Economy

Economy
Monday, September 5th 2016 - 06:55 UTC

Obama praises Macri and his policies before the world's main leaders

“There are various presidents that are implementing the correct measures, like India, Indonesia, Italy and the new president of Argentina ...”said Obama.

President Mauricio Macri got another big nod of support as US President Barack Obama highlighted him as one of the few national leaders setting an example for the world by going against a wave of protectionism gaining presence on a global scale, in a speech during the G20 conference.

Thursday, September 1st 2016 - 10:02 UTC

Brazil central bank keeps rates unchanged for the ninth straight time

Copom “judges that a loosening of monetary conditions will depend on factors that allow greater confidence on meeting the inflation targets”

Brazil's central bank kept interest rates at a decade high for the ninth straight time on Wednesday, but did not discard a cut rate later this year if stubbornly high inflation subsides. In a unanimous vote, the bank's monetary policy committee, Copom, kept its benchmark Selic rate at 14.25%, its highest since July 2006.

Wednesday, August 31st 2016 - 20:29 UTC

Brazil's political system confirms President Temer, removes 'outsider' Rousseff

The Senate voted 61 to 20 the “foretold death” conviction of Rousseff on charges of manipulating the budget in an effort to conceal mounting economic problems.

The Brazilian Senate on Wednesday midday impeached suspended president Dilma Rousseff, and removed her from office for the rest of her term, ending a power struggle that has consumed the nation for months but has not solved any of its mounting problems, rather the contrary. Vice-president and interim president Michel Temer will formally replace the first woman president of the country.

Wednesday, August 31st 2016 - 13:54 UTC

China expects G20 summit confirms its world standing, but admits vulnerable flanks

Beijing wants the G20 meeting to lay out a broad strategy for global growth, but it could be overshadowed by arguments from territorial disputes to protectionism.

China is hoping to cement its standing as a global power when it hosts leaders from the world's biggest economies this weekend, but suspects the West and its allies will try to deny Beijing what it sees as its rightful place on the international stage. Ensuring that this does not happen will be one of President Xi Jinping's priorities, and a key mark of how successful China will judge the G20 summit to be.

Wednesday, August 31st 2016 - 05:03 UTC

Norway's Statoil and Petrobras expand strategic alliance and cooperation

The agreement was signed by Petrobras’ president and CEO, Pedro Parente, and Statoil’s CEO, Eldar Sætre, during the ONS 2016 conference in Stavanger.

Norways' StatOil and Petrobras have signed a memo of understanding to strengthen their cooperation in Brazil. The two major companies are are already partners in 13 blocks and the intention of the MoU is to evaluate joint participation in future tenders for exploration areas and to increase upstream collaboration in producing fields in the Santos and Campos offshore basins.

Wednesday, August 31st 2016 - 04:56 UTC

Brazil's unemployment reaches 11.6% with an estimated 11.8 million jobless

More than 1.7 million Brazilians have lost their jobs over the last 12 months, according to Labor Ministry data

Brazil's unemployment rate rose to 11.6% in the three months through July the statistics agency IBGE said on Tuesday. Brazil's jobless rate has risen sharply from 6.5% at the end of 2014 as the country entered its worst recession in decades.

Monday, August 29th 2016 - 06:49 UTC

Germany admits US/Europe trade talks have failed; growing fears of populism reactions

 “In my opinion the negotiations with the United States have de facto failed even though nobody is really admitting it,” said Sigmar Gabriel

Talks aimed at setting up a U.S.-European free trade zone have run aground because of intransigence on Washington's part, a top German politician said Sunday. The Obama administration and the 28-member European Union have been in talks to set up the Transatlantic Trade and Investment Partnership, or TTIP, which would be the world's largest free trade zone.

Monday, August 29th 2016 - 04:11 UTC

Venezuela and Iran announce new “dynamic bilateral relations”

Maduro made the announcements in Caracas next to with Iranian Foreign Minister Mohammad Javad Zarif, in the final leg of his South American tour

Venezuelan President Nicolas Maduro named Chief General Jesus Gonzalez as the country's new ambassador to Iran on Saturday, while announcing the beginning of a new dynamic era in Caracas-Tehran bilateral relations.

Monday, August 29th 2016 - 03:59 UTC

Court ruling and economy contraction push Argentine inflation down in August

“As part of the prices surveyed to measure the inflation rate, Indec will start using the cheaper natural gas rates instead of the new tariff scheme” said Jorge Todesca.

Inflation in Argentina during the current month of August could drop to 0.7% because of the Supreme Court’s decision to strike down the hikes in natural gas prices for residential users, according to the official stats office Indec. Similar stats also indicate a strong contraction of the Argentine economy.

Sunday, August 28th 2016 - 03:56 UTC

Rousseff takes the stand on Monday, following the round of defense witnesses

Tension is building ahead of Monday when Rousseff, from the leftist Workers' Party, will take the stand for the first time and face her accusers.

Suspended Brazilian president Dilma Rousseff's former economy minister testified Saturday that Rousseff did not break any laws justifying impeachment, as her trial closed in on next week's climax. Rousseff is accused of taking illegal state loans to help bridge budget shortfalls and mask the true state of the economy during her 2014 reelection campaign. The president argues the charges are trumped up and amount to a rightwing coup.

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