Argentina's central bank bought 630 million of dollars on the local currency market on Tuesday in one of its largest-ever purchases, a move that will bolster the country's precariously low hard currency reserves. Some 500 million of the dollars purchased were proceeds from last week's 1.5 billion auction of bonds by state energy company YPF.
By Gwynne Dyer - ”The only function of economic forecasting is to make astrology look respectable”, said John Kenneth Galbraith, the wisest American economist of his generation. (“A paltry honor,” he would have murmured.)
Analysts have reviewed negatively Brazil's 2015 inflation and growth forecasts, according to the latest Focus report from the Central Bank, released on Monday. The survey which includes 100 analysts from private financial institutions on the state of the economy anticipates inflation of 8.25% and 1.1% contraction of GDP by the end of the year.
There was both good and bad news for France in this week’s annual report on the outlook of the wine industry by the International Organization of Wine and Vine (OIV).
Fitch cut its credit rating for heavily indebted Japan by one notch on Monday, saying it has not done enough to plug a budget gap left by its decision to delay the second stage of a sales tax hike.
It's budget time in the Falkland Islands and fishing again has boosted the government coffers this year with more than £6 million above that originally budgeted, according to the Penguin News.
Following on the lead of Uruguay's new government, Paraguay has also demanded Mercosur returns to its roots and original objective with free circulation of goods and no obstructions of any kind or impediments such as tariff barriers. The five countries group has been paralyzed and negotiations for an encompassing cooperation and trade agreement with the European Union remain stalled.
Argentine seafood landings decreased by 10.8% in the first quarter of this year compared with the same period of 2014, according to the latest release from the Under Secretariat of Fisheries and Aquaculture.
Shell confident Petrobras will recover and willing to purchase more assets from the Brazil oil giant
Royal Dutch Shell Plc has taken into account the risks presented by the Petrobras graft scandal to its expanding operations in Brazil and is confident the Brazilian state-run oil company will emerge stronger, Shell's CEO said in an interview.
Even as financial commentators on CNBC are starting to come around to the idea of a bottom in oil prices, the key question for US oil producers remains one of timing. How long will the oil price slump last? Is this a relatively short term event like 2008, or a longer term slump like the one in the mid 1980’s?