Economy

Economy
Friday, January 16th 2015 - 06:15 UTC

In a surprise move Swiss central bank abandons Euro peg: frank soars 30%

Watchmaker Swatch saw its share price slump 15%. Swatch chief executive Nick Hayek called the decision “a tsunami” for Switzerland's economy.

The Swiss franc soared as much as 30% in chaotic trade after the central bank abandoned the cap on the currency's value against the Euro. The Swiss National Bank (SNB) said the cap, introduced in September 2011, was no longer justified. It also cut a key interest rate from -0.25% to -0.75%, raising the amount investors pay to hold Swiss deposits.

Friday, January 16th 2015 - 06:10 UTC

US, EU and Japan win case at WTO against Argentine import restrictions

“It will not have an immediate practical impact on the system and administration of commerce or trade dynamics” said Commerce Secretary Costa

The World Trade Organization on Thursday rejected Argentina’s bid to overturn a ruling in favour of the United States, the European Union and Japan against the Buenos Aires licensing rules used to restrict imports.

Friday, January 16th 2015 - 05:23 UTC

YPF increased output during 2014; refinery strike threatens supply of fuel

The results testify to the sustained work of YPF over the past 3 years that has managed to reverse the decline and maintain production growth, said the release

YPF's oil and natural gas production rose in 2014 for the second year running, Argentina's state-run energy company said on Thursday. Oil production rose 8.7% last year, while gas output was up 12.5%, YPF said, although the company did not publish annual output volume.

Thursday, January 15th 2015 - 08:13 UTC

Five ways to play the oil price plunge

The cost of finding and “lifting” a barrel of oil out the ground varies between $16.88 in the Middle East to $51.60 offshore in the United States

The collapse of the oil price has created losers and winners, and like every major movement in a commodity sector, the trick for investors is figuring out which side of the trade to be on.The most obvious victim of the slide in Brent and WTI prices over the last 6 months has been the major oil producers. Holders of these equities have seen price slides up to 33%.

Wednesday, January 14th 2015 - 09:19 UTC

Brazil anticipates 'program of targeted tax increases' and 'fare realism' for power and fuel

“We have no intention of producing a bag of tricks or packages -- but we shall have to take some measures,” Joaquim Levy told reporters

Brazil's finance minister said on Tuesday a program of targeted tax increases was designed with the intention to not harm fragile growth in Latin America's largest economy. Joaquim Levy also pledged 'fare realism' for electricity bills and fuel prices based on 'business reasons'.

Wednesday, January 14th 2015 - 07:47 UTC

OPEC member stands by group's decision not to cut output to tackle glut

United Arab Emirates' oil minister, Suhail bin Mohammed al-Mazroui, said that OPEC's November decision not to cut output had been the right one.

Brent and US WTI crude oil prices fell to their lowest levels in almost six years on Tuesday as a big OPEC producer stood by the group's decision not to cut output to tackle a glut in the market.

Tuesday, January 13th 2015 - 08:56 UTC

The real cause of low oil prices: Interview with Arthur Berman

Oil prices need to be around $90 to attract investment capital. So, are companies OK at current oil prices? Hell no! They are dying at these prices

With all the conspiracy theories surrounding OPEC's November decision not cut production, is it really not just a case of simple economics? The U.S. shale boom has seen huge hype but the numbers speak for themselves and such overflowing optimism may have been unwarranted. When discussing harsh truths in energy, no sector is in greater need of a reality check than renewable energy.

Tuesday, January 13th 2015 - 08:52 UTC

Vast potential energy resources in US Eastern Gulf of Mexico and the Pacific

The areas are currently almost entirely off-limits to offshore oil and gas development but could be included in the US next five-year leasing program.

Two new studies by Quest Offshore Inc. for the (US) National Ocean Industries Association (NOIA) and the American Petroleum Institute (API) show vast potential energy and economic benefits to the U.S. if the Eastern Gulf of Mexico and the Pacific outer continental shelf (OCS) were opened to offshore oil and natural gas development.

Tuesday, January 13th 2015 - 08:46 UTC

Falklands' sheep paddocks with fence posts from North Wales

Every year 4.000 fence-posts are shipped to the Falklands, revealed Clifford Jones (Pic Daily Post)

Fence posts made from North Wales timber are keeping sheep safe thousands of miles away in the Falkland Islands. Every year a consignment of 4,000 fence posts weighing 20 tons is trucked from Ruthin to Portsmouth on the first stage of an 8,000-mile journey to the South Atlantic, reports the Daily Post from North Wales.

Tuesday, January 13th 2015 - 08:36 UTC

Cristina Fernandez to Beijing in February; more financial support from China

Xi Jinping and Cristina Fernandez in Buenos Aires when the bilateral relation was upgraded to a “comprehensive strategic association”

Argentine President Cristina Fernandez will be travelling to Beijing next month, reciprocating a visit from her Chinese counterpart Xi Jinping last July, it was officially announced by chief of staff Jorge Capitanich. The meeting was anticipated last Friday in a meeting of the two countries foreign ministers on the sidelines of the CELAC/China ministerial forum held last week in Beijing.

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