Economy

Economy
Thursday, January 8th 2015 - 06:28 UTC

Euro zone inflation turns negative putting more pressure for ECB stimulus

The bank's inflation target is below but close to 2%. The fall was driven mainly by lower energy costs (6.3%) due to the plunging price of oil.

Inflation in the Euro-zone has turned negative, official figures have shown, with prices in December 0.2% lower than the same month a year earlier. The tip into deflation adds pressure on the European Central Bank (ECB) to take further action to stimulate the bloc's economy.

Thursday, January 8th 2015 - 06:24 UTC

Car sales in Brazil last year dropped 7.15% compared to 2013

Fenabrave is also anticipating that sales this year will continue sliding but in the range of 0.5%, probably reaching 3.479 million

The sale of cars, commercial vehicles, trucks and buses in Brazil dropped 7.15% last year compared to 2013, and reached 3.498 million according to the Brazilian federation of car dealers, Fenabrave. It is the largest drop for the industry in twelve years and the second consecutive fall.

Thursday, January 8th 2015 - 06:12 UTC

Car sales in Argentina plunged 28% last year compared to 2013

Last year’s total reached a poor 683,485 cars registered, when compared with the 956,884 units sold in 2013, a record for Argentina.

Sales of new cars in Argentina plunged 42% in December, compared to the same month of 2013, a steep drop that managed to raise eyebrows in an industry that had gotten used to declines month after month. It was steeper than the already strong 37% drop seen in November.

Thursday, January 8th 2015 - 05:34 UTC

Maduro announces 20bn dollars in investment credits from China

The Venezuela leader made the statements from Beijing after holding a meeting with Chinese President Xi Jinping.

President Nicolas Maduro said on Wednesday he had secured a total of more than 20 billion dollars in investment from major creditor China for economic, social, and oil-related projects.

Thursday, January 8th 2015 - 01:13 UTC

Falklands contribution to the development of sheep farming in Magallanes

In the late 1880 sheep from the Falklands were shipped to the extreme south of Chile to help start the industry

The close historic and farming links between the Falkland Islands and the Magallanes Region, were underlined in a recent article by Punta Arenas researcher Silvestre Fugellie dedicated to sheep farming, the 'golden fleece' that changed the economy of those barren lands in the extreme south of Chile over a century ago.

Thursday, January 8th 2015 - 01:08 UTC

Authorities raid Buenos Aires HSBC accused of aiding tax evasion

The raid stems from allegations that HSBC helped 4,040 Argentines evade taxes by placing their money in secret Swiss bank accounts.

Authorities on Wednesday conducted a court-ordered search of the Argentine headquarters of London-based bank HSBC, which faces allegations of aiding tax evasion, it was reported in Buenos Aires.

Wednesday, January 7th 2015 - 06:52 UTC

Argentina and Chile agree on three tunnel projects drilling the Andes

The accord to ensure greater connectivity was signed by foreign minister Heraldo Muñoz and Argentine ambassador in Santiago, Gines Gonzalez Garcia (L).

Argentina and Chile signed on Tuesday in Santiago the creation of a bi-national entity responsible for the Las Leñas Pass tunnel project (Ebileñas) to be drilled in the Andes connecting the two countries.

Wednesday, January 7th 2015 - 06:20 UTC

Brazil sends foreign minister to China/Celac meeting in Beijing

The China/Celac meeting is scheduled for next Thursday and Friday and will be the first event of this kind strongly sponsored by Chinese president Xi Jinping

Brazil's new foreign minister Mauro Vieira has left for Beijing to attend the first ministerial meeting between China and the Community of Latin American and Caribbean States, CELAC, according to reports from Brasilia.

Tuesday, January 6th 2015 - 23:11 UTC

Energy crisis as early as 2016

For now Saudi Arabia is willing to let the other OPEC members suffer until the next scheduled OPEC meeting in June.

Low oil prices today may be setting the world up for an oil shortage as early as 2016. Today we have just 2% more crude oil supply than demand and the price of gasoline is under $2.00/gallon in Texas. If oil supply falls too far, we could see gasoline prices doubling within 18 months. For a commodity as critical to our standard of living as oil is, it only takes a small shortage to drive up the price.

Tuesday, January 6th 2015 - 22:49 UTC

Aurelius hedge fund denies being part of lawsuit filed against Petrobras

“The lawsuit has been filed by the City of Providence (Rhode Island. Aurelius has nothing to do with it,” said the president of Aurelius Mark Brodsky

Aurelius Capital Management, one of the main plaintiffs against Argentina in New York District Judge Thomas Griesa’s courtroom, has denied being part in a lawsuit filed against Brazilian state-owned oil company Petrobras, in response to accusations by Argentina’s Economy Minister Axel Kicillof.

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