Economy

Economy
Tuesday, August 11th 2015 - 07:55 UTC

Argentina wins a battle in its ongoing struggle with hedge funds

The 2nd U.S. Circuit Court of Appeals ruled that Judge Griesa had improperly expanded a class of bondholders who were seeking repayment

Argentina on Monday won a battle in its ongoing struggle with hedge funds holding sovereign bonds. In this case Argentina managed the reversal of a U.S. judge's ruling that a group of bondholders suing over its defaulted debt said entitled them to $700 million.

Tuesday, August 11th 2015 - 07:32 UTC

Falklands' GDP dropped in 2013 because of lesser oil and gas activity

MLA Michael Poole said that “such fluctuation is not unusual in the Falklands” since the Islands’ economy continues to be reliant on a few industries.

The Falkland Islands Gross Domestic Product (GDP) dropped in 2013 primarily due to lesser oil activity according to a recent Executive Council paper that included updated figures from the FIG Economist Commenting on the paper, according to a report from the latest edition of the Penguin News.

Tuesday, August 11th 2015 - 07:18 UTC

State of emergency in north of Chile because of torrential rain and floods

“Some people lost all their belongings, others have been left in very complex situations,” the president said in the city of Tocopilla.

A state of emergency has been declared by the Chilean government in the northern cities of Antofagasta and Tocopilla due to the strong winds, heavy rains, flashfloods and mudslides. President Michelle Bachelet visited the north on Monday to observe first-hand the damage caused by a storm that left six people dead nationwide.

Tuesday, August 11th 2015 - 07:14 UTC

Argentina will service 3.5bn dollars maturing next October with bank reserves

Central bank will transfer to the Treasury, the needed amount of over 3.55bn dollars and in exchange will receive 10-year debt instruments from the Treasury

Argentina confirmed it will be using Central Bank foreign-currency reserves to service more than US$3.5 billion dollars in international debt that matures in October. The confirmation came through an announcement in the Official Gazette, signed by President Cristina Fernández, Cabinet Chief Anibal Fernández and Economy Minister Axel Kicillof.

Monday, August 10th 2015 - 07:00 UTC

Dairy and vegetable oils prices help FAO's July food index reach its lowest since 2009

The July vegetable oil price index was some 5.5% below its June level. The slide was primarily caused by a fall in international palm oil prices

Prices for major food commodities in July hit their lowest average monthly level since September 2009 as sharp drops in the prices of dairy products and vegetable oils more than offset some increases for those of sugar and cereals. Meat prices, meanwhile, remained stable.

Monday, August 10th 2015 - 06:46 UTC

Global oil supply more fragile than you think

The growing acceptance that oil prices could stay lower for longer will kick off a fresh round of cuts in spending and workforces for the oil industry.

Many oil companies had trimmed their budgets heading into 2015 to deal with lower oil prices. But the rebound in April and May to $60 per barrel from the mid-$40s suggested that the severe drop was merely temporary.

Monday, August 10th 2015 - 06:05 UTC

Scotland to ban growing genetically modified crops

Richard Lochhead said the Scottish government was not prepared to “gamble” with the future of the country's £14bn food and drink sector.

Scotland is to ban the growing of genetically modified crops, the country's rural affairs secretary has announced. Richard Lochhead said the Scottish government was not prepared to “gamble” with the future of the country's £14bn food and drink sector.

Sunday, August 9th 2015 - 14:55 UTC

US economy adds 215.000 jobs in July; unemployment at seven-year-low of 5.3%

The Bureau of Labor Statistics said on Friday job gains came in retail trade, health care, professional and technical services, and financial activities.

The US economy added 215,000 jobs in July, while the unemployment rate held at a seven-year-low of 5.3%. The Bureau of Labor Statistics said on Friday job gains came in retail trade, health care, professional and technical services, and financial activities.

Saturday, August 8th 2015 - 10:42 UTC

Petrobras profits plunge 89% in 2Q; underperforming assets dumped

Petrobras' quarterly profit fell to 531 million Real ($150.4 million) from 4.96 billion Real a year ago, the company said in a securities filing on Thursday.

Brazilian state-led oil company Petrobras said its second-quarter net income plunged 89% after a one-time charge for underperforming assets that caught analysts off guard. The 1.28-billion-real charge was taken as Petrobras' new executives and board of directors try to control the company's $132 billion debt, the oil-industry's largest, by preparing up to $15bn of assets for sale by the end of 2016.

Saturday, August 8th 2015 - 09:44 UTC

FAO pressing countries to ratify agreement on illegal, unreported, unregulated fishing

FAO brokered in 2009 the Agreement on Port State Measures to Prevent, Deter and Eliminate Illegal, Unreported and Unregulated Fishing.

A growing number of countries are ratifying an international agreement to combat illegal fishing, fueling interest in how best to implement the instrument. Illegal, unreported and unregulated (IUU) fishing is estimated to strip between $10 billion and $23 billion from the global economy, and their impacts undermine the way fish stocks are managed to make it a double concern around the world.

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