Economy

Economy
Wednesday, September 2nd 2015 - 08:30 UTC

Despite China, for the Fed and BoE, an interest rate raise still on the table

Stanley Fischer was circumspect whether he would prefer to raise rates from near zero at a much-anticipated policy meeting on Sept. 16-17.

United States inflation will likely rebound as pressure from the dollar fades, allowing the Federal Reserve to raise interest rates gradually, Fed Vice Chairman Stanley Fischer said on Saturday in a speech careful not to overreact to a possible Chinese slowdown.

Wednesday, September 2nd 2015 - 08:06 UTC

Petrobras union announces an 'open-end' strike to protest investment cuts

The union is against any sale of Petrobras assets and would like to see the company to be 100% owned by Brazil's government.

Brazil's largest oil workers' union advised Petrobras that it plans to begin an open-ended strike against the state-run oil company starting at midnight (0300 GMT) on Friday. The strike is in protest at a recent cut of about 40% in investments by Petrobras and the planned sale of about $15.1 billion of assets, the union, known as FUP, said in a statement on Tuesday.

Wednesday, September 2nd 2015 - 07:53 UTC

World economy heading for the perfect storm?

The financial crisis everybody has been waiting for is a “hard landing” of the Chinese economy, the world's second-biggest. It now seems to have arrived..

By Gwynne Dyer - Good things come in threes, but so do bad things. Especially in economies. The financial crisis everybody has been waiting for is a “hard landing” of the Chinese economy, the world's second-biggest. It now seems to have arrived, though the Chinese government is still denying it.

Wednesday, September 2nd 2015 - 06:39 UTC

Argentina revokes license of HSBC president for not preventing tax evasion

“Mr. Gabriel Diego Martino did not direct the necessary actions to mitigate and address suitably the risk of prevention of money laundering and financing of terrorism

Argentina's Central Bank (BCRA) has revoked the license of Gabriel Martino as president of the HSBC, forcing him to step down from his post. The entity commanded by Alejandro Vanoli considered Martino responsible for failing to establish “necessary” control mechanisms to prevent clients from evading taxes and moving capital abroad.

Wednesday, September 2nd 2015 - 06:27 UTC

Petrobras increases price of LPG by 15%, the first adjustment in 13 years

The gas, sold in standard and ubiquitous steel bottles holding up to 13 kilograms of LPG, is essential for cooking and heating for millions in Brazil

Brazil's Petrobras announced late Monday that it would raise the wholesale price of liquefied petroleum gas (LPG) by 15% effective Tuesday, the first price adjustment for the essential cooking gas in 13 years. The move is part of efforts by Petrobras to reduce losses on fuel sales, a company Petrobras source said.

Wednesday, September 2nd 2015 - 06:10 UTC

Sky Airlines begins operating in Chile as a low-cost carrier

Sky Airlines has a fleet of fifteen Airbus 320 and 319, which among other places flies to Punta Arenas, extreme south of Chile.

As of next Friday, Chile's Sky Airlines becomes a budget or low cost airline with no food served on board, and at the most a soft drink. This is part of the changes to be implemented during the next 12 months by Holger Paulmann CEO and owner of the airline which was started by his father Jürgen Paulmann.

Wednesday, September 2nd 2015 - 06:01 UTC

Chinese markets open Wednesday on the slide; Canada enters recession

Chinese markets close on Wednesday evening for a two-day holiday to commemorate the end of World War Two.

Asian markets continued to fall on Wednesday, with Shanghai opening down more than 4% amid continuing worries about China's growth. On Tuesday, data suggesting China's manufacturing sector was shrinking at its fastest pace in three years ignited a global market sell-off, resulting in US stocks closing down nearly 3%.

Tuesday, September 1st 2015 - 07:08 UTC

Brazil Central bank survey says economy will shrink 2.26% this year and 0.40% next year

Analysts expect Brazil's economy to contract by 0.40% in 2016, while they were forecasting a contraction of just 0.24% for next year in the prior weekly survey.

Analysts expect Brazil's economy to contract by 2.26% this year, reflecting greater pessimism in the wake of the release of figures last week showing that the country is in a recession, the Central Bank said Monday.

Tuesday, September 1st 2015 - 06:59 UTC

US Appeals Court backs Argentina: sovereign immunity for Central bank funds

Griesa had opened the door for the hedge funds to seize assets of the central bank held in US banks in lieu of payment.

A US appeals court supported Argentina's appeal Monday against an earlier ruling that could have permitted a group of creditors to seize assets of Argentina's central bank.

Tuesday, September 1st 2015 - 06:48 UTC

Moody's cuts 2016 global economic forecast; no commodities rebound in near future

Moody’s kept its Euro zone forecast unchanged despite the recent turbulence in Greece, at one and two percent in 2015 and 2016.

Credit rating firm Moody’s cut its 2016 global economic growth forecasts, with China and United States both trimmed and Russia and Brazil seen staying in recession.

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