Economy

Economy
Tuesday, February 10th 2015 - 23:58 UTC

Venezuela announces yet another concealed devaluation, effective Wednesday

Nelson Merentes said “We will incentivize import substitution and the assignment of currency under this modality will be for the productive sectors”

Venezuela's vice president for economic policy announced Tuesday that the government will inaugurate this week a three-tiered exchange-rate regime which includes a “totally free” market open to both individuals and companies.

Tuesday, February 10th 2015 - 05:45 UTC

S&P downgrades Venezuela long term credit rating to CCC

S&P said Venezuela's economy could shrink 7% this year, with further contraction possible in 2016. It added inflation could reach 100% or more

Ratings agency Standard and Poor's on Monday downgraded Venezuelan long-term credit ratings to CCC from CCC+, citing falling oil prices and the government's failure to address economic distortions.

Tuesday, February 10th 2015 - 05:35 UTC

Falklands pensions' scheme receives top qualification from UK HM Revenue & Customs

QROPS status will allow existing UK-registered pension scheme funds to be transferred to members’ funds held in FIPS.

The Falklands Islands Pensions Board is pleased to announce that HM Revenue & Customs in the United Kingdom has approved the Falkland Islands Pensions Scheme (FIPS) as a Qualifying Recognized Overseas Pensions Scheme (QROPS).

Tuesday, February 10th 2015 - 03:51 UTC

Falkland Islands Holdings David Hudd steps down; new chairman is Edmund Rowland

“Time is right to hand over to a new, younger chairman in order that the group can take full advantage of the opportunities available to it”, said Mr. Hudd

Falkland Islands Holdings chairman David Hudd has resigned from the board with immediate effect and been succeeded by non-executive deputy chairman Edmund Rowland, it was reported on Monday. John Foster continues as group managing director.

Monday, February 9th 2015 - 17:34 UTC

Food, housing and transportation prices accelerate January inflation in Brazil

The rolling 12-month IPCA was up 7.14% through January, up from 6.41% in December, and is now above the central bank's 6.5% ceiling.

Brazil's consumer price inflation accelerated in January, putting the 12-month rate well above the central bank's tolerance band and at the highest level since September 2011, underscoring one of the main challenges facing Latin America's largest economy in the year ahead.

Monday, February 9th 2015 - 12:46 UTC

Bank of England unanimously leaves interest rates at 0.5% for the 71st month

The so-called “hawks” Ian McCafferty and Martin Weale had previously voted for a 0.25% rise in interest rates at each meeting of the MPC since last August

Bank of England has held interest rates at 0.5% for the 71st month in a row and kept its stimulus programme of quantitative easing (QE) unchanged. Most forecasters now think interest rates will not rise before next year.

Monday, February 9th 2015 - 12:32 UTC

China's import of key commodities falls sharply during January

Domestic iron ore prices fell 13% in January, suffering the biggest monthly fall since May 2013 due to oversupply and high inventories.

China's imports of key commodities eased in January after the record high set in December, as expected as the earlier heavy purchases to take advantage of weak prices had swollen inventories, preliminary customs data released has shown.

Friday, February 6th 2015 - 23:10 UTC

US reports strong surge in employment and wages during January

January marked the 11th straight month of job gains above 200,000, the longest streak since 1994.

United States employment rose solidly in January and wages rebounded strongly, a show of underlying strength in the economy. Nonfarm payrolls increased 257,000 last month, the Labor Department said on Friday.

Friday, February 6th 2015 - 23:02 UTC

Qatar Airways takes 10% of IAG, owner of British Airways and Iberia

Willie Walsh, IAG's chief executive, said he was delighted Qatar had become a “long-term supportive shareholder”.

Qatar Airways has emerged as the owner of a 10% stake in International Airlines Group (IAG), the owner of British Airways (BA) and Iberia. The Gulf airline is already a member of the Oneworld Alliance.

Friday, February 6th 2015 - 06:53 UTC

FAO Food Price Index continued de decline in January; cereal record crop anticipated

The meat index alone has risen since January 2014, increasing 6.6%. The dairy index has seen the largest drop, declining 35% since the same period

The FAO Food Price Index continued to decline in January, averaging 182.7 points for the month, or 1.9 percent below its December 2014 level. Lower prices reflect strong production expectations as FAO also raised its 2014 forecast for world cereal production to a record high and noted that early indications for crops in 2015 are favorable.

Advertisement

Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!

Advertisement