Economy

Economy
Tuesday, August 16th 2016 - 06:11 UTC

British Airways cuts its food service on flights less than eight and a half hours

Spaniard Alex Cruz, 50, took over as CEO and chairman of BA in April this year, having started his career with American Airlines 1995.

British Airways has cut its food service and will no longer provide two meals to economy travelers on flights lasting less than eight-and-a-half hours. Instead of two full meals, passengers will only receive one as part of the new measures, which also apply to journeys lasting less seven hours for premium economy passengers.

Tuesday, August 16th 2016 - 06:01 UTC

Latam airlines has poor performance in 2Q; defers incorporation of new aircraft

LATAM has racked up repeated losses since it was formed in the 2012 merger of Chile's LAN and Brazil's TAM, hamstrung by Brazil's economic problems

Latin America's largest airline, reported a wider-than-forecast net loss in the second quarter of US$92 million, as it struggles to overcome tough economic conditions in its key markets. The airline made a loss of US$50 million in the same period a year ago, a quarter that is traditionally weak for seasonal reasons.

Monday, August 15th 2016 - 15:09 UTC

July inflation in Brazil remains over target: 8.74% in twelve months

Higher-than-expected inflation this year has forced the central bank to keep its benchmark Selic rate near 10-year highs despite a crippling recession

Inflation in Brazil rose more sharply in July than economists expected, official data showed, raising pressure on the central bank to keep interest rates on hold for some time.

Monday, August 15th 2016 - 07:28 UTC

Argentina's economy: a battle over utility bills is president Macri’s first big crisis

Macri, who succeeded Cristina Fernández de Kirchner said the energy crisis was the most complex of the “many bombs” she had left for him.

The following article from The Economist points out that the Argentine Supreme Court in the next ten days has to decide on tariff rises for gas and electricity blocked by lower courts. And president Macri cannot afford to lose sine the price increases are a vital part of his plan to restore confidence in an economy undermined by years of reckless spending.

Monday, August 15th 2016 - 07:19 UTC

Brazil concerned about the 25% surge of the Real against the US dollar

Temer said he was worried about the Real's recent appreciation against the dollar and added his government will “look for an equilibrium” in the exchange rate.

The Brazilian Real weakened further on Friday after interim President Michel Temer showed concern over currency strength, while stocks edged lower following a heavy batch of quarterly results including state controlled oil company Petrobras.

Monday, August 15th 2016 - 07:09 UTC

Mercosur-India talks expected to expand preferential trade agreement

“We are largely interested in exporting processed foods and electronics to Mercosur”, said Sachin Chaturvedi, head at the Ministry of External Affairs

India has begun the process of expanding its preferential trade agreement with the Mercosur trade bloc, opening its market more to South America and negotiations are expected to start in a month or two. The number of products on which tariff concessions is given is likely to increase to more than 3,000 from 450 at present with more agricultural products getting covered in the pact.

Saturday, August 13th 2016 - 09:26 UTC

Falklands' fresh produce high prices blamed on Montevideo's port charges and fees

Montevideo port costs add 75-100%, “on top of actual SAAS (shipper) freight costs. In UK similar operations add a mere 20% to the SAAS freight cost” said Miller.

Uruguayan port charges and fees from port operators and shipping agents are the cause of fresh produce being so expensive in the Falkland Islands, Stanley Nurseries Tim Miller told Penguin News this week. Montevideo port costs add 75-100%, “on top of actual SAAS (shipper) freight costs. In UK similar operations add a mere 20% to the SAAS freight cost said Mr. Miller.

Saturday, August 13th 2016 - 08:24 UTC

Argentina's July inflation falls to 2%, confirming sliding tendency

 Macri had campaigned on promises of lifting currency controls and jump-starting foreign investment, in part by improving transparency at Indec.

Argentina's inflation rate eased to 2% in July, less than half of what it was two months before when the government began reporting consumer price data after revamping the country's troubled statistics office. The July figure was released on Friday by the new Indec data agency. A month earlier it reported 3.1% inflation for June and 4.2% for May when it issued its first consumer price report since President Mauricio Macri took office in December.

Saturday, August 13th 2016 - 08:12 UTC

Catholic Church criticizes Macri's policies and says 1.4 million more have fallen into poverty

The survey included 5,700 homes in 25 urban settlements (this could refer to cities, towns, etc.) with over 80,000 people, particularly in Greater Buenos Aires

A new report released by the Argentine Catholic University (UCA) points to a somewhat bleak outlook on Argentina’s current socioeconomic situation, with the revelation that 1.4 million people fell into poverty between December 2015 and April 2016. The report also provides a qualitative commentary criticizing President Mauricio Macri’s social policies.

Friday, August 12th 2016 - 07:08 UTC

Petrobras Q2 profit tumbles by a third; massive debt condition performance

Part of the problem is Petrobras' huge debt, Chief Financial Officer Ivan Monteiro told reporters on Thursday.

Brazil's Petrobras reported second-quarter profit that fell by nearly a third from a year earlier, missing expectations as oil prices fell and it took charges for layoffs and the impairment of a refinery. Petrobras said net income fell 30% to 370 million Reais (US$118 million) in the three months ended June 30 compared with a profit of 531 million Reais a year earlier.

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