Economy

Economy
Monday, October 20th 2014 - 07:47 UTC

Switzerland and Argentina closer to deal on double taxation and sharing tax information

The agreement is in line with the applicable international standard for the exchange of information upon request instead of being automatic.

Switzerland took a step forward on implementing its double taxation agreement (DTA) with Argentina as the Federal Council adopted the dispatch on the deal and submitted it to parliament for approval. Meanwhile, in Argentina the agreement has already been passed by the Foreign Affairs and Budget Committees of the Lower House and was cleared for debate.

Monday, October 20th 2014 - 07:08 UTC

Argentine Central bank chief downplays any chance of devaluation of the Peso

“There was a clear attempt by some sectors to trigger a new devaluation of the peso,” Vanoli stated in an interview, “but it failed”

Argentina's newly-appointed Central Bank (BCRA) governor Alejandro Vanoli claimed a “devaluation attempt” by 'concentrated powers' and rejected any official plans to downward the value of the country’s currency. He pledged to discourage speculation and to “put an end to abuses from financial institutions.”

Sunday, October 19th 2014 - 07:27 UTC

Yellen warns about the rich-poor gap in the US, at a near 100-year high

The Fed chief said that wide wealth disparities can make it harder for the poor to move up the income ladder

Federal Reserve chief Janet Yellen warned Friday that the gap between the rich and poor in the United States is widening and has reached a near 100-year high. In a speech at a conference on inequality in Boston, the Fed chair did not mention monetary policy nor the current turmoil in financial markets. Instead, she focused on the widening wealth disparity and how that impacts economic opportunity.

Friday, October 17th 2014 - 07:01 UTC

IDB loan for a 48.6 MW wind farm to be developed by Uruguay's private sector

Currently, roughly 45% of Uruguay's power capacity is hydroelectric; 38% thermoelectric plants and the remaining 17% renewable energy

The Inter-American Development Bank (IDB) has approved a loan of up to 42.2 million dollars to help the private sector in Uruguay finance the development, construction, operation and maintenance of a 48.6 MW wind farm and its associated facilities.

Friday, October 17th 2014 - 06:53 UTC

Russia's Gazprom forecasts oil at 70 dollars a barrel in the short term

“It could be at 70-75 dollars in a question of months,” Gustavo Delgado, head of Gazprom in Venezuela

The global oil market slump looks likely to continue, with prices possibly nearing 70 dollars a barrel in the short term, an official of Russian gas producer Gazprom said. Crude fell more than on dollar a barrel on Thursday to a four-year low below 83 a barrel as growing concerns over the global economy stretched a four-month rout.

Thursday, October 16th 2014 - 07:40 UTC

September inflation in Argentina: anywhere between 1.4% and 2.48%

On an annual basis the 'congressional index' soared to over 41% in September

Argentina's inflation during September reached 1.4% and accumulates 19.8% in the nine months according to the latest release from the government stats office Indec. However earlier in the week the Freedom of Expression committee from the Lower House which regularly announces the average of private analysts, (identified as the congressional index), said the consumer price index for the ninth month of the year was 2.48% and 41.6% in the last twelve months.

Thursday, October 16th 2014 - 07:30 UTC

Venezuela 'ripe' for default on foreign debt forecast Reinhart and Rogoff

The world-renowned economists wrote that the Venezuelan economy had been so badly mismanaged that GDP per capita was two per cent below 1970 levels

Venezuela will almost certainly default on its foreign debt, according to Harvard economists Carmen Reinhart and Kenneth Rogoff. They add that the beleaguered Latin American economy has already defaulted on “every conceivable kind of domestic debt”.

Thursday, October 16th 2014 - 07:00 UTC

Falkland Islands distinguished as the “Best Destination for Wildlife and Nature”

“The tourism industry in the Falklands have done a fantastic job in promoting the Islands, and with no doubt deserve this award” said Tony Mason (Pic S.Przybilla)

The Falkland Islands have been awarded the “Best Destination for Wildlife and Nature” prize by the Travel Agents Choice Awards, an annual event organized by the prestigious tourism industry publication, Selling Travel Magazine.

Wednesday, October 15th 2014 - 23:36 UTC

Brazil will rise fuel prices to help government managed debt-laden Petrobras

The government has not allowed Petrobras to raise domestic fuel prices in line with international prices, forcing the company to sell imports at home at a loss.

Brazil will maintain plans to raise domestic fuel prices this year, despite a sharp drop in international crude oil prices, to help debt-laden state-run oil company Petrobras, a government source said this week.

Wednesday, October 15th 2014 - 23:32 UTC

Petrobras sets a new oil and gas production record during September

Pre-salt output reached 532,000 bpd and 618,000 barrels on September 18th, setting a new record for daily exploration in that reserve

Petrobras announced a new oil output record in Brazil, during September with an average of 2.23 million barrels of oil per day (bpd) production in the country, including in this total the fields operated by the state-owned company for its partners. The volume is 0.3% higher than breaks August record.

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