Economy

Economy
Friday, May 15th 2015 - 07:32 UTC

Petrobras production from pre-salt fields reaches milestone 800.000 bpd

The 800Mbbl/d output was reached just eight years after first oil was discovered in the pre-salt layer in 2006, Petrobras said.

Brazil’s Petrobras said that oil production in Santos and Campos basin pre-salt fields reached a milestone production volume of 800Mbbl/d. The volume was recorded on April 11, with 74% (590Mbbl/d) Petrobras’ share with the remainder belonging to partner companies working in different pre-salt areas.

Friday, May 15th 2015 - 07:23 UTC

Brazil waiting for 50bn dollars of Chinese support to overhaul infrastructure

Chinese Premier Li arrives Tuesday in Brasilia on an official visit and will also visit former capital Rio. He then flies to Colombia, Peru and Chile

China will invest 50 billion dollars to help overhaul Brazil's aging infrastructure, the government announced on Thursday, ahead of an official visit by Chinese Prime Minister Li Keqiang next week. Brazil has repeated that it was determined to overhaul its dilapidated roads, railways, airports and ports.

Friday, May 15th 2015 - 04:41 UTC

Exxon discovers oil off Guyana coast, in territory claimed by Venezuela

The discovery is located in the Stabroek Block off a border region that is claimed by Venezuela in a territorial controversy dating back over a century

Exxon Mobil Corp has discovered oil off the coast of Guyana, the company and the South American nation's government said on Thursday, potentially inflaming a long-running territorial dispute with neighboring Venezuela.

Thursday, May 14th 2015 - 07:30 UTC

Brazil's austerity measures to balance the budget start moving in Congress

A week ago, the House narrowly passed a bill tightening unemployment benefits in a test vote for President Dilma Rousseff's efforts to balance fiscal accounts

Brazil's Congress Lower House passed a bill on Wednesday toughening access to social security pensions, the second measure approved in a week to cut benefits in a drive to reduce a growing fiscal deficit.

Wednesday, May 13th 2015 - 08:37 UTC

IDB 216m dollars loan for Uruguay to support construction of wind farms

Financing for the wind farms is partly supported by the China Co-financing Fund for Latin America and the Caribbean, created by Beijing

The Inter-American Development Bank (IDB) continues to support the expansion of renewable energy in Uruguay through two financial packages, totaling 216 million dollars, which were approved for the private sector to finance part of the construction of the Colonia Airas and Valentines wind farms and their related works.

Wednesday, May 13th 2015 - 08:29 UTC

Petrobras still Latam's top company but fell to second-worst performer because of corruption losses

Petrobras has gone from Latam's most profitable company to the second-worst performer after Mexican state oil company Pemex (a perennial money loser).

Brazil's state oil giant Petrobras remains Latin America's top company in revenues, but has lost its position as the profit leader after posting record losses last year due to a growing corruption scandal and administrative inefficiencies, according to a new ranking of the region's 500 largest companies from digital publication Latinvex.

Wednesday, May 13th 2015 - 08:21 UTC

Latam to debate controversial issue: 'post Washington Consensus' industrial policies

IDB president Moreno will open the seminar and Ms Rodríguez, manager of the IDB’s Institutions for Development Department, will moderate the debate

The Inter American Development Bank, IDB, has organized a seminar to discuss industrial policies in Latin America and the Caribbean in a post Washington-Consensus framework. Anemic economic growth in the region is in need of policy shot in the arm.

Wednesday, May 13th 2015 - 08:14 UTC

Remittances to Latin America and Caribbean beat the 2008 pre-crisis record

“Remittances remain an important source of income for millions of families in Latin America and the Caribbean,” said IMF Fernando Jimenez-Ontiveros

Remittances to Latin America and the Caribbean set a new record high in 2014 with 65bn dollars basically supported by the recovery of the economy and labor market in the United States, according to the latest release from the Inter American Development Bank.

Wednesday, May 13th 2015 - 07:00 UTC

Cameron puts pressure on Europe for major changes and revamped links

Cameron says he wants to stay in a reformed EU but has also said that he would not be heartbroken if Britain left.

Prime Minister David Cameron will hold an early referendum on membership of the European Union if he can first reach a deal that satisfies his demands for major changes in Britain's relationship with the bloc, his spokesman said yesterday.

Tuesday, May 12th 2015 - 22:03 UTC

Falklands' Isobel Deep drilling operations have recommenced

Technical issues relating to Eirik Raude rig's blow-out preventer (BOP) control system have now been fully resolved and Premier Oil resumed drilling

Energy company Rockhopper Exploration and Falkland Oil and Gas Ltd., have announced that drilling operations at Isobel Deep well have recommenced. Isobel Deep is located in the North Falklands basin and is part of the current round of drilling in Falklands' waters.

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