Economy

Economy
Wednesday, October 22nd 2014 - 15:13 UTC

Falklands' program to monitor social effects of hydrocarbons development

The project is co-funded by FIG, Premier and Noble oil companies

The Falkland Islands government discussed and agreed proposals from the Policy Department on a Social Effects monitoring program in respect of hydrocarbons development, according to the report on the latest Executive Council meeting.

Tuesday, October 21st 2014 - 06:24 UTC

UK company confirms discovery of oil in the Paraguayan Chaco

“Whilst we are most satisfied with this discovery, President is now focused on drilling down to the original target which still lies in front of us”, said Levine

President Energy announced on Monday it has discovered good oil-bearing zones at its Lapacho drill in the Paraguayan Chaco and confirms strong hydrocarbon pay at its Jacaranda well.

Monday, October 20th 2014 - 22:17 UTC

UK businesses export support plan represented £49.1 billion to the economy

Trade Minister Lord Livingston said that over the last 4 years, UKTI has more than doubled the number of companies it has helped.

The number of United Kingdom businesses receiving export support has increased by 50% in the last financial year, Trade Minister Lord Livingston announced on Monday. This translates into a total of 47,960 businesses in 2013 to 2014 which exported for the first time or found new markets through its extensive network of specialists in the UK and in British embassies around the world.

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”.

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