Tuesday, November 3rd 2015 - 10:03 UTC

HSBC profits up following massive cut of jobs and sale of assets

The bank announced thousands of job cuts in June, along with asset sales, as part of cost-cutting measures to improve returns to shareholders.

Lower costs from regulatory fines have contributed to higher profits for HSBC. Pre-tax profit at Europe's biggest lender jumped 32% from a year ago in the third quarter, beating analysts' expectations. Profit reached $6.1bn, up from $4.6bn in the same period a year earlier and above forecasts of $5.2bn.

Tuesday, November 3rd 2015 - 09:58 UTC

Brazil oil workers stage national strike and stopped operations at 22 rigs

The strike had spread by early Monday to 34 of Petrobras's rigs in the basin and 22 “are totally paralyzed,” the oil industry union FUP, said in a statement.

Oil workers staging a national strike in Brazil said on Monday they had stopped all operations at 22 of state-controlled oil giant Petrobras's 44 rigs in the Campos basin, an offshore area that accounts for about 80% of the country's oil output. Oil workers declared a strike on Sunday.

Monday, November 2nd 2015 - 09:30 UTC

Petrobras largest union on strike protesting sale of company's assets

FUP, which represents platform, refinery and other workers joined a number of smaller unions already on strike when it began industrial action at (18:00 BST).

Brazil's largest oil union began an open-ended strike on Sunday, protesting against attempts by the government to shrink the state-run oil company Petrobras, which is reeling from a corruption crisis and a crash in the oil price.

Monday, November 2nd 2015 - 09:18 UTC

China's Renmimbi has become world's second most used currency in trade finance

Markets expect RMB’s market share in trade settlement and payments to continue to grow anticipating China will further open up its financial markets.

As China establishes itself as the world’s second largest economy and top trading nation, its currency, the renminbi (RMB), is also gaining popularity around the world. According to the People’s Bank of China’s 2015 Renminbi Internationalization Report, the RMB was the world’s 5th most used payment currency, the 2nd most used trade finance currency, and the 6th most traded currency in 2014.

Monday, November 2nd 2015 - 08:43 UTC

Brazilian central bank opposes using the country's US$ 370bn reserves

Tombini warned then that the bank was ready to use reserves to tame a surge in volatility at the time.

Brazil's central bank chief, Alexandre Tombini, told lawmakers he opposes using the country's $370 billion foreign reserves at this moment as they serve as an insurance policy for Latin America's largest economy.

Saturday, October 31st 2015 - 09:40 UTC

UK and Brazil committed to exchange of EU/Mercosur market access offers by end of 2015

JETCO meeting was headed by Sajid Javid, UK Secretary of State for Business, Innovation and Skills, and his Brazil counterpart Armando Monteiro (L)

The United Kingdom and Brazil reaffirmed on Friday their support for the success of the European Union/Mercosur Association agreement negotiations in the framework of the eighth meeting of the UK-Brazil Joint Economic and Trade Committee (JETCO) which emphasizes bilateral cooperation and initiatives.

Saturday, October 31st 2015 - 07:04 UTC

Griesa accepts 'me too' claims and raises Argentina's bond debt to US$ 9bn

Griesa said the 530 bondholders behind the 49 complaints have the same claim to be paid the full value of their defaulted bonds as NML Capital and Aurelius

US judge Thomas Griesa on Friday accepted the priority repayment claims of hundreds more Argentine bondholders who did not join a huge debt restructuring. The ruling, on 49 complaints representing debt worth $6.1 billion, added fresh pressure on Buenos Aires which has refused to pay off two hedge fund creditors that already won court support for their claims.

Saturday, October 31st 2015 - 06:42 UTC

Unemployment in recession-hit Brazil climbing: 8.8 million looking for jobs

The number of jobless workers went up 1.21 million in one year, which puts the total number of people seeking employment at 8.8 million

Unemployment in recession deep Brazil climbed to 8.7% of active population in the quarter ending last August, the government said Thursday. The indicator shows a steep hike from the 6.9% recorded in August 2014, according to statistics of the National Study of Households (PNAD), published by the state Brazilian Institute for Geography and Statistics (IBGE).

Friday, October 30th 2015 - 08:09 UTC

New Zealand rejects controversial sale of iconic dairy farm to Chinese company

 Food giant Shanghai Pengxin Group has bought 29 farms through local subsidiaries to become New Zealand's third largest dairy producer

Chinese conglomerate Shanghai Pengxin Group has been on a buying spree ever since it entered New Zealand in 2011. The food giant has bought 29 farms through local subsidiaries to become the country's third largest dairy producer.

Friday, October 30th 2015 - 07:39 UTC

US growth slows sharply in the third quarter; consumer spending strong at 3.2%

Low fuel prices have been good news for consumer spending, which accounts for more than two-thirds of US economic activity.

United States growth slowed sharply in the third quarter of the year. GDP grew at an annualized pace of 1.5% between July and September, according to the Department of Commerce, down from 3.9% in the second quarter. The slowdown was partly due to companies running down stockpiles of goods in their warehouses.


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