Economy

Economy
Friday, April 15th 2016 - 18:14 UTC

Rousseff to address the nation Friday evening while Congress debates her impeachment

Dailies O´Globo and Folha de Sao Paulo reported Rousseff will be on the air at Brazil´s prime time 20:00 when she is expected to defend her government

President Dilma Rousseff is scheduled to address Brazil on national television Friday evening, the same day that Congress started a three-day debate to decide whether there are enough arguments to begin the impeachment process that could lead to her removal from office. She is charged with manipulating budget accounts that helped her government present balanced accounts for the 2014 presidential elections.

Friday, April 15th 2016 - 09:04 UTC

US regulators reject “too big to fall” banks proposals in case of another major 'blackout'

FDIC and the Federal Reserve board jointly rejected the banks' plans. If they fail to come up with improved plans they could face “more stringent” requirements.

US regulators have rejected the plans of five big US banks for closing their operations in the event of a crisis. Banks labeled “too big to fail” must have a so called “living will” that would allow them to close down without the help of public money. Bank of America, Bank of New York Mellon, JPMorgan Chase, State Street and Wells Fargo have until 1 October to submit improved plans.

Friday, April 15th 2016 - 09:00 UTC

China's economy expanded 6.7% in the first quarter, in line with Beijing growth target

Investment in industrial assets and infrastructure registered a surprise jump by 10.7% in the three months to March, when compared to the same period last year.

China's economy grew 6.7% in the first quarter of the year compared to the same time last year, announced the government. It is the slowest quarterly growth in the Chinese economy in seven years, but in line with expectations and China's own growth targets.

Friday, April 15th 2016 - 07:12 UTC

Argentine government favors farmers in dispute with Monsanto

Monsanto which wants exporters to check cargoes to make sure farmers had paid to produce its genetically modified soybeans.

Argentina, the world's No. 3 soy exporter, said on Thursday the government must authorize any grain inspection, dealing a blow to Monsanto Co. which wants exporters to check cargoes to make sure farmers had paid to produce its genetically modified soybeans.

Friday, April 15th 2016 - 05:22 UTC

IMF and World Bank target Brexit: 'the most serious downside risk' for the global economy

  “We have clearly elevated Brexit as more of a serious downside risk to our forecast for global growth,” IMF Managing Director Christine Lagarde said

A British exit from the European Union would pose “serious downside risks” to an already slowing global economy, the head of the International Monetary Fund said on Thursday.

Friday, April 15th 2016 - 05:04 UTC

St Helena reaches to the world: 21 May airport official opening with presence of Prince Edward

The £250 million airport aims to provide air services to St Helena, fulfilling the UK Government’s commitment to maintaining access to the island

The Government of St Helena has announced that the official opening of the island's new airport is set to take place on 21 May 2016, in the presence of HRH The Prince Edward, Earl of Wessex. For the British Overseas Territory island in mid Atlantic and with an only monthly sea link, the airport means a dream come true, and both the St Helena and UK governments hope that this will lead to eventual financial self-sustainability.

Thursday, April 14th 2016 - 09:18 UTC

World's largest private coal miner has filed for bankruptcy protection in the US

“This was a difficult decision, but it is the right path forward for Peabody,” said CEO Glenn Kellow.

Peabody Energy, the world's largest privately-owned coal miner, has filed for bankruptcy protection in the US after a sharp fall in coal prices left it unable to repay its debts. The firm said the move was aimed at reducing debt and that all its mines and offices would continue to operate.

Thursday, April 14th 2016 - 05:48 UTC

US court opens the way for Argentina's return to world money markets

 Three judges on the court of appeals upheld a ruling by Judge Griesa to lift an injunction that had barred Argentina from paying its creditors

The United States Court of Appeals paved the way on Wednesday for Argentina to raise billions of dollars to pay a group of hedge funds, bringing it one step closer to re-entering international markets for the first time in 15 years. In a ruling from the bench, three judges on the court of appeals upheld a ruling by Judge Thomas Griesa of District Court in Manhattan to lift an injunction that had barred Argentina from paying its creditors and eventually led the country to default in 2014.

Wednesday, April 13th 2016 - 06:07 UTC

Cristina Fernandez to testify on dollar/futures; supporters camping outside the courthouse in Buenos Aires

Cristina Fernandez has been called to testify about alleged irregularities in dollar futures trading that led to losses of almost US$4 billion for the central bank.

Hundreds of supporters are expected to cheer former Argentine President Cristina Fernandez during a court appearance on Wednesday after returning to Buenos Aires for the first time since November's election.Fernandez who governed Argentina for eight years, has been called to testify about alleged irregularities in dollar futures trading that led to losses of almost US$4 billion for the central bank. Her allies say no crime was involved and that she's being politically persecuted.

Wednesday, April 13th 2016 - 05:32 UTC

Falklands launch collection of crown coins to honor the Queen's 90th birthday

Falklands' One Crown. The reverse depicts the Queen’s official silver jubilee portrait from 1977, with a privy mark of Windsor Castle

As the 90th birthday of Britain’s Queen Elizabeth II approaches, the British Overseas Territories of Ascension, British Antarctic Territory, British Virgin Islands, Falkland Islands, and South Georgia & South Sandwich Islands have launched a collection of crown coins to mark this milestone occasion.

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