Economy

Economy
Friday, November 28th 2014 - 06:23 UTC

Oil price plunges as OPEC decides against cutting output despite world glut

The cartel, whose largest producer and exporter is Saudi Arabia, will meet again in June next year, said an OPEC delegate.

Brent and US crude oil plunged as much as 6.50 dollars a barrel on Thursday, the steepest one-day falls since 2011 following on OPEC's decision against cutting output despite a huge oversupply in world markets.

Friday, November 28th 2014 - 06:17 UTC

Griesa rejects payment request from investors holding Argentine bonds in Euros

“I cannot make more exceptions” said Griesa and ordered that the payment of interest for those bonds remain frozen in the Bank of New York Mellon.

US Federal judge Thomas Griesa has rejected a request by European investors seeking payment on Argentine titles currently blocked in New York, despite an ongoing parallel court battle over the issue in London.

Friday, November 28th 2014 - 05:58 UTC

Argentine industrial activity contracts 6.1% in October compared to a year ago

Big drops in the auto industry are having a direct impact on the overall activity index

A private report revealed that industrial activity in Argentina dropped 6.1% in October compared to the same period last year, as the manufacturing sector continues to contract pushed by big drops in the auto industry.

Thursday, November 27th 2014 - 06:19 UTC

Mercosur/Pacific Alliance agree on flexible integration but no talk on tariffs

“It is not realistic to insist with a tariffs integration at this stage, but yes we can advance in other areas”, said Bachelet

Mercosur and the Pacific Alliance explored this week in Chile the possibilities of a gradual, and flexible, integration but left aside all possibility of a near future agreement on tariffs.

Wednesday, November 26th 2014 - 10:30 UTC

OECD warns about Euro zone 'prolonged' stagnation with global impact

“We are far from being on the road to a healthy recovery. Japan has fallen into a technical recession,” OECD Secretary-General Angel Gurria said

Global economic growth in the coming two years is facing difficulties because of problems of recession in Japan and stagnation in the European economies and prospects for healthy growth “are stuck in low gear,” the Organization for Economic Cooperation and Development said on Tuesday.

Wednesday, November 26th 2014 - 09:56 UTC

US economy stronger and growing sturdier than most forecasts

US has seen its strongest two consecutive quarters of growth for a decade. Consumer spending was the biggest driver of the raised expansion estimate.

The US economy grew much faster in the third quarter than first reported, official figures have shown. It expanded at an annual zed rate of 3.9% between July and September, up from the 3.5% first estimated by the Bureau of Economic Analysis.

Wednesday, November 26th 2014 - 09:41 UTC

Pacific Alliance and Mercosur represent 90% of Latam and Caribbean GDP

“The gradual convergence between the Pacific Alliance and Mercosur” is a natural conclusion of the integration, said Alicia Barcena

The Pacific Alliance (PA) and the Common Market of the South (Mercosur) combined represent more than 80% of regional foreign trade as well as population, and more than 90% of GDP and direct foreign investment flows, according to a new report by the Economic Commission for Latin America and the Caribbean (ECLAC).

Wednesday, November 26th 2014 - 06:56 UTC

Ana Botin reshuffles Santander, names new CEO and promotes other managers

Jose Antonio Alvarez is the new CEO. Changes come two months after Emilio Botín's sudden death in September

Spain's Santander, the biggest bank in Europe by market value, reshuffled its command naming Jose Antonio Alvarez as its new chief executive replacing Javier Marin after his two years in the job, the bank said in a statement.

Wednesday, November 26th 2014 - 06:48 UTC

Follow the sand to the real fracking boom

This all puts frac sand in the drivers’ seat of the next phase of the American oil boom, and it has already seen its price increase up to 20% over the past year

When it takes up to four million pounds of sand to frack a single well, it’s no wonder that demand is outpacing supply and frack sand producers are becoming the biggest behind-the-scenes beneficiaries of the American oil and gas boom.

Tuesday, November 25th 2014 - 06:57 UTC

Busy October in South Georgia: 21 harbor calls and 400 paying cruise visitors

The main tourist season started on October 22nd with the arrival of the cruise ship “Ushuaia”. Three more cruise ships visited before the end of the month

October was a busy month for shipping activities in South Georgia with 21 harbor visits to Cumberland Bay and nearly 400 paying passengers visiting, according to the latest edition (October) of the South Georgia News and Events release.

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