Economy

Economy
Thursday, August 20th 2015 - 06:32 UTC

Brazil in recession, according to the Central Bank's economic activity index

A comparison of the monthly indexes showed the Brazilian economy contracted by 1.89% in the second quarter from the first.

Economic activity in Brazil fell more quickly than expected in June, central bank data showed on Wednesday, adding to evidence that the once-booming economy is suffering a painful recession. The Brazilian central bank's IBC-Br economic activity index fell 0.58% in June from the prior month, the bank said in a report released on Wednesday.

Wednesday, August 19th 2015 - 06:22 UTC

China stocks continue sell-off on Wednesday after plunging 6% on Tuesday

The benchmark Shanghai Composite opened down 2.7% at 3,646.75 points on Wednesday before sliding further to register a 5% loss by mid-morning.

China stocks continued their sell-off on Wednesday following a 6% plunge in the previous session. The benchmark Shanghai Composite opened down 2.7% at 3,646.75 points on Wednesday before sliding further to register a 5% loss by mid-morning. The index closed down 6.1% at 3,749.12 points on Tuesday, its biggest daily decline since July 27.

Tuesday, August 18th 2015 - 10:25 UTC

Chemical blast in Tianjin halts work at auto and farm equipment plants

At least 114 people died in the explosions, officials said on Sunday, and more than 700 have needed hospital treatment.

Toyota and John Deere have said they will halt work at plants near China's port of Tianjin where huge explosions last week killed more than 100 people. Toyota's production lines will be closed until the end of Wednesday while John Deere suspended work indefinitely.

Tuesday, August 18th 2015 - 09:15 UTC

Markets estimate Brazil's recession will spill over to 2016, says Central bank

The US dollar will continue to climb against the local currency: up from R$ 3.40 to R$ 3.48 in 2015 and from R$ 3.50 to R$ 3.60 in 2016.

The Brazilian Central Bank weekly Focus Bulletin released on Monday indicates, for the first time, according to the prevailing opinion among financial institutions that the current recession of the country's economy will extend well into 2016. According to Focus the market forecasts a retraction of the Brazil's GDP of 0.15% in 2016.

Monday, August 17th 2015 - 08:16 UTC

Nine banks agree to pay US$2bn to investors over rigged foreign exchange rates

The banks include HSBC, Barclays, BNP Paribas, Bank of America, JP Morgan, Citibank, Goldman Sachs, RBS and UBS.

Nine banks have agreed to pay 2 billion dollars in settlements to US investors over claims they rigged foreign exchange rates, according to lawyers. They are taking action on behalf of investors, including hedge funds and pension funds, who accuse banks of conspiring to manipulate rates.

Saturday, August 15th 2015 - 08:50 UTC

Uruguay says Brazil rejects idea of leaving Mercosur, but agrees that deep changes are urgent

Nin Novoa said that on Thursday when hearing about Senator Calheiros proposal he contacted Brazilian foreign minister Mauro Vieira

Uruguay's foreign minister said on Friday that “nobody” supports the proposal from the Brazilian Senate president Renan Calheiros to put an end to the Mercosur customs union. However he did point out that he proposal exposed that the block effectively is 'not working' and needs to have its foundations reviewed.

Saturday, August 15th 2015 - 08:14 UTC

US dollar in Argentina reaches its highest mark so far this year: 15.10 Pesos

The recent primaries with no clear winner and possible alliances open to different situations have become stressful for the political system.

Argentina's foreign exchange market was quite active on Friday and the so called 'blue' or 'parallel' dollar hit the highest mark in the year at 15.10 Pesos. Meanwhile the official US dollar ended half a cent higher at 9.255 Pesos in banks and foreign exchange agencies.

Saturday, August 15th 2015 - 07:38 UTC

UK present at the Prado agriculture show to promote business and education

Last year's British pavilion was a great success, a very good reason to repeat the experience next September

The British embassy will be present at Uruguay's Prado agriculture show with a pavilion geared to promote business, education, culture, tourism, gastronomy and entertainment. The 110th edition of the Prado event, Uruguay's main agri-business display will take place in Montevideo, between September 9 and 20.

Friday, August 14th 2015 - 09:58 UTC

China and Asian markets begin to react to new Yuan daily rate-fix policy

 The Chinese central bank set the rate at 6.3975 Yuan per dollar compared to Thursday's close of 6.3982.

Chinese shares rose on Friday as the central bank set the reference rate for the Yuan slightly stronger. The bank set the rate at 6.3975 per dollar compared to Thursday's close of 6.3982.

Friday, August 14th 2015 - 09:44 UTC

Argentina: July inflation 1.92% and 27.15% annually says Congressional index

“It is clear that contrary to government's efforts to hide reality, the inflation index continues to climb”, said Bullrich

Argentina's July inflation for the private financial consultants climbed 1.92% and in the last twelve months reached 27.15%, according to the report released in Congress by opposition lawmakers. The so called 'congress index' is an average of the different private consultants which is released monthly by lawmakers to avoid fines and reprisals from government.

Advertisement

Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!

Advertisement