 million people, or 32.2% of the population in 31 urban areas surveyed.

Wednesday, September 28th 2016 - 12:26 UTC

Iran-Saudi Arabia can't agree on limiting oil supply: “maybe in November”

“The gap between OPEC countries is narrowing. I don't expect that an agreement will come out of the consultations tomorrow,” Saudi minister Khalid al-Falih said

Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude.

Wednesday, September 28th 2016 - 10:04 UTC

Global trade set to grow at its slowest pace since 2009 financial crisis warns WTO

WTO said that global trade was now estimated to expand by just 1.7% this year, compared to its April projection of 2.8%.

The World Trade Organization Tuesday lowered its global trade forecast, warning that anti-globalization rhetoric and Brexit were pushing trade growth to its slowest pace since the financial crisis. The warning comes as talks on a landmark free trade deal between the European Union and the United States faces stiff opposition and Britain’s EU exit causes jitters.

Wednesday, September 28th 2016 - 08:10 UTC

Argentina lost 12% of national flock to severe drought in north Patagonia

The lack of humidity is recurrent with the most impact between 2007 and 2011, plus very cold temperatures and the eruptions of Chaiten and Puyehue volcanoes.

North Patagonia in Argentina is suffering the worst drought is 17 years which has meant the loss of 1.8 million sheep, since 2007, and so far this year rainfall has been 45% below the historic average.

Wednesday, September 28th 2016 - 07:46 UTC

Foreign tourists in Argentina will be refunded VAT on hotel services

Macri signed the order at Casa Rosada during a World Tourism Day event with Tourism minister Santos, Finance minister Prat Gay and industry representatives.

Argentine president Mauricio Macri signed an executive order on Tuesday under which foreign tourists will receive a refund of the value-added tax, or VAT, paid on hotel services in an effort to attract more visitors to Argentina and boost tourist businesses.

Tuesday, September 27th 2016 - 08:17 UTC

Accessible Tourism, theme of World Tourism Day 2016

“All of the world’s citizens have the right to experience the incredible diversity this planet has to offer” said UNWTO Secretary-General, Taleb Rifai.

Tourism for all: people with disabilities, senior citizens and families travelling with small children, and sooner or later all citizens will appreciate the advantages of universal accessibility. This is why UNWTO has chosen to celebrate World Tourism Day 2016 on the theme of accessible tourism. Official celebrations will take place on 27 September in Bangkok, Thailand.

Tuesday, September 27th 2016 - 08:07 UTC

Deutsche bank in danger zone: shares down 50% this year and sliding

Focus, which cited “government circles”, said the government had made it clear that Deutsche Bank will not receive any bail out

Shares in Deutsche Bank were down sharply after a report that the German government won’t intervene with U.S. officials who are pressing the bank to pay US$14 billion to settle an investigation into its sales of mortgage-backed securities. The bank’s shares closed down 7.5% at 10.55 Euros on Monday after the Friday report from Focus magazine.

Monday, September 26th 2016 - 10:56 UTC

US Treasury Secretary on advisory visit to Argentina, Brazil, Colombia and Mexico

 “Our message is very much one about the benefits of ongoing economic reforms, and disciplined economic policies in these economies,” the Treasury official said

U.S. Treasury Secretary Jacob Lew will urge his counterparts in Argentina, Brazil, Colombia and Mexico to press ahead with economic and fiscal reforms aimed at restoring or strengthening growth, a senior Treasury official said on Friday. Lew will be visiting the four largest Latin American economies this week beginning with Argentina on Monday, recognizing efforts by President Mauricio Macri to reintegrate Argentina into the global economy.

Saturday, September 24th 2016 - 20:04 UTC

August FAO Food Price Index at its highest since May 2015; all commodities up except for cereals

Prices rose for all dairy commodities that compose the Index, in particular for cheese, whole milk powder and butter and average a 14% increase over July 2015

The FAO Food Price Index (FFPI) averaged 165.6 points in August 2016, up 3 points (1.9%) from July and almost 7% above the corresponding period last year. The August value of the Index is the highest since May 2015. Except for cereals, prices of all other commodities used in the calculation of the FFPI rose in August, led by dairy, oils and sugar.

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