Economy

Economy
Wednesday, April 8th 2015 - 17:40 UTC

Obama/Castro in Panama: 'grip and grin” photo or historic head-to-head sit down?

“Leaders are together a lot of the time,” at the summit said Roberta Jacobson. “And so there will be an interaction with Raul Castro.”

President Barack Obama will attend a Summit of the Americas in Panama this week, a gathering that could see the first substantive meeting between US and Cuban leaders in half a century.

Wednesday, April 8th 2015 - 17:11 UTC

Bachelet denies any idea of stepping down, because of her family's corruption scandal

“I don't even know the constitutional procedure for such a situation” said categorically the Chilean leader during a media round with foreign press

“No way, I've never thought of resigning or stepping down” said emphatically Chilean president Michelle Bachelet on Wednesday, following a barrage of media rumors which echoed in the social networks during Holy Week, which in South America in a long weekend holiday.

Wednesday, April 8th 2015 - 14:44 UTC

Argentina's few friends in the world; China and Russia, Cristina Fernandez foreign policy priorities

“Argentina has been erased from world leaders' agenda with the exception of China and Russia”, points out Morales Solá

Argentina's foreign policy, under president Cristina Fernández, has new priorities, China and Russia, according to columnist Joaquin Morales Solá, one of the outstanding political analysts of Argentina. This means a radical change from democratic Argentina (since 1983) when the interests of the country were targeted in Latin America, particularly Brazil, Europe and the US, although the importance of the short list varied according to the different elected presidents.

Tuesday, April 7th 2015 - 22:40 UTC

Falklands oil exploration rig moves to Isobel Deep, following Zebedee drilling success

The Eirik Raude rig successful drill at Zebedee was announced last week. The operation partners are Premier Oil (36%), Rockhopper, (24%) and Falkland Oil and Gas (40%)

Following its success with the Zebedee drill, the rig Eirik Raude is moving a short distance to start the second well of the latest Falkland Islands exploration campaign. The next target of the current four prospects exploration campaign is Isobel Deep, later followed by Jayne East and finally Chatham.

Tuesday, April 7th 2015 - 09:24 UTC

FAO Food Price Index down in March helped by a sharp drop in sugar

Sugar Price Index averaged 187.9 points in March, down 9.2% from February. Good crop prospects and the continued weakening of the Brazilian currency had an impact.

The FAO Food Price Index continued to decline in March, dropping 1.5 percent from February and 18.7 percent (40 points) below its level a year earlier.

Tuesday, April 7th 2015 - 09:15 UTC

Argentine farmers defy Cristina Fernandez with ‘silo-bags’ to hoard soybeans

Silo-bag sales rose this year, mostly because of a bigger harvest, according to silo bag manufacturer IpesaSilo, which has about 70% of the Argentine market.


Argentine farmers have stockpiled more than twice as many soybeans this year than in 2014 defying a government desperate to increase export tax revenue needed to finance rising state spending ahead of the October presidential election.


Tuesday, April 7th 2015 - 07:51 UTC

World soy production forecasted to fall next season; Argentina could be the exception

Oil World's forecast for a drop in world production next season, the first decline since 2011-12, reflect largely an expectation of a 104.0m-tons US crop, down 4m tons

World soybean production will fall next season for the first time in four years, undermined by a drop in US output, although the fall may not prove sufficient to support prices, Oil World said. However in South America, Argentina and Paraguay could be heading for new record crops.

Tuesday, April 7th 2015 - 07:46 UTC

Argentina appeals to Judge Griesa bar on Citibank to process bonds under local law

Griesa said Argentina can’t pay holders of the performing debt without also paying Paul Singer’s NML Capital that’s owed 1.7bn dollars on defaulted bonds.

Argentina has formally appealed to the New York justice system the ruling handed down by district judge Thomas Griesa, which barred intermediary Citibank from processing US dollar denominated debt services issued under Argentine law and which expired on March 31.

Tuesday, April 7th 2015 - 05:55 UTC

Argentine regulators inspect Citibank, following dispute over accord with hedge funds

Regulators are working to verify whether Citibank was able to maintain normal operations following CEO Gabriel Ribisich's suspension last week

Argentina’s central bank sent regulators to inspect Citibank's headquarters in Buenos Aires on Monday after the head of the branch was suspended amid a legal battle over Argentina's debt. Regulators are working to verify whether the bank was able to maintain normal operations following CEO Gabriel Ribisich's suspension last week, the government news agency Telam said.

Monday, April 6th 2015 - 17:15 UTC

Santos port four-day fire raging; efforts concentrated in stopping flames from spreading

Firefighters said there was little they could do to extinguish the flames before most of the fuel was consumed.

A fire at a fuel storage facility near Brazil's largest port Santos entered its fourth day on Sunday as 110 firefighters worked to stop the flames from spreading further, the local fire department said.

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