Economy

Economy
Monday, February 9th 2015 - 12:32 UTC

China's import of key commodities falls sharply during January

Domestic iron ore prices fell 13% in January, suffering the biggest monthly fall since May 2013 due to oversupply and high inventories.

China's imports of key commodities eased in January after the record high set in December, as expected as the earlier heavy purchases to take advantage of weak prices had swollen inventories, preliminary customs data released has shown.

Friday, February 6th 2015 - 23:10 UTC

US reports strong surge in employment and wages during January

January marked the 11th straight month of job gains above 200,000, the longest streak since 1994.

United States employment rose solidly in January and wages rebounded strongly, a show of underlying strength in the economy. Nonfarm payrolls increased 257,000 last month, the Labor Department said on Friday.

Friday, February 6th 2015 - 23:02 UTC

Qatar Airways takes 10% of IAG, owner of British Airways and Iberia

Willie Walsh, IAG's chief executive, said he was delighted Qatar had become a “long-term supportive shareholder”.

Qatar Airways has emerged as the owner of a 10% stake in International Airlines Group (IAG), the owner of British Airways (BA) and Iberia. The Gulf airline is already a member of the Oneworld Alliance.

Friday, February 6th 2015 - 06:53 UTC

FAO Food Price Index continued de decline in January; cereal record crop anticipated

The meat index alone has risen since January 2014, increasing 6.6%. The dairy index has seen the largest drop, declining 35% since the same period

The FAO Food Price Index continued to decline in January, averaging 182.7 points for the month, or 1.9 percent below its December 2014 level. Lower prices reflect strong production expectations as FAO also raised its 2014 forecast for world cereal production to a record high and noted that early indications for crops in 2015 are favorable.

Friday, February 6th 2015 - 02:11 UTC

Rise of the vulture investing class

During the last oil crash in the 1980’s, around 700 US banks failed after oil prices crashed.

The oil markets are showing some life, having rallied 11% over a two-day period. But if a bigger rebound is not around the corner, it won’t just be oil companies that will be feeling the pain: their lenders will also face some steep losses if drillers can’t come up with the cash to cover debt payments.

Thursday, February 5th 2015 - 11:10 UTC

Cristina Fernandez hails 'strategic partnership' with China; blasts Argentine industry for mistrusting agreements

The president revealed that 102 Argentine companies and over 500 Chinese firms signed up for the business seminar.

President Cristina Fernandez expressed her satisfaction for the over 1,000 businessmen that attended the Argentinean-Chinese forum she presided in Beijing and praised the 'strategic partnership' with China. The president also rejected criticism voiced by the Argentine Industrial Union (UIA) against her trip to China and the bilateral deals reached.

Thursday, February 5th 2015 - 10:39 UTC

China eases credit to help boost growth; 7.4% in 2014 was the lowest in 24 years

In September, China's central bank was reported to have injected 500bn Yuan (80bn dollars) into the five biggest state-owned banks

China's central bank has cut the level of funds banks must hold in reserve in an effort to boost growth in the world's second-largest economy. The reserve requirement ratio has been cut by 0.5 percentage points to 19.5%.

Thursday, February 5th 2015 - 09:44 UTC

YPF obtains through bonds 500 million dollars; target was 750 million

“YPF has placed more than 2.2 billion dollars on international capital markets in the last 18 months,” CEO Miguel Galuccio said.

Argentine state majority owned petroleum company YPF has secured funds worth around 500 million dollars on the international finance market after issuing new bond titles, according to the president of the enterprise.

Wednesday, February 4th 2015 - 09:17 UTC

Brazil's industrial production contracted sharply in 2014, worst year since 2009

Consumer confidence plunged in January to the lowest level since the data series began, while Brazilian industrial confidence remains near historic lows.

Brazil’s industrial production contracted sharply in December and finished last year with its steepest decline since 2009, as rising interest rates, weak demand and waning confidence from consumers and businesses weighed on output.

Wednesday, February 4th 2015 - 09:09 UTC

Petrobras shares soar 15% ahead of CEO's and senior managers removal

The President tried to keep Foster (R), a close friend, in command of the company as much as possible, even the CEO had filed her resignation on several occasions

Brazilian President Dilma Rousseff will replace the chief executive and other senior managers at state-run oil company Petrobras later this month in an effort to turn the page on the widening corruption scandal. Petrobras shares jumped more than 15%, their biggest one-day gain in 16 years, after Folha do Sao Paulo first reported that Rousseff intended to replace CEO Maria das Graças Foster.

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