Economy

Economy
Saturday, July 11th 2015 - 06:45 UTC

Keeping Falklands pristine: waste fuels and oil recycled into energy

Miller at the oil yard depot and the IBC's. A four ton oil tank currently being pumped comes from the current Noble Energy Humpback exploration drill.

The Falkland Islands have been for many years utilizing waste fuels and oil for energy from a variety of different sources and now the oil companies operating in the Falklands, having complied with all the safety regulations on storage and handling, are also contributing to the local 'processing' industry managed by Tim Miller and his greenhouse fresh vegetables enterprise.

Saturday, July 11th 2015 - 06:18 UTC

Premier Oil Falklands' exploration budget increased given successful drilling

2015 exploration expenditure has increased by $20m to around $240m primarily due to additional expenditure on the Isobel Deep well in the Falklands

Premier Oil has increased its 2015 exploration budget by $20 million to account for higher investments in its drilling campaign in the Falkland Islands, the company said this week in a trading update. The company also revealed it is considering further drilling at the Isobel Deep recent discovery instead of going on to Jayne East in North Falkland.

Saturday, July 11th 2015 - 05:30 UTC

IMF trims forecast for global growth because of recent US economy weakness

“Stress tests reassure us and make us think that if things go badly in Greece ... the rest of the world would probably survive quite well,” Blanchard said.

The International Monetary Fund has trimmed its forecast for global economic growth for this year to take into account the impact of recent weakness in the United States. But the global financial institution said growth prospects for next year remain undimmed, despite Greece's debt crisis and recent volatility in Chinese financial markets.

Friday, July 10th 2015 - 08:07 UTC

Long term unemployed or low-paid becoming a major challenge for developed countries

”Time is running out to prevent the scars of the crisis becoming permanent, with millions of workers trapped at the bottom of the ladder,’ said Gurria

The financial crisis dealt a blow to the jobs and future prospects of many workers around the world, particularly in Europe. But while unemployment in Europe is now falling for the most part, deeper technological change is making it harder than ever for people to get out of the long-term unemployment or low-paid, insecure jobs they were plunged into by the crash, according to a new report by the Organization for Economic Co-operation and Development.

Friday, July 10th 2015 - 07:51 UTC

In a world of high debts, ”we have to be ready for episodes like this (Greece)” says IMF

Blanchard said Greece is a small part of the world economy and its possible exit from the Euro zone should have limited impact on the rest of the world

The International Monetary Fund on Thursday said it seemed Greece's crisis and market volatility in China would not affect when the US Federal Reserve chooses to raise interest rates. However earlier in the week the IMF suggested United States delays raising interest rates, warning that economic growth could be “significantly debilitated” by a soaring greenback.

Friday, July 10th 2015 - 07:44 UTC

IMF sharply lowers Latin America's growth for 2015 and 2016, as commodities' prices plunge

The WEO report on Latin Americas' largest economies predicts that Brazil will contract 1.5% and Mexico will grow 2.4% this year.

The International Monetary Fund sharply lowered its growth forecast for Latin America and the Caribbean to 0.5% in 2015 and 1.7% next year, citing lower commodity prices and China's transition to a new growth model. The figures are down from the IMF's April projections for 0.9% growth this year and 2% next year.

Friday, July 10th 2015 - 07:08 UTC

China becomes main importer of Uruguayan and Argentine frozen beef

Data revealed that China’s consumption of frozen Argentine beef has boomed in recent months, with the Asian giant receiving 35.2% of total exports.

China has become the largest importer of frozen Argentine beef, according to the latest data released by the Industry and Trade of Meat and Meat Produce Association (CICCRA). However these figures are far from neighboring Uruguay which in four months shipped to China almost 50.000 tons, that has become the country's leading market.

Friday, July 10th 2015 - 07:00 UTC

Putin announces BRICS development bank and currency reserve pool

“The New Development Bank will be financing large-scale transport and energy projects and industrial development,” Putin said after talks with BRICS leaders

Russian President Vladimir Putin said on Thursday that a new BRICS bank would become fully operational and finance energy projects next year as emerging markets attempt to challenge the Western-dominated financial system. BRICS nations -- Brazil, Russia, India, China and South Africa -- which represent 40% of the world's population, agreed in 2013 to establish their own development bank, with estimated capital of $100 billion.

Thursday, July 9th 2015 - 06:46 UTC

Brazil's six-month inflation at 6.17%, highest for half year since 2003

Finance Minister Levy, expects inflation starts to slow down at the end of this year towards the centre of the target in 2016: 4.5% with a maximum of 6.5%.

Brazil's inflation was little changed at 0.79% in June, rising to 8.89% over the last 12, reported the Brazilian Institute of Geography and Statistics, IBGE, on Wednesday. May's rate was 0.74%. Main price rises accounting for a third of June's inflation included 29.19% for plane tickets, 4.95% in water taxes and gambling rates, officials said.

Thursday, July 9th 2015 - 06:41 UTC

Chile's inflation picks up in June, despite persistent weak economic growth

Central bank data showed on Monday that Chile's economic activity rose 0.8% in May from a year earlier, much slower than expected

Chile's inflation picked up and beat expectations in June despite persistently weak economic growth. The consumer price index rose 0.5% in June, as prices for transportation, housing and basic services increased, the government's stats agency said on Wednesday.

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