Economy

Economy
Wednesday, November 12th 2014 - 07:10 UTC

World largest offshore drilling fleet admits slowdown in oversupplied rig market

The recent slide in oil prices has weighed on demand for offshore services as oil and gas producers cut costs

Transocean Ltd, the owner of the world's largest offshore drilling fleet, said it was likely to retire additional rigs as the company continued to face pressure due to slowdown in an oversupplied rig market.

Wednesday, November 12th 2014 - 07:00 UTC

Argentina raids 71 banks and financial entities suspected of money laundering

More than 250 agents took part in the operation, which involved institutions in the provinces of Buenos Aires, Mendoza and Cordoba, and Buenos Aires City

Argentina's AFIP tax revenue service on Tuesday carried out searches at 71 banks, currency exchanges and other financial entities suspected of money laundering, the government said. More than 250 agents took part in the operation, which involved institutions in this capital and in the provinces of Buenos Aires, Mendoza and Cordoba, AFIP said in a statement.

Wednesday, November 12th 2014 - 06:42 UTC

Petrobras Argentina plans to invest 622m dollars to explore for shale gas

Petrobras Argentina expects to drill 44 wells at depths of up to 4,000 meters in Neuquen's Punta Rosada formation, Cabinet chief Jorge Capitanich

The Argentine unit of Brazilian state-controlled oil giant Petrobras plans to invest 622 million dollars to explore for non-conventional natural gas in Neuquen, the Argentine government announced on Monday.

Tuesday, November 11th 2014 - 07:25 UTC

Griesa authorizes Citibank to pay restructured bonds under Argentine law

Griesa's order gives Citigroup further breathing room in the ongoing dispute between the hedge funds and Argentina

New York District judge Thomas Griesa has authorized Citibank to complete the transfer of 85 million dollars to holders of restructured Argentine bonds under Argentine law, meeting debt services that expire on December 31.

Tuesday, November 11th 2014 - 04:34 UTC

Minister Swire underlines business opportunities for UK companies in Paraguay

Swire recalled British engineers helped transform Paraguay into one of the leading industrial powers in the region: railways, shipyards, a foundry and an arsenal.

UK Minister for Latin America, Hugo Swire, spoke of the growing presence of UK in Latin America and more specifically on the expanding links with Paraguay. Minister Swire said UK was determined to deepen its commercial ties with a rising Latin America and described Paraguay as a perfect trade and investment partner for UK, particularly since British oil industry has struck oil in the Chaco region.

Monday, November 10th 2014 - 19:56 UTC

Hong Kong-Shanghai stock exchanges link will allow trading across the border

The tie up is seen as a key milestone in the capital market liberalization of China - the world's second largest economy

Regulators have approved a long-awaited plan to connect the Hong Kong and Shanghai stock exchanges. The Shanghai-Hong Kong Stock Connect will allow investors to trade across the border for the first time and is set to begin on 17 November.

Monday, November 10th 2014 - 19:28 UTC

FAO's food price index remains stable in October: 'very good for importing countries'

The ongoing slight decline in the index is “very good for food importing countries,” FAO senior economist Concepción Calpe said in an interview. The shifts come as FAO raised its forecast for a record

FAO's monthly food price index was stable in October, as sugar and vegetable oil prices rose to offset declines in dairy and meat prices. The Food Price Index dipped to 192.3, technically, its seventh consecutive monthly decline, but a marginal 0.2% drop from the revised September figure.

Monday, November 10th 2014 - 08:54 UTC

Cable & Wireless acquires major Caribbean telecoms company

C&W now doubles in size and increases its Caribbean and Central American footprint with the addition of Columbus’ 700,000 residential customers in the region.

Columbus International Inc., the fiber-based telecoms company which operates in the Caribbean as Flow, has been acquired by LIME parent company, Cable & Wireless Communications Plc. (CWC), in a 3bn dollars buyout deal announced last Friday.

Monday, November 10th 2014 - 08:49 UTC

Scotiabank plans to shut 120 branches in Mexico and the Caribbean

“In some of these (Caribbean) countries, we are just over-branched and we have to size it to the realities of these economies,” said Scotiabank CEO Brian Porter.

Canada’s Scotiabank has announced plans to shut or shrink 120 branches, largely in Mexico and the Caribbean, in a bid to save CAN$120 million (One Canadian dollar =US$0.87 cents) annually. The bank said it would close down 35 of its 200 branches in the Caribbean and would sever 1, 500 full-time employees, including 500 from its international operations.

Sunday, November 9th 2014 - 11:01 UTC

Uruguay leads the 'prosperity index' in Latin America and ranks 30 worldwide

Uruguay excelled in Personal Freedom, having ranked eight worldwide; however in Education the country stood at position 68.

Uruguay is ranked in position 30 at global level among 'high prosperity' countries, according to the 2014 Legatum Prosperity Index, and remains at top position regarding Latin America. It's the same ranking as in 2013 and confirms Uruguay in the leading position for the region for several years running.

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