Economy

Economy
Monday, July 27th 2015 - 06:58 UTC

Uruguay's meat exports in almost seven months close to the billion dollars

Beef exports were equivalent to 816 million dollars and 213.189 tons, while main markets: EU, Nafta (US, Canada and Mexico), China and Israel.

Uruguay exports of meats reached 978 million dollars between January and 18 July of which 83% beef; 5,5% offal; 3% ovine; other industrialized meats 2.7% and 1.5% horse, according to the latest release from the country's Meats institute economics office, Inac.

Monday, July 27th 2015 - 06:45 UTC

Banks forecasting two years of economic contraction for Brazil

Last Friday, Credit Suisse put out a note revising his forecast for Brazilian GDP this year to -2.4% from an already bleak -1.8%.

Banks in Brazil are now forecasting economic contraction in 2016 and if this proves correct it will be first time Latin America's largest economy shrinks two years running since the Great Depression.

Saturday, July 25th 2015 - 06:16 UTC

Petrobras workers on a nationwide 24 hour strike to protest sale of assets

Caroline Cavassa, a press officer for the National Oil Workers Federation, said 90% of the company's 86,000 workers joined the strike in 12 states.

Tens of thousands of workers at Brazil's state-owned Petrobras went on a nationwide 24-hour strike on Friday to protest the oil company's plans to sell 15.1 billion dollars worth of assets by the end of next year to help pay off a debt of about 120 billion dollars.

Saturday, July 25th 2015 - 05:24 UTC

Economic activity in Argentina picking up, according to Indec

The increase in May was boosted by agro exports, the construction sector, consumption and extractive industries, according to a private sector report.

Economic activity in Argentina has increased 2.2% in May, compared to the same month of 2014, according to the country's stats office, Indec. Compared to April this year, economic activity has grown 0.8%, the Monthly Economic Activity Index revealed.

Friday, July 24th 2015 - 11:18 UTC

More job losses coming to U.S. shale

With prices of both Brent and WTI moving towards $50 per barrel, this is bad news for the U.S. shale sector which is already dealing with rising debt

With the recently concluded nuclear deal between Iran and the P5+1 countries, oil prices have already started heading downward on sentiments that Iran's crude oil supply would further contribute to the already rising global supply glut. The economic crisis in Greece, OPEC's high production levels and China's market turmoil have created more pressure on oil prices, making a price rebound look highly unlikely in the near future.

Friday, July 24th 2015 - 11:02 UTC

US filings for unemployment benefits fall to its lowest since 1973

The bullish jobs picture, together with a firm housing market brings the Federal Reserve a step closer to hike interest rates this year.

The number of US citizens filing new applications for unemployment benefits last week dropped to its lowest level in more than 41 and a half years (1973), suggesting the labor market maintained a sturdy pace of job growth in July.

Friday, July 24th 2015 - 10:39 UTC

Brazilian currency and markets drop on latest fiscal savings goals

The real  closed 2.2% lower at 3.29 per dollar, its lowest level in four months on late Wednesday' announcement reducing the primary surplus for the year

Brazil's currency, the Real, tumbled on Thursday after the government announced it would slash its fiscal savings goals for this year and next, raising investor fears that the country may lose its investment-grade credit rating.

Thursday, July 23rd 2015 - 08:58 UTC

Discouraging outlook for commodities this year confirms World Bank

“All main commodity price indices are expected to decline in 2015, mainly due to abundant supplies, and in the case of industrial commodities, weak demand”

The outlook for commodities remains grim for this year, except that oil will fall a bit less than previously forecast, the World Bank said. Average prices for fuels such as crude, natural gas and coal will tumble 39% from 2014, while those for materials like metals and fertilisers will fall about 12%, the Washington-based lender said in its quarterly “Commodity Markets Outlook” released Wednesday.

Thursday, July 23rd 2015 - 08:52 UTC

Brazil's recession expected to continue next year according to top bank

Ilan Goldfajn  forecasts a drop of 2.2% in 2015 and 0.2% in 2016, down from previous estimates a 1.7% decline in 2015 and an increase of 0.3% in 2016.

Brazil's recession will extend into next year, hurting President Dilma Rousseff's efforts to shore up public finances and arrest a sharp increase in unemployment, Itau Unibanco's chief economist said in a report on Wednesday. Ilan Goldfajn forecasts a drop of 2.2% in 2015 and 0.2% in 2016, down from previous estimates for a decline of 1.7% in 2015 and an increase of 0.3% in 2016.

Thursday, July 23rd 2015 - 08:18 UTC

Protesting French farmers promised €600m of emergency government help

“The demonstrations of the past few days underline an anger, an anxiety, a distress that we have seen for a long time”, said Manuel Valls, France’s PM

Dramatic protests across the north of France have won the country’s farmers €600m of emergency government help. This week thousands of tractors blockaded motorways and brought cities to a standstill, as the plight of producers dominated the nation’s news.

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