Economy

Economy
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.

Tuesday, September 1st 2015 - 06:36 UTC

Brazil presents 2016 budget and Real drops to a 12-year low against the dollar

The budget plan calculates inflation of 5.4% next year and anaemic GDP growth at 0.2%.

Brazil's government presented a 2016 budget Monday that for the first time projects the world's seventh largest economy operating in the red, sparking worries that the country's investment grade rating will be put at risk.

Tuesday, September 1st 2015 - 06:12 UTC

China's factory activity contracts at its fastest in three years in August

The weak data is likely to add to global concerns over China's economy losing steam and could send Asian and global shares down further.

China's factory activity contracted at its fastest pace in three years in August, confirming fears that the country's growth is continuing to slow. The official manufacturing purchasing managers' index (PMI) dropped to 49.7 from 50 in July.

Monday, August 31st 2015 - 07:22 UTC

Lacking congressional support Rousseff discards reinstating financial transactions tax

Sao Paulo newspapers said Rousseff abandoned the proposal because it realized there was no time to win its approval in Congress

President Dilma Rousseff has dropped the idea of reinstating a tax on financial transactions to bridge a gaping fiscal deficit in Brazil after it ran into a barrage of criticism even from within her coalition, Brazilian media reported on Sunday.

Advertisement

Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!

Advertisement