Economy

Economy
Saturday, July 30th 2016 - 08:36 UTC

Unemployment in Magallanes Region climbs to the highest in five years

With 5.7% unemployment Magallanes region is 1.1 percentage points below the Chilean national average of 6.8%

Unemployment in Magallanes, extreme south of Chile climbed strongly during the March/May quarter, from 3.6% to 5.7%, marking the third consecutive mobile quarter increase. The 5.7% is the highest unemployment mark in five years, in 2015, 4%; 2014, 2.8%; 2013, 2.7%; 2012, 3% and in 2011, 4%.

Thursday, July 28th 2016 - 13:04 UTC

Fed sees current conditions remaining unchanged, at least until December

Fed chair Janet Yellen at the press conference following the cautious FOMC release

The United States Federal Reserve on Thursday left key interest rates untouched but acknowledged improved economic performance, suggesting a rate increase may be on the horizon in 2016.

Thursday, July 28th 2016 - 11:36 UTC

Ushuaia plans to expand main port pier 251 meters and improve facilities

Tierra del Fuego governor Rosana Bertone made the presentation of the project at Government House in Ushuaia

Ushuaia, the world's most extreme south city and the gateway for Antarctica cruise tours is planning to upgrade its port facilities including the expansion of the main pier by 251 meters increasing the docking capacity for tourism vessels during the summer season.

Wednesday, July 27th 2016 - 13:51 UTC

Temer vetoes foreign 100% ownership of Brazilian airlines

 While Temer has expressed support to open up the country's aviation sector to further foreign investment, he does not support their full ownership.

Brazil's interim President Michel Temer vetoed on Tuesday an article in a new law, which would allow foreign investors to take 100% ownership of Brazilian airlines, according to the official Gazette. The article is part of a law seeking to modify areas of the aviation sector, mainly in order to allow the state-owned airport infrastructure firm, Infraero, to restructure its debts.

Wednesday, July 27th 2016 - 12:57 UTC

Wet weather conditions Argentine wheat crop; 2016/17 corn area expected to expand

Argentine farmers had been expected to ramp up wheat output to the highest in five years in 2016-17, and lifting export prospects

Hopes for a revival in Argentina’s wheat production are falling, even as ideas for corn growing continue to mount, in part at the expense of soybeans, for which seed availability has emerged as an issue. Argentina’s wheat production will increase in 2016-17, but not by as much as had been thought, the US Department of Agriculture bureau in Buenos Aires said, cutting to 13.7m tons their harvest forecast.

Tuesday, July 26th 2016 - 21:54 UTC

Petrobras announces plans to sell voting control of its distribution network

Petrobras is trying to sell BR Distribuidora, Brazil's largest fuels distributor, as part of a plan to sell US$15 billion of assets by the end of this year.

Petrobras announced it plans to sell voting control of Petrobras Distribuidora SA after a bidding round for a minority stake in the fuels retailer failed to attract bids that met the state-controlled oil company's needs.

Tuesday, July 26th 2016 - 21:51 UTC

Meirelles insists on a cap for government spending, if not taxes will have to rise

Meirelles said he was confident the fiscal year deficit will be contained at R$ 170.5 billion (US$ 51.6 billion), despite high spending and falling revenues

Brazil's Finance Minister Henrique Meirelles has warned that if Congress does not approve a ceiling for public spending, the country will have chosen a most cumbersome path with new rounds of tax increases and higher interest rates which will further delay sustainable growth.

Monday, July 25th 2016 - 10:51 UTC

Argentina considering phasing out Patagonian ports' fisheries exports

“I imagine that in the next thirty days we will have some announcement on the issue, it will be a gradual phasing out”, said Metz.

The Argentine government is considering phasing out the incentives which benefit Patagonian ports fisheries exports. The announcement was made by Jorge Metz, Ports Under Secretary during a recent visit to Bahía Blanca although pointing out the issue was still under consideration by the cabinet chief office, but some advances would be made public in a month's time.

Thursday, July 21st 2016 - 08:07 UTC

PM May announces in Germany negotiations for an “orderly departure” from EU this year

PM May said UK was in no rush to trigger the exit process, which  although “this would not please everyone” it was right to hold off until the UK “objectives were clear”.

Prime Minister Theresa May has said the UK will not begin official negotiations on leaving the EU this year as she held talks with Germany's Chancellor Angela Merkel. Speaking in Berlin on Wednesday, the PM said securing a “sensible and orderly departure” from the EU would take time, but she insisted the UK would not “walk away” from Europe and wanted to retain the “closest economic links”.

Thursday, July 21st 2016 - 07:29 UTC

Brazil leaves rate unchanged at 14.25%; stubborn inflation despite recession

The bank's new governor Ilan Goldfajn, who took office in June, warned of lingering risks to reaching that goal, including the persistently high inflation

Brazil's central bank, with its recently appointed president, kept interest rates on hold for the eighth consecutive meeting on Wednesday as expected, despite a deep recession, as the new board cited concern about stubbornly high inflation and uncertainty surrounding economic reforms.

Advertisement

Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!

Advertisement