Economy

Economy
Tuesday, April 14th 2015 - 09:39 UTC

Falklands Argos in farm-out agreement with Noble Energy to drill exploratory well

“The Rhea prospect diversifies our prospect inventory and upgrades our chance of overall success”, said Noble's vice-president Susan M. Cunningham

Noble Energy announced Monday that it has acquired additional acres offshore the Falkland Islands and plans to start drilling, despite opposition from Argentina’s government. The Houston-based oil company now holds a 75% interest in a license in the North Falkland Basin from Argos Resources Limited, an oil and gas exploration company based in the Falkland Islands.

Monday, April 13th 2015 - 07:45 UTC

Mercosur footwear manufacturers want to stop the 'flood' of Asian shoe imports

“There's no way the import figures are compatible with an annual consumption of one pair of shoes in Paraguay, given the levels of poverty”, said Ramirez (Pic ABC)

Paraguay with a population of six million imports annually 25 million pairs of shoes, something considered 'incredible' and totally out of proportion with the economic situation and poverty levels of the country, claimed Mercosur members' footwear chambers and related industries.

Monday, April 13th 2015 - 07:38 UTC

French magistrates order HSBC to post a 1bn Euro bail to cover potential fine

HSBC’s Swiss bank is under investigation in several countries after leaked documents suggest it hid millions of dollars helping wealthy people dodge taxes.

French judges have ordered HSBC Holdings to post a one-billion Euro bail to cover a potential fine after the bank was put under formal criminal investigation over allegations it helped customers dodge their taxes.

Saturday, April 11th 2015 - 14:27 UTC

Seizure of YPF faces litigation from two Spanish companies demanding compensation

The two Spanish firms are in the process of liquidation after filing in 2012 for  bankruptcy protection; Burford, Prospect Investments, won rights to begin legal proceedings.

Argentina has been sued in a US district court in New York in connection with its nationalization of oil giant YPF in 2012, according to court documents. The plaintiffs are two Spanish firms, and they are represented by a US law firm Burford Capital.

Saturday, April 11th 2015 - 07:16 UTC

Falklands Tourist Board presented the 2015 Tourism Awards, and the winners are...

Hon. Mike Summers, MLA, H.E. the Governor, Mr. Colin Roberts and Tony Mason, Chief Executive Officer of the Falkland Islands Tourist Board. MLA

Tony Mason, Chief Executive Officer of the Falkland Islands Tourist and H.E. The Governor of the Falkland Islands, Mr. Colin Roberts, presented the 2015 tourism awards on 1st April 2015. It was also a successful finale for CEO Mason who now has an even more ambitious task with the Falkland Islands Tourist Board in the United Kingdom.

Friday, April 10th 2015 - 07:14 UTC

Cuba and US hold historic meeting at highest level in Panama

Few details have emerged from the meeting between Kerry and Rodriguez. The last comparable event was in 1959, between Fidel Castro and  Richard Nixon.

US Secretary of State John Kerry and Cuban Foreign Minister Bruno Rodriguez have held talks, in the highest level meeting between the two countries in more than half a century. The two were involved in closed-door discussions after arriving in Panama for a summit.

Friday, April 10th 2015 - 05:26 UTC

Fitch Ratings lowered Brazil's investment grade outlook to negative

“Brazil's three-year growth average of only 1.5%, compared to the 'BBB' median of 3.2%, highlights the structural nature of the under-performance,”

Fitch Ratings lowered Thursday the outlook on Brazil's investment grade BBB rating to negative, warning that government efforts to turn around the economy risked getting derailed. The Brazilian economy, the world's seventh-largest, stagnated with just 0.1% growth last year as the drag of rising inflation erased the effect of hosting the football World Cup in June and July and gearing up for the Rio Olympics next year.

Friday, April 10th 2015 - 05:24 UTC

Rousseff declares Petrobras 'clean' after purging corrupt managers and practices

”Petrobras is still standing. It has cleaned up what it had to clean up and got rid of those who took advantage of their positions to enrich themselves,'' Rousseff said

Brazil's State-run oil company Petrobras has purged corrupt managers and put a graft scandal behind it, while hitting record output levels from offshore deposits, President Dilma Rousseff said Thursday. The indictment of former senior executives of Petrobras the investigation of dozens of political allies of Rousseff in the multibillion-dollar kickback scandal has thrown her government into crisis and undermined investor confidence in Brazil.

Friday, April 10th 2015 - 03:09 UTC

“UK has no doubt about sovereignty over the Falklands and Islanders right to decide their future”

“We object strongly to recent statements by the Argentine president and the Argentine ambassador to London, and so summoned the ambassador to account for these”

The UK Foreign Office summoned Argentine Ambassador Alicia Castro to object recent remarks regarding the Falkland Islands by President Cristina Fernandez and the diplomat based in London. An FCO spokesperson said that Britain has no doubt about its sovereignty over the Falkland Islands and surrounding maritime areas, nor about the Falkland Islanders' right to decide their own future.

Friday, April 10th 2015 - 03:06 UTC

Uruguay considering extending length of oil exploration contracts

“If we find oil, there is no possible scenario in which this could be profitable and be developed” said de Santa Ana, ANCAP exploration manager

Uruguay is considering extending the length of its oil exploration contracts with foreign companies drilling in its waters in order to shore up investment at a time of plunging crude prices, it said on Wednesday. BP, BG Group, Total, a joint venture of Tullow Oil and Inpex, and a consortium of YPF, Royal Dutch Shell and Galp all have exploration agreements and have invested around $2 billion to date.

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