Economy

Economy
Sunday, November 9th 2014 - 10:13 UTC

World's largest ship fuel supplier has filed for bankruptcy after alleged fraud

The company owes 13 banks 750m dollars and says it cannot survive without new credit. The bankruptcy filing was lodged in the probate court in Aalborg

The world's largest ship fuel supplier, OW Bunker, has filed for bankruptcy after alleged fraud. The company's troubles came to light earlier this week when it discovered suspected fraud by senior employees in a Singapore-based subsidiary.

Sunday, November 9th 2014 - 10:01 UTC

Mexico's cancels contract to build a high-speed passenger train link

Mexico's communications and transport ministry said the new auction would start from mid-November and be open for about six months.

Mexico has abruptly cancelled a 3.75bn dollars contract awarded on Monday for a Chinese-led consortium to build a high-speed passenger rail link. President Enrique Peña Nieto said he wanted to avoid “any doubts about the legitimacy and transparency” of the bidding process.

Sunday, November 9th 2014 - 09:57 UTC

US unemployment down to 5.8%, the lowest since July 2008

US employers have added at least 200,000 jobs for nine months in a row, the longest growth period since 1995.

The US economy added 214,000 jobs in October, while the unemployment rate has fallen to 5.8%, official Labor Department figures show. The number of jobs created is slightly below forecasts of about 230,000 new posts, but still indicates a healthy US jobs market.

Saturday, November 8th 2014 - 11:13 UTC

Aggressive promotions and solid leadership pays off for the Falkland Islands!

The Falkland Islands Tourist Board Stand at World Travel Mart

The Falkland Islands Tourist Board has been working hard to produce the highest standard of representation for the islands to date. Following a highly successful campaign over the past two and a half years of developing a higher awareness for the Falkland Islands through targeted and high level marketing, promotions and events, have pulled off the most successful of the years promotions.

Saturday, November 8th 2014 - 10:12 UTC

Brazilian central bank concerned about 'persistent inflation' reveal minute

Reinforcing the upward trend in the cost of living is a hike in utility and fuel prices amid a severe drought that is reducing output from hydroelectric plants.

Brazil's Central Bank is concerned about inflation, now running at 6.75%, according to the minutes of last week meeting of the policy committee, released on Thursday.

Saturday, November 8th 2014 - 09:37 UTC

Relief for Petrobras: Dilma allows increase in gasoline and diesel prices

The cost of gasoline at the refinery gate rose 3% and diesel 5% midnight (0200 GMT) Friday, Petrobras said in a statement.

Brazil raised domestic wholesale gasoline and diesel prices for the first time in more than 11 months effective Friday in a move to bolster the finances of the heavily indebted Petrobras oil and gas company after years of refining losses.

Friday, November 7th 2014 - 23:08 UTC

English court involved in Argentine bonds dispute with hedge funds

The lawsuit involves 226m Euros interest payments on Euro-denominated Argentine bonds issued under English law. One of the litigants is George Soros

A London court gave Argentine “holdout creditors” in New York a two-week window on Thursday to challenge declarations sought by a powerful group of investors in a dispute over interest payments worth about 226 million Euros. The payments involve Euro-denominated Argentine bonds which were issued under English law.

Friday, November 7th 2014 - 22:51 UTC

Argentina targets yet another US company on alleged tax fraud

Allegedly GE carried out illegal operations that cost Argentina an unnecessarily large number of dollar reserves and a reduced taxation income

US corporation firm General Electric has “over-invoiced” imports in a financial maneuver designed to access additional dollars in the official foreign exchange market, claimed Argentine Cabinet Chief Jorge Capitanich. GE thus becomes the second large US company in less than a week to face accusations of financial trickery in order to obtain economic benefits.

Friday, November 7th 2014 - 22:44 UTC

Despite Rousseff, extreme poverty grows for the first time in a decade

Between 2001 and 2012 Brazil cut extreme poverty from 14% of the population to 3.5%, according to the United Nations State of Food Insecurity report

The number of Brazilians living in extreme poverty grew for the first time in a decade, according to government figures. The Institute of Economic Research reported that the number of people in households with incomes below the poverty threshold of 30 dollars rose from 10.1 to 10.5 million people, which means a 3.7% increase.

Friday, November 7th 2014 - 05:11 UTC

ECB ready to give the Euro zone further economic stimulus

The ECB's attempt to kick some life into the sluggish Euro zone economy is to buy covered bonds and other assets for two years.

The president of the European Central Bank (ECB), Mario Draghi, says the bank stands ready to give the Euro zone further economic stimulus “should it become necessary”. The comments boosted shares in Europe. It also prompted a fall for the euro, with analysts increasingly braced for more dramatic stimulus measures.

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