Economy

Economy
Monday, May 16th 2016 - 18:56 UTC

The Falklands would be safer after Brexit

UK’s liberation of the Falklands, which strengthened the credibility of British power worldwide for decades, did not benefit at all from membership of the EEC

By Julian Thompson for The Telegraph (*)

As the EU referendum campaign enters its final stages, the Remain camp is resorting to ever more desperate fear tactics to win the argument. The latest – and most ludicrous – proposition is that the future of UK dependent territories will be under threat if we leave. Without EU support, we are told, Argentina would perceive Britain as “weakened” and might invade the Falklands.

Monday, May 16th 2016 - 18:52 UTC

April FAO Food Price Index 10% below a year ago; South America soy prospects less favorable

Maize quotations increased the most, influenced by weaker US dollar and spill over from soaring prices in the vegetable oils complex

The FAO Food Price Index (FFPI) averaged 151.8 points in April 2016, up 1.1 points (0.7 percent) from March, but almost 10 percent below its April 2015 level. A relatively strong rise in vegetable oil quotations coupled with a more modest gain in international prices of cereals more than offset a decline in dairy and sugar prices.

Monday, May 16th 2016 - 18:49 UTC

Venezuelan soldiers steal goats because no food is left in the barracks

The incident was reported by El Nacional on its Sunday edition, with six soldiers detained by local authorities

The situation in Venezuela has become so bad that even soldiers are struggling to support themselves. Over the weekend, six members of the Venezuelan military were detained by local authorities for stealing goats, the Venezuelan newspaper El Nacional reported on Sunday. It said the soldiers confessed to stealing the goats and said they did it to feed themselves, since they had no food left in their barracks.

Monday, May 16th 2016 - 18:45 UTC

Petrobras implosion takes a major player from the floating production systems market

Petrobras’ situation needs to stabilize and begin improving before the company can again be a major driver of production floater contracts.

Brazil´s Petrobras problems has taken a major player from the market for new floating production systems in the oil business, according to a report from the industry. In effect absence of new contracts has forced fabricators and equipment suppliers to make huge cutbacks in personnel and spending and the past 12 to 18 months have been a difficult period the whole deepwater production sector.

Monday, May 16th 2016 - 07:25 UTC

Argentina's economy grows 0.8% during first quarter says Central bank

“There are mixed signals in the economy. Consumption is falling but investment is growing”, Sturzenegger said. “We have high hopes for the second half of the year.”

Argentina's economy grew 0.8% on the first quarter of the year compared to the same period last year, Central Bank Governor Federico Sturzenegger said, declaring that since President Mauricio Macri took office employment has remained “stable.”

Monday, May 16th 2016 - 06:57 UTC

Chile set clocks back sixty minutes on Sunday to winter time

Continental Chile will stand at a four hour difference with Greenwich international time, GMT, instead of the three hour difference during summer months

As of midnight Sunday, May 15, Chile implemented winter time to save energy, which means clocks had to be put back a full sixty minutes. The measure is adopted every year following on a resolution from the Ministry of Energy and will be effective until 13 August.

Monday, May 16th 2016 - 06:15 UTC

Temer government considering selling stakes of state controlled assets

Temer's government is working with a list of companies and sectors that would be the first targets of any move toward sales of state-controlled holdings, said O Globo

Brazil's government is considering selling stakes in state-controlled assets including its postal company as well as holdings in transport, power and insurance firms in a bid to raise capital and streamline the public sector, a newspaper reported on Sunday.

Saturday, May 14th 2016 - 09:09 UTC

Temer's team confident it has the political support to implement tough measures

“We have enough support to pass urgent measures through Congress,” said chief of staff Eliseu Padilha

Brazil's interim government said on Friday it has the political support for tough measures needed to return the economy to growth and can secure a permanent mandate once populist President Dilma Rousseff's impeachment trial is over. Presidential Chief of Staff Eliseu Padilha said the incoming government understood it was only provisional for now and had ordered portraits of Rousseff to be left hanging in federal buildings.

Saturday, May 14th 2016 - 08:55 UTC

US$ 2 trillion lost to bribery and corruption every year, (2% of global GDP), claims IMF

 Christine Lagarde said direct economic costs of corruption are clear, but indirect costs may be even worse “leading to low growth and greater income inequality.”

Bribery and corruption cost the world economy as much as US$2 trillion every year, money that instead could be used to fight poverty, create jobs, and protect the environment. A new report by the International Monetary Fund says the money lost to corruption every year is 2% of the global GDP.

Saturday, May 14th 2016 - 08:34 UTC

Sixth consecutive Chile Day in London; Bachelet/Cameron discuss closer political and cooperation links

Bachelet-Cameron talks focused on a number of topics, including trade and investment, as well as science and innovation as drivers of economic growth.

The UK was proud to host the sixth consecutive Chile Day in London, as a major international showcase for Chile’s financial market. The event is attended by business leaders from both Chile and the UK, and this year President Bachelet made a very special appearance during her two-day visit including meeting PM David Cameron at 10 Downing Street.

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