Economy

Economy
Friday, May 6th 2016 - 07:27 UTC

First UK trade mission in ten years begins contacts in Argentina

“If we are to improve our exports to Latin America it’s vital to build on renewed relationships like that with Argentina”, pointed out Lord Price

British Trade and Investment Minister, Lord Price, leads the UK’s first trade mission to Argentina in ten years, which arrived in Buenos Aires on Thursday. The mission looks to strengthen trade and investment relations with the third largest economy of Latin America.

Friday, May 6th 2016 - 06:38 UTC

Bad news for Macri: Moody's forecasts Argentine economy will shrink 1.5%

“The policies implemented by the Macri administration won’t have any positive impact until the start of 2017,” said Moody’s Senior Credit Officer Gabriel Torres

Despite the Argentine government’s forecast of a much better economic scenario in the second half of the year, credit rating agency Moody’s disagrees, saying the economy is set to shrink by 1.5%, followed by a growing unemployment and an inflation rate well above 30%.

Thursday, May 5th 2016 - 16:53 UTC

COSCO's “Andronikos” will make the first ceremonial transit of Expanded Panama Canal

“It is a great honor to have one of our top customers celebrates this historical moment with us,” said Panama Canal Administrator, Jorge L. Quijano.

China COSCO Shipping has won the draw for its container vessel Andronikos to make the ceremonial first transit through the Expanded Panama Canal during the waterway's inauguration on Sunday, June 26. The vessel, which has a maximum capacity of 9,400 TEUs, is 48.25 meters in beam and 299.98 meters in length.

Thursday, May 5th 2016 - 12:27 UTC

ECB will stop printing €500 notes in 2018 to help combat money launderers and criminals

The ECB says it is “taking into account concerns that this banknote could facilitate illicit activities.”

The European Central Bank has announced it will stop printing €500 notes in 2018. It says the move is to stop the notes being used by money launderers and criminals. In effect they are easily transportable. A million Euros in €500 notes weighs 2.2 kilograms and can be carried in a laptop bag.

Thursday, May 5th 2016 - 12:09 UTC

European farmers march in Dublin to protest trade negotiations with Mercosur

The Irish Cattle and Sheep Farmers' Association (ICSA), which staged the protest described the offer from EU Commissioner Malmström as “reckless concessions”.

European farmers took to the streets of Dublin outside the EU Commission offices to highlight the potential “sellout” of the multi-billion-euro beef industry in trade talks with Mercosur. Concerns have been rising over discussions at EU level over the impact a deal with Mercosur would have on Ireland's €2.5bn beef industry, which depends on EU markets for over 90% of its exports.

Thursday, May 5th 2016 - 11:27 UTC

Petrobras sells stakes in Argentina and Chile, part of major divestment plan

Petrobras sold to Pampa Energia the 67.19% stake in PESA, but excludes two major gas formations in Neuquén (Argentina) and Bolivia

Brazil’s state-run oil firm Petrobras said it has concluded the sale of its 67.2% stake in Petrobras Argentina to Argentina’s Pampa Energía for US$ 892 million, according to a securities filing. Petrobras also sold all of Petrobras Chile Distribución to Southern Cross Group for about US$ 490 million as part of its divestment program, the company said.

Thursday, May 5th 2016 - 09:42 UTC

Argentina farm exports soar in first quarter following elimination of taxes and controls

In the first three months of the year, Argentina exported 19.97 million tons of farm products versus 11.91 million in the first quarter of 2015

Argentine farm exports rocketed 68% higher in the first quarter compared to the same 2015 period, thanks to new policies that prompted growers to sell stockpiles built up under the previous administration, the government announced.

Wednesday, May 4th 2016 - 08:40 UTC

Argentine unions claim April inflation reached 5% and 40.85% in 12 months

 Moyano said that in the first four months of the year inflation jumped above 16%

Inflation in Argentina during April reached 5.02% and 40,85% in the last twelve months according to the unions umbrella organization CGT Economic and Social observatory, which was released on Tuesday.

Wednesday, May 4th 2016 - 08:26 UTC

Irish farmers will march against Mercosur deal at the EC offices in Dublin

ICSA is focusing on EU Commission in response to what it says is the excessively weak negotiating position taken by Commissioner for Trade Cecilia Malmström

The Irish Cattle and Sheep Farmers’ Association (ICSA) is to protest on Wednesday May 4, in Dublin against the proposed Mercosur and TTIP trade deals. The protest will take place outside the offices of the European Commission in the Irish capital.

Tuesday, May 3rd 2016 - 12:02 UTC

Euro zone economy expands faster than expected in the first quarter

Separate data from Eurostat also indicated that deflation had returned to the Euro zone. Inflation in the bloc fell to minus 0.2% in April, down from zero in March.

The Euro-zone's economy grew by a faster-than-expected 0.6% in the first three months of the year, according to official statistics. The growth rate in the 19-nation bloc doubled from the 0.3% rate recorded in the previous quarter, and was above analysts' expectations of 0.4%.

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