Economy

Economy
Monday, June 13th 2016 - 07:44 UTC

Brazil's fiscal accounts “worse than ever imagined” confesses Temer

“The fiscal accounts were worse than we imagined, Petrobras was broken, Postal Office broken, Eletrobras broken, and I still have faced an aggressive campaign”

Brazil's fiscal accounts were in worse shape than initially thought after the suspension of Dilma Rousseff, underscoring the challenge facing the country's new economic team, acting President Michel Temer said.

Monday, June 13th 2016 - 07:36 UTC

Sterling drops to a two-month low as jittery investors shift to safer assets

With next week's referendum on whether Britain should stay in the EU on a knife-edge, analysts said traders were rushing to safe-haven investments.

The British pound dropped to a two-month low and the yen rallied Monday as jittery investors shifted into safer assets on worries about Britain's possible exit from the European Union. The flight to lower-yielding investments came as Asian stock markets plunged, with dealers awaiting meetings this week of the US and Japanese central banks.

Saturday, June 11th 2016 - 07:32 UTC

Switzerland expects influx of funds, if British voters decide to leave the European Union

Opinion polls show the race for the June 23 referendum has gone from neck to neck, to an advantage for the Leave campaign

Swiss wealth managers said Friday they would expect an influx of funds from skittish international investors if British voters choose to leave the European Union in a June 23 referendum. Participants in a seminar organized by the Swiss Private Bankers Association (SPBA) in Geneva voiced concern about what the implications would be if a Brexit is voted through in a referendum on June 23.

Saturday, June 11th 2016 - 05:53 UTC

“Please don't go”, Der Spiegel's Saturday special German-English edition

Der Spiegel weekly, on Saturday published a German-English edition at home and in Britain with “Please don't go!” on the cover.

German Finance Minister Wolfgang Schaeuble warned Friday that if Britain voted to leave the European Union, it wouldn't have access to the single market like non-members Norway and Switzerland do.

Friday, June 10th 2016 - 08:13 UTC

Argentina closer to the Alliance of the Pacific; Macri expected at the summit in Chile

The announcement was made by Chile's foreign minister Heraldo Munoz following the Alliance's Ministers Council in Mexico City in anticipation of the July summit st.

The Alliance of the Pacific approved Argentina's request to join the group as an observer country, signaling a new turn in president Mauricio Macri's foreign policy. The announcement was made by Chile's foreign minister Heraldo Munoz following the Alliance's Ministers Council in Mexico City in anticipation of the summit scheduled for July first.

Friday, June 10th 2016 - 08:08 UTC

World Bank slashes global growth forecast to 2.4%, down from 2.9%

WB predicts Brazil will continue into a third consecutive year, while Venezuela was predicted to suffer the world’s deepest contraction in 2016.

The World Bank has slashed its 2016 global growth forecast to 2.4% from the 2.9% estimated in January, due to stubbornly low commodity prices, sluggish demand in advanced economies, weak trade and diminishing capital flows.

Friday, June 10th 2016 - 08:02 UTC

St Helena's airport opening delayed indefinitely because of wind conditions

 UK's National Audit Office said the delay - due to high winds on the remote island - could add to the cost.

The opening of an airport on the British overseas territory of St Helena has been delayed indefinitely due to safety fears - amid warnings the cost to the UK government could increase. The £285m airport is being paid for by the Department for International Development and was due to open in May.

Thursday, June 9th 2016 - 09:27 UTC

Brazilians want fresh elections; 62% believe Rousseff's impeachment was the right decision

Almost one month after taking over from suspended President Dilma Rousseff, Temer's government has a negative rating from 28% of Brazilians

The government of Interim President Michel Temer has a low approval rating among Brazilians and a majority of the country wants new elections to be held this year, according to a poll released on Wednesday.

Thursday, June 9th 2016 - 09:16 UTC

Argentina's energy minister, the official with largest amount of funds abroad

Minister Juan José Aranguren, Shell Argentina ex CEO, has the largest amount of funds abroad: 4.2 million Pesos in Europe and 49.4 million in US .

Almost 100 million pesos (approx US$ 7.3 million) are held in offshore accounts by officials from the current Argentine administration economic Cabinet, a figure higher than the 18 million pesos President Mauricio Macri reported as having in a Bahamas account.

Thursday, June 9th 2016 - 09:06 UTC

Brazil's central bank leaves interest rate unchanged at 14.25%

In a unanimous vote, Copom, decided at its last meeting led by governor Alexandre Tombini to keep its benchmark Selic rate at 14.25%, the highest in nearly a decade.

Brazil held interest rates steady for the seventh straight time on Wednesday, resisting pressure to slash borrowing costs amid a recession as inflation remains near double digits. In a unanimous vote, the central bank's monetary policy committee, Copom, decided at its last meeting led by governor Alexandre Tombini to keep its benchmark Selic rate at 14.25%, the highest in nearly a decade.

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