Economy

Economy
Thursday, February 4th 2016 - 08:17 UTC

Magallanes region in south Chile could hold a treasure of unconventional tight gas

USGS provided a mean estimate of 8.27 trillion cubic feet of gas and 83 million barrels of natural gas liquids.

The U.S. Geological Survey estimates that the Glauconitica zone of Chile's southernmost Magallanes region holds nearly 8.3 trillion cubic feet of technically recoverable, unconventional tight gas, or nearly double Chile's production of that fossil fuel over the past 70 years.

Thursday, February 4th 2016 - 07:45 UTC

Trans Pacific Partnership trade deal signed by 12 member nations in New Zealand

The 12 nations account for some 40% of the world's economy - they now have two years to ratify or reject the pact.

The Trans Pacific Partnership, one of the biggest multinational trade deals ever, has been signed by ministers from its 12 member nations in New Zealand. The ceremony in Auckland brings the huge trade pact, which has been five years in the making, another step towards to becoming a reality. But the TPP continues to face opposition.

Wednesday, February 3rd 2016 - 07:23 UTC

Argentina agrees to pay Italian bond holders including “a reasonable interest”

Prat-Gay said the deal with Italian bondholders is a step toward “closing the gap with the firmest litigants,” that is, hedge funds headed by magnate Paul Singer.

Argentina announced Tuesday that it reached a $900 million preliminary accord to settle its pending debt with 50,000 Italian holders of defaulted Argentine government bonds. Finance minister Alfonso Prat-Gay said that the agreement with Italian bondholders includes the Argentine government's acknowledgement of the debt “and reasonable interest”.

Wednesday, February 3rd 2016 - 06:55 UTC

Brazil factories and mine production plunges 8.3% in 2015, with little prospects of change in the short term

“2015 was quite a negative year for the sector,” CNI chief economist Flavio de Castelo Branco said, adding the industrial workforce was down 6.1%

Industrial output in Brazil fell for a seventh straight month in December, capping the worst year for manufacturers in more than a decade as they struggle with inflation, high interest rates and political uncertainty.

Wednesday, February 3rd 2016 - 06:15 UTC

Brazil airline shares soar as regulator admits opening to foreign capital

Rousseff may propose legislation giving her discretion to let foreign groups own as much as 100% of local airlines, up from 20%, Valor Econômico reported.

Brazilian airline shares soared nearly 30% on Monday after a newspaper report said the government may scrap limits on foreign ownership of domestic airlines to attract investment to the struggling sector. President Dilma Rousseff may propose legislation giving her discretion to let foreign groups own as much as 100% of local airlines, up from 20%, Valor Econômico reported.

Wednesday, February 3rd 2016 - 05:38 UTC

BP reported its biggest annual lost and announced 7.000 job cuts

BP still grappling with $55 billion of costs from the oil spill in the Gulf of Mexico in 2010, said it would cut 7,000 jobs by the end of 2017, or nearly 9% of its workforce.

BP slumped to its biggest annual loss last year and announced thousands more job cuts on Tuesday, showing that even one of the nimblest oil producers is struggling in the worst market downturn in over a decade.

Tuesday, February 2nd 2016 - 12:07 UTC

Havana Club rum war: Bacardi appeals US decision to let Cuba have the trademark

That green light, granted by the U.S. Patent and Trademark Office, is illegal, Bacardi said in the latest salvo of a long-running legal battle that goes back to 1959.

Bacardi filed suit on Monday against the United States demanding an explanation of its decision to let Cuba sell Havana Club rum in the United States once the U.S. trade embargo against the Castro brothers' island is lifted.

Tuesday, February 2nd 2016 - 11:59 UTC

FIFA puts Conmebol and Concacaf funding 'on hold' given 'current proceedings'

“...in light of current proceedings involving individuals related to Conmebol and Concacaf, FIFA has put contributions... on hold until further notice,”

FIFA has cut off funding to the corruption-hit confederations for football in the Americas, the global football body said on Monday, in a move which could cause future cash flow problems for the two organizations.

Tuesday, February 2nd 2016 - 08:07 UTC

Magallanes region with second lowest unemployment in Chile

Employment in recent weeks recovered in Magallanes with strong demand from the services sector: hotels, gastronomy, confirming prospects of a good summer season.

Employment in Magallanes Region, extreme south of Chile remains strong according to the latest data released by the Chilean stats office, INE, which covers the fourth quarter of 2015 (October/December). While the national unemployment average stands at 5.8%, Magallanes figures with 2.6 percentage points below.

Tuesday, February 2nd 2016 - 07:47 UTC

Argentina fish landings down 4,2% last year, but squid was down 25%

Between January and November 2015, Argentine fish exports fell by 7% in volume and 6.8% in value, with 436,897 tons sent abroad equivalent to US$ 1.39bn.

Fish landings in Argentina totaled 752,359.1 tons in 2015, which represents 4.2% less than the previous year, according to the latest from the National Under secretariat of Fisheries. Among the main species of commercial importance, Illex squid (Illex argentinus) led the decline with a drop of 25%, with landings amounting 126,531.4 tons until 30 December 2015.

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