Economy

Economy
Wednesday, November 26th 2014 - 06:56 UTC

Ana Botin reshuffles Santander, names new CEO and promotes other managers

Jose Antonio Alvarez is the new CEO. Changes come two months after Emilio Botín's sudden death in September

Spain's Santander, the biggest bank in Europe by market value, reshuffled its command naming Jose Antonio Alvarez as its new chief executive replacing Javier Marin after his two years in the job, the bank said in a statement.

Wednesday, November 26th 2014 - 06:48 UTC

Follow the sand to the real fracking boom

This all puts frac sand in the drivers’ seat of the next phase of the American oil boom, and it has already seen its price increase up to 20% over the past year

When it takes up to four million pounds of sand to frack a single well, it’s no wonder that demand is outpacing supply and frack sand producers are becoming the biggest behind-the-scenes beneficiaries of the American oil and gas boom.

Tuesday, November 25th 2014 - 06:57 UTC

Busy October in South Georgia: 21 harbor calls and 400 paying cruise visitors

The main tourist season started on October 22nd with the arrival of the cruise ship “Ushuaia”. Three more cruise ships visited before the end of the month

October was a busy month for shipping activities in South Georgia with 21 harbor visits to Cumberland Bay and nearly 400 paying passengers visiting, according to the latest edition (October) of the South Georgia News and Events release.

Monday, November 24th 2014 - 07:44 UTC

IMF monitoring impact of Venezuela's economic stress for Caribbean islands

“We are mindful and concerned about the feasibility of PetroCaribe continuing, certainly at the level it has been” said IMF advisor Cantelli

The International Monetary Fund (IMF) says it is monitoring the potential impact any changes to PetroCaribe, Venezuela’s oil alliance with several Caribbean islands will have on regional economies.

Monday, November 24th 2014 - 07:25 UTC

Britain confirms financial assistance to five Eastern Caribbean countries

Walker said the DFID has “listened carefully” to what Eastern Caribbean countries have been saying are the key challenges for the region.

Britain is providing assistance to five Eastern Caribbean countries “to help them return to economic growth while managing the risks from external shocks”. The Department for International Development (DFID) Caribbean says it will work closely with Antigua and Barbuda, Grenada, St Lucia, St Vincent and the Grenadines and Dominica under the new program that runs until 2020.

Monday, November 24th 2014 - 06:37 UTC

Argentine central bank discards 'any devaluation' of the Peso in 2015

Vanoli explained that the Central Bank’s goal is to maintain a managed floating exchange rate regime. “Argentina does not have a fixed exchange rate,” he said.

The head of Argentina's Central Bank Alejandro Vanoli reaffirmed that “there won’t be a devaluation” of the Peso next year and stressed that the government of President Cristina Fernandez will not give in to pressure from the financial market and the export sector.

Saturday, November 22nd 2014 - 09:19 UTC

Brazil committed to advance with EU/Mercosur trade negotiations

“Mercosur has been holding negotiations with the EU; we're in discussions with other countries, but we must look for a way to advance”, said Marcadante

Brazil must speed international trade agreement negotiations, said cabinet chief Aloizo Mercadante, in direct reference to Mercosur and demanding an end to internal disputes.

Saturday, November 22nd 2014 - 09:13 UTC

Argentina's economy weakens in September, according to official stats

People have been cutting back on spending, particularly on big-ticket items such as cars and home appliances.

Argentina's economy weakened slightly in September as high inflation and declining purchasing power curbed sales and industrial production. A proxy for economic growth published by the government fell 0.2% on the year, the national statistics agency Indec reported Friday.

Saturday, November 22nd 2014 - 06:47 UTC

Falklands construction booming: permission for second 80 bedroom hotel

The second 80 bedroom employees hotel will cater to the needs of the workers in the next oil exploration drilling round, including access and related services.

Building continues at a steady rate in the Falkland Islands with 15 applications approved for construction in the capital Stanley, including permission for an 80 bedroom employees hotel for oil exploration technical staff, according to the latest Planning and Building Committee meeting.

Saturday, November 22nd 2014 - 06:07 UTC

Rousseff expected to announce proven fiscal hawk as Finance minister

Joaquim Levy, Nelson Barbosa and Alexandre Tombini according to media will be team conducting Brazilian finances

Brazilian president Dilma Rousseff already has the names for crucial posts in her new government, but they will not be announced until next Wednesday according to reports in Sao Paulo and Rio do Janeiro newspapers based on Planalto sources. But the names were sufficient to make the Sao Paulo stock exchange surge 5% on Friday.

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