Economy

Economy
Thursday, April 9th 2015 - 04:24 UTC

Royal Dutch Shell buys BG Group for £47 Billion. Becomes main foreign oil producer in Brazil

Ben van Beurden, CEO of Shell and Andrew Gould, Chairman of BG Group shake hands as Shell and BG their takeover deal at the London Stock Exchange

Oil and gas company Shell has agreed to buy British rival BG Group for the equivalent of 70 billion dollars, making Europe's largest oil company the pre-eminent player in global natural gas and adding world-class fields in Brazil. The deal may signal a new wave of mega-mergers as the energy industry tries to adapt to lower prices.

Thursday, April 9th 2015 - 03:28 UTC

Brazilian ruling coalition members sign letter pledging to support austerity package

Rousseff's unruly coalition pledged in a letter to support her austerity package, a deal  brokered by Vice President Michel Temer as the link between Executive and congress

Brazilian congressional leaders within President Dilma Rousseff's coalition signed a joint letter on Wednesday pledging to support her austerity package, an unexpected sign that the ties with her unruly coalition are improving. The deal was brokered by Vice President Michel Temer on his first day as the official go-between tasked with mending Rousseff's tense relations with coalition lawmakers.

Thursday, April 9th 2015 - 02:45 UTC

With the end of commodities prices 'super-cycle', UN panel lowers Latin American growth forecast to 1%

Meanwhile, the end of the so-called “super-cycle” in commodity prices is affecting several countries in the region negatively.

The Economic Commission for Latin America and the Caribbean (ECLAC) has revised downward its economic growth projection for the region in 2015, forecasting a 1.0% increase in the regional Gross Domestic Product (GDP), the United Nations organization said today in a press release.

Thursday, April 9th 2015 - 01:35 UTC

Brazil inflation soars as electricity rates go up 22% in March and 60.42% in the last 12 months

Housing costs rose 5.29% in March from February alone, pushed up by a 22% increase in electricity rates because of a severe drought affecting hydroelectric production

Consumer prices in Brazil picked up in March, putting the 12-month rate at the highest level in more than eleven years, highlighting one of the main challenges facing Latin America's largest economy in the year ahead. The rolling 12-month IPCA was up 8.13% through March, up from 7.70% in February, remaining well above the central bank's 6.5% ceiling. In the first quarter of the year, prices have risen 3.83%, while the 12-month figure marked the highest level since December 2003, when it reached 9.30%.

Wednesday, April 8th 2015 - 18:26 UTC

Santos port soy exports expected to resume at slow pace after six-day fire

Trucks heading to the port through the city of Santos on the Anchieta Highway were prevented from entering, although they could proceed to Guaruja

Brazil’s soy exports will likely slow because a six-day fire at a nearby fuel-storage facility has restricted access to Brazil’s largest port, Santos, a port official and the soy industry association Abiove said. Authorities have agreed to restrict truck access to some terminals at the port at least through Wednesday while flames are extinguished.

Wednesday, April 8th 2015 - 17:40 UTC

Obama/Castro in Panama: 'grip and grin” photo or historic head-to-head sit down?

“Leaders are together a lot of the time,” at the summit said Roberta Jacobson. “And so there will be an interaction with Raul Castro.”

President Barack Obama will attend a Summit of the Americas in Panama this week, a gathering that could see the first substantive meeting between US and Cuban leaders in half a century.

Wednesday, April 8th 2015 - 17:11 UTC

Bachelet denies any idea of stepping down, because of her family's corruption scandal

“I don't even know the constitutional procedure for such a situation” said categorically the Chilean leader during a media round with foreign press

“No way, I've never thought of resigning or stepping down” said emphatically Chilean president Michelle Bachelet on Wednesday, following a barrage of media rumors which echoed in the social networks during Holy Week, which in South America in a long weekend holiday.

Wednesday, April 8th 2015 - 14:44 UTC

Argentina's few friends in the world; China and Russia, Cristina Fernandez foreign policy priorities

“Argentina has been erased from world leaders' agenda with the exception of China and Russia”, points out Morales Solá

Argentina's foreign policy, under president Cristina Fernández, has new priorities, China and Russia, according to columnist Joaquin Morales Solá, one of the outstanding political analysts of Argentina. This means a radical change from democratic Argentina (since 1983) when the interests of the country were targeted in Latin America, particularly Brazil, Europe and the US, although the importance of the short list varied according to the different elected presidents.

Tuesday, April 7th 2015 - 22:40 UTC

Falklands oil exploration rig moves to Isobel Deep, following Zebedee drilling success

The Eirik Raude rig successful drill at Zebedee was announced last week. The operation partners are Premier Oil (36%), Rockhopper, (24%) and Falkland Oil and Gas (40%)

Following its success with the Zebedee drill, the rig Eirik Raude is moving a short distance to start the second well of the latest Falkland Islands exploration campaign. The next target of the current four prospects exploration campaign is Isobel Deep, later followed by Jayne East and finally Chatham.

Tuesday, April 7th 2015 - 09:24 UTC

FAO Food Price Index down in March helped by a sharp drop in sugar

Sugar Price Index averaged 187.9 points in March, down 9.2% from February. Good crop prospects and the continued weakening of the Brazilian currency had an impact.

The FAO Food Price Index continued to decline in March, dropping 1.5 percent from February and 18.7 percent (40 points) below its level a year earlier.

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