Economy

Economy
Tuesday, April 7th 2015 - 22:40 UTC

Falklands oil exploration rig moves to Isobel Deep, following Zebedee drilling success

The Eirik Raude rig successful drill at Zebedee was announced last week. The operation partners are Premier Oil (36%), Rockhopper, (24%) and Falkland Oil and Gas (40%)

Following its success with the Zebedee drill, the rig Eirik Raude is moving a short distance to start the second well of the latest Falkland Islands exploration campaign. The next target of the current four prospects exploration campaign is Isobel Deep, later followed by Jayne East and finally Chatham.

Tuesday, April 7th 2015 - 09:24 UTC

FAO Food Price Index down in March helped by a sharp drop in sugar

Sugar Price Index averaged 187.9 points in March, down 9.2% from February. Good crop prospects and the continued weakening of the Brazilian currency had an impact.

The FAO Food Price Index continued to decline in March, dropping 1.5 percent from February and 18.7 percent (40 points) below its level a year earlier.

Tuesday, April 7th 2015 - 09:15 UTC

Argentine farmers defy Cristina Fernandez with ‘silo-bags’ to hoard soybeans

Silo-bag sales rose this year, mostly because of a bigger harvest, according to silo bag manufacturer IpesaSilo, which has about 70% of the Argentine market.


Argentine farmers have stockpiled more than twice as many soybeans this year than in 2014 defying a government desperate to increase export tax revenue needed to finance rising state spending ahead of the October presidential election.


Tuesday, April 7th 2015 - 07:51 UTC

World soy production forecasted to fall next season; Argentina could be the exception

Oil World's forecast for a drop in world production next season, the first decline since 2011-12, reflect largely an expectation of a 104.0m-tons US crop, down 4m tons

World soybean production will fall next season for the first time in four years, undermined by a drop in US output, although the fall may not prove sufficient to support prices, Oil World said. However in South America, Argentina and Paraguay could be heading for new record crops.

Tuesday, April 7th 2015 - 07:46 UTC

Argentina appeals to Judge Griesa bar on Citibank to process bonds under local law

Griesa said Argentina can’t pay holders of the performing debt without also paying Paul Singer’s NML Capital that’s owed 1.7bn dollars on defaulted bonds.

Argentina has formally appealed to the New York justice system the ruling handed down by district judge Thomas Griesa, which barred intermediary Citibank from processing US dollar denominated debt services issued under Argentine law and which expired on March 31.

Tuesday, April 7th 2015 - 05:55 UTC

Argentine regulators inspect Citibank, following dispute over accord with hedge funds

Regulators are working to verify whether Citibank was able to maintain normal operations following CEO Gabriel Ribisich's suspension last week

Argentina’s central bank sent regulators to inspect Citibank's headquarters in Buenos Aires on Monday after the head of the branch was suspended amid a legal battle over Argentina's debt. Regulators are working to verify whether the bank was able to maintain normal operations following CEO Gabriel Ribisich's suspension last week, the government news agency Telam said.

Monday, April 6th 2015 - 17:15 UTC

Santos port four-day fire raging; efforts concentrated in stopping flames from spreading

Firefighters said there was little they could do to extinguish the flames before most of the fuel was consumed.

A fire at a fuel storage facility near Brazil's largest port Santos entered its fourth day on Sunday as 110 firefighters worked to stop the flames from spreading further, the local fire department said.

Monday, April 6th 2015 - 16:56 UTC

Brazilian economy to contract 2% this year, and inflation 9% predicts French bank

Brazil's GDP inched up 0.1% in 2014, and private-sector economists surveyed weekly by the Central Bank are forecasting a contraction of 1% this year.

BNP Paribas said in Sao Paulo that it expects Brazil's gross domestic product to shrink 2% this year, or double the contraction the French financial services company had projected one quarter ago.

Monday, April 6th 2015 - 16:43 UTC

Mexican oil production drops following deadly fire on offshore rig

 Production fell from 650,000 barrels per day to 430,000 in the Campeche Sound region of the Gulf of Mexico after Wednesday's blast and blaze (Pic AFP)

Mexico's oil production dropped following a deadly fire at an offshore platform, while authorities are still searching for three missing workers, state-run energy firm Pemex said.

Monday, April 6th 2015 - 06:20 UTC

International legal actions against Petrobras keep climbing

Sweden's 30 billion AP1 pension fund plans to sue Petrobras separately from an existing class action lawsuit after revelations of a multibillion-dollar corruption scandal

One of Sweden’s largest investors has pledged to take direct legal action against Petrobras, becoming the third large investor to seek damages individually from the Brazilian oil group.

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