Economy

Economy
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.

Wednesday, October 15th 2014 - 10:17 UTC

Citigroup exiting retail business in 11 markets including 6 in Latin America

Citi said the impact would primarily be smaller countries in Latin America: Costa Rica, El Salvador, Guatemala, Nicaragua, Panama and Peru.

Citigroup said on Tuesday that it will bow out of the retail banking business in 11 markets, part of its ongoing effort since the financial crisis to restructure and slim down. The news came as the bank announced third-quarter earnings.

Wednesday, October 15th 2014 - 08:53 UTC

Chile convinced of the Mercosur/Pacific Alliance 'convergence' led by Brazil

“Convergence in diversity”, argued Rebolledo who is participating in bilateral trade and economic affairs meeting between Chile and Brazil

Chile is confident that in coming months there will be 'significant' advances in a convergence of the Pacific Alliance and Mercosur, said Andres Rebolledo, Chile's Deputy Trade minister during a visit to Brazil.

Wednesday, October 15th 2014 - 08:36 UTC

Latin America with a huge deficit in infrastructure investment, says Eclac

In the last decade, the region has spent 2.7% of its GDP on infrastructure, a figure which shows “the region isn’t investing enough.”

Argentina should double its current investment in infrastructure and spend 6.2% of its Gross Domestic Product to satisfy its demands for the period 2012-2020, according to a report of the UN Economic Commission for Latin America and the Caribbean (ECLAC).

Wednesday, October 15th 2014 - 08:28 UTC

Germany insists with a 2015 balanced budget despite slower growth forecast

“Germany's stance is important. If we stray from our path then that gives grounds for others to do the same,” said Merkel at a party conference

German Chancellor Angela Merkel on Tuesday rejected calls for Berlin to ditch its plans for a balanced budget next year and to instead invest more in order to shore up the faltering German and Euro zone economies. On Tuesday Germany slashed its 2014 growth forecast from 1.8% to 1.2%.

Wednesday, October 15th 2014 - 08:16 UTC

Oil prices hit new lows with prospects of further slide; excess supply, weak demand

In its monthly oil market report, the IEA said Opec production hit a 13-month high in September.

Global oil prices have fallen further after the International Energy Agency (IEA) reported higher output and cut its forecast for demand growth. Brent crude fell 2.72 to 86.17 dollars a barrel before seeing a slight recovery, while US crude dropped 1.75 to 83.99.

Tuesday, October 14th 2014 - 16:43 UTC

IMF urges economic reforms or face brittle growth, high debt and unemployment

Lagarde has been beating the drum on deeper economic reforms for at least the past two years

The world's policymakers must take economic reforms more seriously, or they could see their economies stuck in a muddle of mediocre growth with high debt and unemployment, the head of the International Monetary Fund said at the multilateral organization assembly.

Tuesday, October 14th 2014 - 05:35 UTC

Bank of England governor warns 'bankers' behavior still needs to change”

Governor Carney's warning comes amid a radical reshape of the industry aimed at limiting the impact of any future bank collapses.

Bankers' behavior still needs to change following the financial crisis, Bank of England governor Mark Carney has warned. He added that top executives had “got away without sanction”.“Maybe they were not at the best tables in society after that, but they're still at the best golf courses. That has to change,” he said. Mr Carney was speaking at the International Monetary Fund's annual meeting in Washington.

Monday, October 13th 2014 - 07:17 UTC

Argentina doesn't need international credit, “we have foreign currency to face debt maturities”

Kicillof argued the problem with foreign credit is “conditions demanded”

Argentine Economy Minister Axel Kicillof has assured that the government of president Cristina Fernandez is not seeking international financing despite current economic problems, since it has foreign trade surpluses and all the foreign exchange needed to face debt maturities.

Monday, October 13th 2014 - 06:54 UTC

US against China proposal to create a regional development bank for Asia

Xi Jinping want to make the formal announcement at a summit meeting of Asian leaders in November

For almost a year, China has been pitching an idea to its neighbors in Asia: a big, internationally funded bank that would offer quick financing for badly needed transportation, telecommunications and energy projects in underdeveloped countries across the region.

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