Economy

Economy
Friday, May 20th 2016 - 11:16 UTC

Brazil's economic interests will prevail over ideological goals, says new foreign minister

“Diplomacy will return to transparently and firmly reflecting the legitimate values of Brazilian society and the interests of its economy” underlined Serra

The foreign minister for Brazil's new government following the suspension of president Dilma Rousseff said that Brasilia will now pursue economic interests over ideological goals. Jose Serra, nominated by acting president Michel Temer in the wake of Rousseff's suspension for an impeachment trial, signaled that Brazil would no longer be part of the loose left/leaning alliance that exists across several Latin American countries.

Friday, May 20th 2016 - 10:28 UTC

Argentina expected to export 25% fewer soybeans because of the extensive floods

The USDA maintained its export forecast of 11.4 million metric tons, however, despite skepticism from market watchers.

Argentina could export up to 25% fewer soybeans this year than last, analysts said, after severe rains left many fields underwater, damaging oilseed quality. In April, floods inundated key farm areas of Argentina, the world's third-biggest exporter of raw soybeans, prompting the U.S. Department of Agriculture to slash its forecast for soybean output to 56.5 million metric tons this year.

Friday, May 20th 2016 - 10:05 UTC

Macri in the threshold of a major political storm over a possible veto of a labor bill

 The veto of the bill is expected to be announced by Macri on Friday morning at a poultry complex which has received government support to ensure jobs.

Argentine president Mauricio Macri is expected to veto a controversial labor bill which was approved early Thursday after a marathon session in the Lower House of Congress. The bill passed with 147 votes in favor, 3 votes against it and 88 abstentions includes the declaration of the employment emergency during 180 days and a double compensation in the event of layoffs, for a period of six months.

Friday, May 20th 2016 - 06:48 UTC

Argentina reassures China bilateral cooperation remains a priority for the Macri administration

After a meeting with her Chinese counterpart Wang Yi, Argentine Foreign Minister Susana Malcorra said investment projects with China would go ahead.

Argentina on Thursday sought to reassure China that bilateral cooperation remained a priority for its new government amid growing concerns over political changes in the South American country. After a meeting with her Chinese counterpart Wang Yi, Argentine Foreign Minister Susana Malcorra said investment projects with China would go ahead.

Thursday, May 19th 2016 - 12:15 UTC

Monsanto threatens to leave Argentina on a seeds' inspection dispute

The US company issued a statement saying it was ‘disappointed‘that talks with the Argentine government had not yielded an agreement on the inspection issue.

The seeds' multinational Monsanto Co. said it would suspend future soybean technologies in Argentina, a move that could limit output of the country’s main cash crop, after a disagreement with the government over inspections of genetically modified soybeans.

Thursday, May 19th 2016 - 12:02 UTC

Minutes show Fed could be ready for an interest rate in June

The suggestion that a rate increase in June is firmly on the table suggests the Fed is closer to tightening monetary policy again

Federal Reserve officials consider the United States economy could be ready for another interest rate increase in June, according to the minutes from the central bank's April policy meeting released on Wednesday. Most participants in the policy-setting committee's April 26-27 meeting said they wanted to see signs that economic growth was picking up in the second quarter and that employment and inflation were firming, the minutes showed.

Thursday, May 19th 2016 - 06:33 UTC

Falklands' Rockhopper announces double contingent oil reserves: over 300m barrels

Rockhopper owns more than 50% of two oilfields, Sea Lion and Isobel Elaine, which are now estimated to hold 747 million barrels of oil and gas reserves

Falkland Islands oil and gas producer Rockhopper Exploration Plc has announced that its net contingent oil reserves have doubled to more than 300 million barrels, and independent experts are now eyeing this as nearly billion-barrel basin.

Wednesday, May 18th 2016 - 12:21 UTC

Petrobras: Temer pledges judicial independence and respect for prosecutors nomination process

Temer told Globo TV he would maintain the tradition of nominating the candidate chosen by the corps of prosecutors

Brazil's interim president, Michel Temer said he would continue a tradition of nominating a prosecutor general who comes recommended by peers, allaying concerns about judicial independence. Justice Minister Alexandre de Moraes, sworn in last week as part of Temer's new government, told the Folha de S.Paulo newspaper in an interview that the prosecutor general of Brazil could be selected at will by the president.

Wednesday, May 18th 2016 - 12:07 UTC

Argentina forecasted to increase wheat area by 25% for a 15/16 million tons crop

Argentina, the world’s 10th biggest wheat exporter, shipped 3.13 million tons of the grain in the first quarter of 2016 versus 1.53 million in the same 2015 period

Argentine wheat exports more than doubled in the first quarter, government data showed, as farmers rushed to sell stockpiles ahead of an expected jump in plantings spurred by the open-market policies of new President Mauricio Macri. The surge in Argentine supply is hitting an oversaturated world market and putting downward pressure on wheat prices already near their lowest levels in six years.

Wednesday, May 18th 2016 - 11:32 UTC

US economy good news: inflation reaches 1.1% and housing starts rise 6.6%

Commerce Department figures showed housing starts rose by 6.6% in April to a seasonally adjusted annual pace of 1.17 million units.

US consumer prices rose at their fastest pace in three years in April as energy prices climbed, figures show. The Labor Department's Consumer Price Index rose 0.4% last month, the biggest one-month increase since February 2013.

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