Economy

Economy
Monday, February 1st 2016 - 09:36 UTC

China's manufacturing contracts for sixth month running in January

According to the latest factory survey, the Purchasing Managers' Index (PMI) showed a reading of 49.4 for the month compared to December's reading of 49.7.

Activity in China's manufacturing sector contracted for the sixth month in a row in January - and hit its lowest level since 2012. According to the government's latest factory survey, the Purchasing Managers' Index (PMI) showed a reading of 49.4 for the month compared to December's reading of 49.7.

Monday, February 1st 2016 - 06:22 UTC

Venezuelan lobbying for oil production reduction: tour begins Monday in Russia

 “These are four key countries we’ll be meeting as part of the formal proposal Venezuela made to OPEC and non-OPEC countries,” said Del Pino

Venezuelan Oil Minister Eulogio Del Pino will visit Russia, Qatar, Iran and Saudi Arabia on a tour of OPEC and non-OPEC countries intended to drum up support for action to stem the tumble in crude prices.

Monday, February 1st 2016 - 05:48 UTC

Chile to provide gas to Argentina in winter months; Enap and YPF will increase production in Magallanes

The accord was sealed under the agreements signed between Energy Minister Juan José Aranguren and his Chilean counterpart Máximo Pacheco.

The government of Chile will be selling energy-short Argentina 5.5 million cubic feet of natural gas a day starting in May, providing also 200 MW of electricity through the interconnection system between both countries. Chile also committed to invest 200 million dollars in the Incremental Project of the Magallanes Area to boost hydrocarbon production.

Saturday, January 30th 2016 - 13:11 UTC

Petrobras plans to slash 30% of management jobs in non-operating areas

Petrobras said the reforms are a response to lower oil prices and mark a shift to more profitable activities. It hopes the restructuring will trim US$440 million

As Brazil struggles with a corruption scandal in which executives and politicians face investigations of alleged bribery, Brazil’s state-run oil company Petrobras announced it will slash management jobs as part of an efficiency drive approved by its board of directors.

Saturday, January 30th 2016 - 12:31 UTC

US growth slows down sharply to 0.7% annually in the fourth quarter

GDP increased at a 0.7% annual rate, the Commerce Department said as lower oil prices continued to undermine investment by energy firms

As anticipated by the Federal Reserve's report earlier this week, US economic growth braked sharply in the fourth quarter as businesses stepped up efforts to reduce an inventory glut and a strong dollar and tepid global demand weighed on exports.

Saturday, January 30th 2016 - 12:21 UTC

Argentina seals US$ 5 billion deal with international banks at Libor plus 6.5 points

This commercial bank loan “facilitates the central bank's capacity to confront external shocks and thereby avoid disruption in the local market”

Argentina's central bank said on Friday it had sealed a deal for a US$5 billion, one-year loan from international private banks, bolstering its low foreign reserves as the country heads into talks with creditors suing over unpaid debt. Argentina has been shut out of global credit markets because of its long-running legal dispute in U.S. courts with creditors over debt it defaulted on in 2002.

Saturday, January 30th 2016 - 12:04 UTC

Falklands with a medium term financial surplus of £4.325 million

 FIG's Long Term Financial Plan surplus (inclusive of oil receipts and expenditure) as at the end of Dec. was £9.874 million against a budget surplus of £2.571 million.

For the first six months of the 2015/16 financial year, the Falkland Islands Government is showing a Medium Term Financial Plan surplus of £4.355 million compared to a revised budget surplus of £30,000; a favorable performance of £4.325 million.(*)

Saturday, January 30th 2016 - 11:53 UTC

Brazil ends 2015 with record deficits: primary, 1.88% and fiscal 10.34%, of GDP

Brazil's primary budget deficit of 71.7 billion reais ($17.59 billion) in December contributed heavily to the annual result.

Brazil posted a primary budget deficit in 2015 of 111.25 billion Reais (roughly $27.29 billion), the biggest since the data series began in 2001, the Central Bank said on Friday. The primary budget deficit (before interest payments), equivalent to 1.88% of GDP, was more than triple the primary budget gap in 2014 (32.5 billion reais, or 0.57% of GDP).

Saturday, January 30th 2016 - 11:29 UTC

Falklands/Chile weekly flight: LAN interested in having a larger aircraft

A LAN aircraft, Airbus 320, with 150 seats, makes one return trip to the Faklands a week from Santiago, Chile via Punta Arenas

An indication of interest has been forthcoming from Chile's flag carrier LAN in relation to bringing in a larger aircraft to cope with the volume of passengers and freight to the Falkland Islands.

Saturday, January 30th 2016 - 10:45 UTC

Argentina ends power subsidies; some bills could increase by as much as 500%

Minister Aranguren said the target was reducing subsidies by US$4 billion this year as part of a drive to reduce a gaping deficit that widened sharply

Argentina's energy minister on Friday announced new power rates on the back of subsidy cuts that could see the bills of some consumers jump five-fold, saying that a near total freeze on tariffs in parts of the country for years had left the power grid “on the brink of collapse.”

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