Economy

Economy
Monday, August 22nd 2016 - 11:13 UTC

Despite all odds, Rio “the marvelous city” earned its Olympian record

The closing ceremony was an explosion of color, music, dance with the Samba Schools and queens.

Rio do Janeiro is the marvelous city, the heart of Brazil, are the lyrics of the song which identifies the sublime and the misery of Latin America's biggest country with the largest economy. This Sunday ended the almost three weeks 31st Summer Olympics hosted for the first time by a non developed country, and contrary to fears and uncertainties ended as a complete success, winning the hearts of all those who shared the Rio Games.

Saturday, August 20th 2016 - 05:29 UTC

UK strongly supports innovative solutions for the Chilean mining sector

The Commercial Section of the British Embassy Santiago supported the Small and Medium Scale Mining Conference, Medmin, held on Monday 8 August in Santiago.

The British Embassy in Chile participated at the mining conference Medmin to strengthen the importance of British innovative solutions for the mining sector in a country which is highly dependent on minerals and is the world's leading exporter of copper.

Friday, August 19th 2016 - 13:17 UTC

US Federal Reserve reiterates concern with stubbornly slow rate of inflation

William Dudley, president of the Federal Reserve Bank of New York said in a television interview that a September rate hike is “possible.”

United States Federal Reserve officials believed last month that near-term risks to the U.S. economy had subsided and that an interest rate increase could soon be warranted. But they did not indicate when they would likely raise rates.

Friday, August 19th 2016 - 12:59 UTC

Argentina's Supreme Court rules gas rate increases must be rolled back

In a unanimous decision, the top court ruled the government must hold public hearings before implementing any rate increase for residential customers.

Argentina's Supreme Court on Thursday blocked President Mauricio Macri's move to slash natural gas subsidies, a much-hated policy that has sent customers' bills soaring. The ruling is the hardest blow yet to the business-friendly president's move to eliminate electricity, gas and water subsidies which he says are bloating the deficit and sapping the struggling economy.

Thursday, August 18th 2016 - 06:04 UTC

Macri after full integration of Mercosur with the Pacific Alliance

“First, we have to boost Mercosur,” Macri told Nikkei, suggesting he was ready to take the lead in breaking down tariffs and other barriers to trade within the bloc.

Latin America needs greater economic integration and a merger of Mercosur and the Pacific Alliance should be the objective, according to Argentine president Mauricio Macri, who insists in loosening trade restrictions in his country and the region.

Tuesday, August 16th 2016 - 20:39 UTC

Argentina's squid season, one of the worst in recent times, is almost over

The average catch has been 9.08 tons per fishing day since the start of the season (January 28) until the week 31 of the season.

Only a few jiggers are still operating in the South Atlantic while the bulk of the Argentine fleet has already finished one of its worst squid (Illex argentinus) seasons. According to figures from Ministry of Agro Industry, until last August 8 a total of 56,159 tons of Illex had been landed.

Tuesday, August 16th 2016 - 20:25 UTC

Macri preparing a major show to the world's business elite his vision of a modern Argentina

Participants will receive from the Macri administration the message that Argentina is not only a country that can be trusted but a modern state for launching business

Argentina is organizing a major business and investment forum next month, September 12/15, in Buenos Aires and more than 1,500 world business leaders and representatives of government and economic institutions are scheduled to attend the event, probably the largest in recent times in Latin America.

Tuesday, August 16th 2016 - 06:56 UTC

Argentina reaches agreement with oil companies for temporary freeze of fuel prices

Oil producers in Argentina have long enjoyed above-market crude prices mandated by the government.

Argentina's government and leading oil companies hammered out a plan to gradually trim artificially high wellhead crude prices over the next three months in exchange for a temporary freeze on retail fuel prices.

Tuesday, August 16th 2016 - 06:50 UTC

Sao Paulo's bull stock market reflects investors' confidence of Brazil's GDP rebound

Improved prospects and increased confidence in acting President Temer’s ability to shore up Brazil’s finances have prompted analysts to raise GDP forecasts

Brazil's Ibovespa rose on Monday to the highest level in almost two years as an advance in crude oil lifted the shares of Petrobras while estimates for a faster economic recovery fueled bets on companies that rely on domestic demand.

Tuesday, August 16th 2016 - 06:11 UTC

British Airways cuts its food service on flights less than eight and a half hours

Spaniard Alex Cruz, 50, took over as CEO and chairman of BA in April this year, having started his career with American Airlines 1995.

British Airways has cut its food service and will no longer provide two meals to economy travelers on flights lasting less than eight-and-a-half hours. Instead of two full meals, passengers will only receive one as part of the new measures, which also apply to journeys lasting less seven hours for premium economy passengers.

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