Economy

Economy
Thursday, July 14th 2016 - 07:50 UTC

EU warns former head Barroso about professional secrecy in his Goldman Sachs Brexit contract

The bank has hired Barroso, who headed the executive of the 28-nation EU, as an advisor on the British public's June 23 vote to leave the EU

The European Commission said its former head Jose Manuel Barroso will be bound by EU rules of professional secrecy at his controversial new job for US investment bank Goldman Sachs. The bank has hired Barroso, who headed the executive of the 28-nation European Union from 2004 until 2014, as an advisor on the British public's June 23 vote to leave the EU, drawing fire from leftist politicians in Europe.

Thursday, July 14th 2016 - 07:43 UTC

Petrobras tenth FPSO vessel in the pre-salt Santos Basin begins production

Petrobras is the operator of the Lula field with a 65% interest. Royal Dutch Shell has a 25% stake while the remaining 10% is in the possession of Petrogal Brasil SA.

Petrobras declared the commencement of production from the Cidade de Saquarema floating production, storage and offloading (FPSO) vessel at the Lula oil field on Jul 8. The offshore oil field is situated in the pre-salt Santos Basin and most importantly, the Cidade de Saquarema unit is the tenth FPSO that is working in the pre-salt region of Brazil.

Thursday, July 14th 2016 - 07:38 UTC

Temer wins strong ally with Lower House new speaker; crucial to approve unpopular economic reforms

Maia, a trained economist who worked briefly in banking before turning to politics, signaled he would help Temer with reforms to pull the economy out of recession

Brazil's lower house of Congress elected an ally of interim President Michel Temer as its new speaker late on Wednesday, marking a victory for a government racing to approve unpopular economic reforms. Rodrigo Maia of the right-leaning Democrats party, known as DEM, won the second round ballot by a wide margin in a hotly contested election.

Thursday, July 14th 2016 - 07:35 UTC

Lula says a six-vote swing is needed to beat Rousseff's impeachment in August

“Dilma depends on only six votes,” Lula told a radio station in Pernambuco state. The Senate must vote by 54 votes out of 81 for the impeachment to pass

Brazil's suspended president Dilma Rousseff could still wriggle out of a looming impeachment vote, her ally and predecessor Lula da Silva said. Speaking with Radio Jornal, Brazil's most prominent leftist leader said Rousseff's case is not hopeless, despite months of mounting pressure on her to be removed from office.

Thursday, July 14th 2016 - 07:30 UTC

A third of commercial fish stocks fished at unsustainable levels, says FAO

There were around 4.6 million fishing  vessels in the world in 2014, 90% of which in Asia and Africa, and only 64,000 of which were 24 meters or longer

Global per capita fish consumption has risen to above 20 kilograms a year for the first time, thanks to stronger aquaculture supply and firm demand, record hauls for some key species and reduced wastage, according to a new FAO report.

Thursday, July 14th 2016 - 07:27 UTC

Higher forecasts for wheat output and cereal consumption in 2016/17

Global wheat production is now pegged at 732 million tons, more than 1% higher than anticipated in June, due to improved prospects in EU, the Russia and the U.S.

FAO's Cereal Supply and Demand Brief pointed to improved production prospects primarily for wheat. Global wheat production is now pegged at 732 million tons, more than one percent higher than anticipated in June, mainly due to improved prospects in the EU, the Russian Federation and the U.S., as a result of better weather conditions.

Thursday, July 14th 2016 - 07:23 UTC

Food commodity prices shot up 4.2% in June, steepest in four years says FAO

The FAO Sugar Price Index rose 14.8% from May, as Brazil, the world's largest sugar producer and exporter, endured heavy rains that hindered harvesting

International food commodity prices shot up 4.2% in June, their steepest monthly increase of the past four years. The FAO Food Price Index averaged 163.4 points in June and is now one percent below the level reached a year earlier. The June rise, which affected all commodity categories except vegetable oils, was the fifth consecutive monthly increase.

Wednesday, July 13th 2016 - 06:58 UTC

G20 trade ministers Shanghai meeting question China's industries overcapacity

 “We agree that we need to do more to achieve our common objectives for global growth, stability and prosperity.” said China’s Commerce Minister Gao Hucheng

In the face of a “worrying” rise in protectionism, trade ministers from the world’s major economies have agreed to cut trade costs, increase policy coordination and enhance financing, China’s Commerce Minister Gao Hucheng announced at the closing of the Group of 20, G20, meeting in Shanghai.

Wednesday, July 13th 2016 - 06:30 UTC

HSBC 2012 money laundering was so great that if charged it could have led to 'a global financial disaster'

The bank, which has its headquarters in London, paid a US$1.92bn settlement but did not face criminal charges . No top officials at HSBC faced any charges.

United States officials refused to prosecute HSBC for money laundering in 2012 because of concerns within the Department of Justice that it would cause a “global financial disaster”, a report says. A US Congressional report revealed UK officials, including Chancellor George Osborne, added to pressure by warning the US it could lead to market turmoil.

Wednesday, July 13th 2016 - 02:30 UTC

Beijing rejects adverse international ruling on South China Sea islands and maritime space

President Xi Jinping said China's “territorial sovereignty and marine rights” in the seas would not be affected by the ruling “in any way”

China has firmly rejected an international tribunal ruling that its claims to rights in the South China Sea have no legal basis. President Xi Jinping said China's “territorial sovereignty and marine rights” in the seas would not be affected by the ruling “in any way”, however he added that Beijing was still “committed to resolving disputes” with its neighbors.

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