Economy

Economy
Thursday, June 2nd 2016 - 09:03 UTC

Argentina's industrial production down 6.7% year on year in April

It was the first industrial output data released since Macri took office. Macri shut down the publishing of economic data while revamping the country's stats agency

Argentina's industrial output contracted 6.7% in April compared with the same month last year, the country's newly revamped Indec statistics agency said, punctuating the effect of recent fiscal austerity measures.

Thursday, June 2nd 2016 - 07:31 UTC

Brazil's economy plunges 5.4% in the first quarter compared to a year ago

 The result confirms analysts' expectations that Brazil's economic performance in 2016 will be roughly similar to last year, when GDP shrank 3.8%

Brazil's economy sank further into recession in the first quarter, contracting 5.4% relative to the same three-month period of last year, the government said Wednesday. Compared with the final quarter of 2015, the economy shrank by 0.3%, according to the state-run Brazilian Institute for Geography and Statistics, or IBGE.

Thursday, June 2nd 2016 - 07:13 UTC

Europe opens the longest tunnel in the world, 57km, under the Swiss Alps

 With political unity on the continent shaken, Swiss president Johann Schneider-Ammann said the tunnel would “join the people and the economies” of Europe.

The world's longest tunnel officially opened on Wednesday, with the trailblazing rail passage under the Swiss Alps aiming to ease transit through the heart of Europe. With political unity on the continent shaken by a massive influx of migrants and the looming threat of Britain's EU departure, Swiss president Johann Schneider-Ammann said the tunnel would “join the people and the economies” of Europe.

Wednesday, June 1st 2016 - 06:28 UTC

Brazilians disenchanted with their elected officials and a majority believes “nothing will change”

When asked if they thought congress was acting on behalf of the public’s interest during the ongoing impeachment process, only 23% said yes and 63% said no.

Brazilians have become increasingly disappointed with politics and their elected politicians, according to an Ibope Intelligence opinion poll collecting reactions to the current political situations, which has a suspended president, Dilma Rousseff; an interim leader Michel Temer, and a divided Congress.

Wednesday, June 1st 2016 - 03:11 UTC

Falklands, after 'boom' years, announces a prudent mid/term sustainable budget

Financial Secretary Nicola Granger made the presentation of the Appropriations and Finance bills to the Legislative Assembly

The Falkland Islands Financial Secretary Nicola Granger presented on Tuesday to the Legislative Assembly the 2016/17 financial budget bill with appropriations of £62.9M, funded from revenues anticipated in the year of £61.3M with the remainder coming from the reserves built up from wind-falls in Illex catches and oil and gas exploration in recent years.

Tuesday, May 31st 2016 - 19:25 UTC

Falklands state of the nation: economic challenges but also hopes of a productive relationship with Argentina

Governor Colin Roberts CVO addresses the Legislative Assembly with the annual report on the state of the nation

The Falkland Islands finances remain robust despite a future of domestic and overseas challenges, but on the other hand recent developments in Argentina have opened hopes for a productive, closer relationship with the South American continent, said Governor Colin Roberts in his annual speech on the state of the nation.

Tuesday, May 31st 2016 - 18:47 UTC

Argentina’s Eternal Debt Problem

Argentina’s absence from international capital markets began in 2001, when a deep economic crisis brought about the end of the decade-old Convertibility Plan

By Carmen Reinhart (*) Argentina recently emerged from nearly 15 years of the most litigious sovereign default in modern times, if not ever. Now it has the opportunity to reenter the global financial system and build a more stable and prosperous future. It is a chance that the country must be careful not to squander.

Tuesday, May 31st 2016 - 07:36 UTC

Poor squid season hits Argentina's seafood exports in first quarter

Squid not only had a bad season, but sales dropped 47.4% over the same period the previous year. However the improved price 29%, meant revenue fell by 32.2%.

Argentina's Under Secretariat of Fisheries reported that landings between January first and 30 April plummeted19.3% but exports in the first quarter achieved significant growth in foreign currency: 16.2%, with a slight increase in volume 1.7%. The poor landings are attributed to a “terrible” squid season, while the jump in export value was supported by extraordinary sales of shrimp.

Tuesday, May 31st 2016 - 07:21 UTC

Brazil's posts a primary budget surplus in April, because of annual income tax collection

Treasury chief Otavio Ladeira said the steep surplus was due to an increase in the collection of the annual income tax due in April and a drop in expenditures

The Brazilian government posted a primary budget surplus in April well above market expectations due to a seasonal increase in tax revenues and a drop in subsidies, a senior official said on Monday. The government, which is struggling to lift the economy out of a deep recession, posted a primary budget surplus of 9.751 billion reais (US$2.72 billion) in April.

Tuesday, May 31st 2016 - 06:40 UTC

Latam is suspending flights to Venezuela because of the government's mounting debts

In a statement, Latam airlines said it would suspend its operations to Caracas airport “temporarily and for an unspecified time”.

The largest airline in Latin America, Latam, (Lan Chile and Braizl's TAM) announced it is suspending its flights to Venezuela because of the worsening economic situation. The suspension came a day after Germany's Lufthansa said it would suspend its services to the country.

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