Economy

Economy
Saturday, June 25th 2016 - 20:30 UTC

Beijing sinking because of excessive pumping of groundwater: 11cms per year

Beijing sits in a dry plain where groundwater has accumulated over millennia. As wells are drilled and the water table drops, the underlying soil compacts

China’s capital is known for its horrendous smog and occasional sandstorms. Yet one of its major environmental threats lies underground: Beijing is sinking. Excessive pumping of groundwater is causing the geology under the city to collapse, according to a new study using satellite imagery that reveals parts of Beijing – particularly its central business district – are subsiding each year by as much as 11 centimeters.

Friday, June 24th 2016 - 22:10 UTC

Oi telecommunications US$ 19bn bankruptcy, the largest in Brazil's history

Oi sought protection from creditors on 65 billion reais (US$19 billion) in debt after failing to reach a restructuring agreement following a long saga of mergers

Brazilian telecoms giant Oi has filed the largest bankruptcy request in the country’s history, after failing to reach an agreement with creditors.

Friday, June 24th 2016 - 20:51 UTC

Scotland's Sturgeon admits second independence referendum “highly likely”

In Edinburgh, Ms Sturgeon said: “It is, therefore, a statement of the obvious that a second referendum must be on the table, and it is on the table.”

Scotland's first minister has said a second independence referendum is “highly likely” after the UK voted to leave the EU. Nicola Sturgeon said it was “democratically unacceptable” that Scotland faced the prospect of being taken out of the EU against its will.

Friday, June 24th 2016 - 18:43 UTC

Falklands will continue to engage with UK and negotiate to retain trade access benefits

“Once complete, and alongside other Overseas Territories, we will continue to engage with the UK Government regarding the exit process” said Gilbert House.

The Falkland Islands Government said on Friday it will be working with the public and private sector to further investigate the impact of Brexit on the Islands.

Friday, June 24th 2016 - 18:26 UTC

Boris Johnson softens Brexit speech: “We are part of Europe; we're not pulling up a drawbridge”

The former Conservative mayor of London has been installed as favorite to take over as Conservative leader after Mr. Cameron announced he would step down

Boris Johnson has insisted the UK is not “turning its back” on Europe after its decision to vote to leave the EU. The decision would not make the UK any less tolerant nor outward looking and would not reduce opportunities for young people, the ex-London mayor said.

Friday, June 24th 2016 - 08:07 UTC

Vote Leave Chief and ex London mayor expected to go for PM Cameron post

“I will be advocating Vote Leave - or whatever the team is called, I understand there are a lot of them - because I want a better deal for the people of this country”

When Boris Johnson announced in February that he would back the UK campaign to Leave the European Union, it transformed the debate. Johnson is popular with the public and within his party. By becoming the official head of Vote Leave, he gave the weight of the establishment to a campaign previously spear-headed by fringe political figures such as Nigel Farage and George Galloway.

Friday, June 24th 2016 - 07:43 UTC

“Leave” win tremors: sterling falls; Bank of England on full alert; “EUexit” domino calls

England and Wales voted strongly for Brexit, while London, Scotland and Northern Ireland backed staying in the EU.

The UK has voted on Thursday, 23 June, to leave the European Union after 43 years in a historic referendum. Leave won by 51,9% to 48,1% with England and Wales voting strongly for Brexit, while London, Scotland and Northern Ireland backed staying in the EU.

Thursday, June 23rd 2016 - 19:17 UTC

Argentina planting an additional million hectares of wheat this winter

Minister Buryaile said the area planted with wheat will reach 5.3 million hectares, a million more than the previous harvest.

Argentina is planting an additional one million of hectares with wheat this austral winter, taking the total area to 5.3 million hectares, spurred by the end of export duties and quotas, and a floating exchange rate, according to the Agro/Industry ministry in Buenos Aires.

Thursday, June 23rd 2016 - 02:56 UTC

Renewables the focus of EU Energy Week in the Falklands

MLA Michael Poole visited the Sand Bay Wind Farm last week to discuss the benefits of renewable energy.

The Power & Electrical Department hosted an open day last week at their Sand Bay Wind Farm to showcase the work being undertaken by the Falkland Island’s Government (FIG) to utilise and promote renewable energy sources. The open day, which included guided tours and demonstrations, formed part of wider initiatives recently undertaken by FIG to address issues surrounding climate change.

Wednesday, June 22nd 2016 - 04:59 UTC

Brexit: Investor Soros anticipates sterling would “decline precipitously”

“The value of the pound would decline precipitously,” writes Soros. “It would have an immediate and dramatic impact on markets, investment, prices and jobs”.

Legendary investor George Soros has warned of “serious consequences” for British jobs and finances if the country leaves the EU. Writing in The Guardian, he said sterling would “decline precipitously” if the Leave camp won Thursday's vote.

Advertisement

Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!

Advertisement