Economy

Economy
Saturday, December 13th 2014 - 04:07 UTC

Argentina purchases four Russian multipurpose polar Supply-class tugs

A Neftegaz tug under operations in Russia, similar to the ones presumably purchased by Argentina

Argentina's ministry of Defense has signed an agreement for the purchase of four Russian-built multipurpose polar tugs, class NEFTEGAZ, at a total cost of just over eight million dollars.

Friday, December 12th 2014 - 21:49 UTC

Dutch oil platform leasing company cutting 11% of global workforce

“Although we regret losing some of our colleagues, we believe these steps are necessary to deliver value to our stakeholders”, CEO Bruno Chabas said

Dutch oil platform leasing company SBM Offshore is cutting 1,200 jobs, or slightly more than 11% of its global workforce, as part of a cost-saving program.

Friday, December 12th 2014 - 07:16 UTC

US Congress passes 1.1tn budget which funds government until 09/2015

John Boehner, the Republicans' House leader said: “Thank you and Merry Christmas.”

The US House of Representatives has passed a 1.1tn dollar budget hour before government was due to shut down at midnight on Thursday. The Republican measure passed by 219 votes to 206 after President Barack Obama had urged Democrats to support the measure.

Friday, December 12th 2014 - 07:06 UTC

Brazil hikes soybean harvest estimate by 5.3m to 95.8 million tons

Total plantings were estimated at 31.7m hectares, some 370,000 hectares above the mid-point of the range that Conab had estimated

Brazil's commodities bureau, Conab hiked by 5.3 million tons to 95.8 million tons its forecast for the country's soybean crop, reversing the negative trend in harvest forecasts, citing the benefit from rains in some southern areas. The previous estimate for the crop to be harvested early next year was 90.5m tons.

Friday, December 12th 2014 - 06:54 UTC

Record year for Falklands' fish catches

Pic M. Short

THIS year will be marked as one of the most successful years in the history of the Falkland Islands fishery with several record catches registered and the total catch of all species in Falkland waters this month reaching a record of 451,000 tonnes.

Friday, December 12th 2014 - 06:43 UTC

Switzerland charges former HSBC analyst with industrial espionage

Herve Falciani gave prosecutors in France and Spain data on thousands of Swiss bank accounts.

Switzerland has charged a former computer analyst at HSBC's private bank in Geneva with industrial espionage and breaching the country's secrecy laws for passing confidential client data to foreign authorities.

Friday, December 12th 2014 - 06:16 UTC

Financial aid from Brazilian government for scandal-hit Petrobras

Petrobras plans to invest some 220 billion dollars over the next five years to develop offshore oil fields, but capital markets could be put off by the scandal

Brazil's government is wrapping up a financing plan for Petrobras aimed at ensuring the scandal-hit state-controlled oil giant can obtain the funding it needs for its massive investment program.

Thursday, December 11th 2014 - 12:46 UTC

Falling world oil prices shatter Argentine stocks for second day running

The Merval stock index in Buenos Aires shed more than 600 points to 8,279.04, after losing 7.22% Tuesday.

Argentine stocks closed down 6.85% Wednesday, weighted down by falling oil prices for a second day of heavy losses. As oil prices sank to new five-year lows, the Merval stock index in Buenos Aires shed more than 600 points to 8,279.04, after losing 7.22% Tuesday.

Thursday, December 11th 2014 - 12:40 UTC

FAO food price index in November remained stable for third month running

“The index appears to have bottomed out with higher probabilities for a rise in its value in coming months” said Abdolreza Abbassian, FAO senior economist

FAO's monthly food price index was stable in November, as vegetable oil and grain prices inched up and offset ongoing declines in dairy prices. The Food Price Index averaged 192.6 points, marking the third consecutive month of stability. The Index now stands 13 points, 6.4 percent below its level in November 2013.

Thursday, December 11th 2014 - 12:04 UTC

Malaysia's Petronas and YPF sign 550 million deal to develop shale deposits in Patagonia

“In March 2015 the first of three annual phases for development of the La Amarga Chica bloc in Neuquen province will begin,” the statement said.

YPF SA and Petroliam Nasional Bhd, state-controlled companies from Argentina and Malaysia, signed a 550 million dollars deal to drill fields at the world’s fourth-largest shale oil deposit in Patagonia’s Vaca Muerta, south Argentina.

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