Economy

Economy
Friday, April 11th 2014 - 08:19 UTC

Chevron and YPF unveil plans to invest another 1.6bn in Vaca Muerta shale

The second phase of exploration calls for drilling 1,500 wells across 395 square kilometers

US oil giant Chevron and state-controlled YPF unveiled plans Thursday to spend another 1.6 billion dollars to develop Argentina's Vaca Muerta shale formation for oil and gas projects. The investment comes on top of 1.2 billion Chevron agreed to spend last year for a shale pilot project.

Friday, April 11th 2014 - 04:31 UTC

China's foreign trade falls sharply in March confirming economy's slowdown

However the March figures left a surplus of 7.7bn compared to the 23bn February deficit

China's exports and imports fell sharply in March, adding to recent indicators pointing to a slowdown in the world's second-largest economy. The country's exports fell by 6.6% in March when compared with the previous year, while imports dropped by 11.3% in the same month, when compared with the same time last year.

Friday, April 11th 2014 - 04:27 UTC

Japan/Australia trade agreement cracks tariffs on frozen and chilled beef

Prime Minister Shinzo Abe plans to visit Australia later this year to sign the deal

United States beef shipments to Japan may drop after the largest Asian buyer inked this week a deal with Australia to begin reducing import tariffs as early as next year, the Japanese agriculture ministry said.

Friday, April 11th 2014 - 04:22 UTC

Bank of England leaves interest rates unchanged as UK recovery picks up

According to IMF the UK economy would be the fastest-growing in the G7 this year.

UK interest rates have been held at their record low of 0.5% for another month by the Bank of England. On Thursday the Bank also kept the size of its bond-buying stimulus program unaltered at £375bn. No changes had been expected to either rates or the bond-buying measure, despite recent evidence that the UK economy is continuing to recover.

Thursday, April 10th 2014 - 06:28 UTC

Brazil's March inflation marks the steepest increase for the month since 2003

Food and fuel were some of the items with the most influence

Brazil’s rate of inflation in March picked up at the quickest pace in 11 years for that month, challenging the central bank’s plan to stop raising interest rates soon and complicating President Dilma Rousseff chances of re-election.

Thursday, April 10th 2014 - 06:17 UTC

Argentine top minister in Washington attending the 'ideologically bias” IMF assembly

While in Buenos Aires Capitanich launched a scathing attack, Kicillof was scheduled for a round of contacts

In a strong reply to the IMF report on the Argentine economy forecasting 0.5% expansion in 2014, the administration of President Cristina Fernandez said the multilateral organization suffers of an 'ideological bias' and its recipes only prompted the 'worst social and productive crisis in the history of Argentina'.

Thursday, April 10th 2014 - 05:56 UTC

Argentine unions anticipate massive support and turnout for Thursday's national strike

“This is not a political strike; people feel abused, we want to talk with the President”, said Moyano

Argentina will witness on Thursday a new test of political clout and influence between the administration of Argentine president Cristina Fernandez and dissident organized labor, headed by teamster Hugo Moyano who has called for a national strike, anticipating it will have “a resounding massive support and turnout from the Argentine people”.

Thursday, April 10th 2014 - 05:37 UTC

China has become Latam's banker loaning 102bn dollars from 2005 to 2013

Venezuela's Maduro is the main debtor but pays with oil

China loaned 102 billion dollars to Latin America between 2005 and 2013, mainly to Venezuela and Argentina, while Mexico seems to be going the same way, according to a release from the Global Economic Governance Initiative which depends from the University of Boston.

Wednesday, April 9th 2014 - 19:44 UTC

Renewable energy keeps advancing despite a drop in overall investment

The falling cost of solar photovoltaic systems was partly responsible for a lesser sum of investment.

Renewable energy's share of world electricity generation continued its steady climb last year despite a 14% drop in investments to 214.4 billion dollars, according to a new report released on Monday and produced by the Frankfurt School-UNEP Collaborating Centre for Climate & Sustainable Energy Finance, the United Nations Environment Program (UNEP) and Bloomberg New Energy Finance.

Wednesday, April 9th 2014 - 07:29 UTC

IMF joins Argentine GDP linked bonds controversy involving potential payment of 3bn dollars

According to Minister Kicillof, with the new measurement methodology, but subject to future review, 2013 growth was 3%

The International Monetary Fund reported on Monday a steep deceleration of Argentina’s economic activity for 2014, in a context of “high uncertainty”, according to its latest World Economic Outlook released in Washington.

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