Economy

• Tuesday, December 15th 2015 - 08:32 UTC

  Brazil's Central bank Focus weekly negative report

  

  Analysts expect Brazil's economy to contract by 3.62% this year, with inflation hitting 10.61%, the Central Bank said Monday. GDP and inflation estimates come from the Boletin Focus, a weekly Central Bank survey of analysts from about 100 private financial institutions on the state of the national economy.

• Tuesday, December 15th 2015 - 08:18 UTC

  Macri slashes agriculture export duties; farmers promise 30% larger crop next year

  

  Argentina's business friendly president Mauricio Macri, announced on Monday large tax cuts on agricultural exports and emphasizing that “the camp was essential to get Argentina back on its feet”. Macri, who took office Thursday, had promised to slash the steep taxes on agricultural exports, which triggered major protests by producers against former president Cristina Fernandez administration.

• Tuesday, December 15th 2015 - 08:09 UTC

  Falklands: UK company to help construct soldiers' accommodation blocks

  

  A construction firm from Grimsby, Fast-Form Systems has won a £200,000 contract with the British Ministry of Defense to support the construction of soldiers' accommodation blocks in the Falkland Islands.

• Tuesday, December 15th 2015 - 07:51 UTC

  Latin American exports fall for third year running and 2016 prospects are not encouraging

  

  Exports from Latin America and the Caribbean will drop about 14% in 2015 due to a steep decline in prices and weak demand for the region’s main exports from key trading partners, according to a new report from the Inter-American Development Bank (IDB).

• Tuesday, December 15th 2015 - 07:41 UTC

  Moody's raises Cuba's rating to positive as it moves away from Venezuela dependence and is closer to US

  

  International ratings agency Moody’s Investors Service has moved Cuba’s economic from stable to positive, citing its lessening dependence on Venezuela and the possibility of more improved relations with the United States.

• Monday, December 14th 2015 - 08:17 UTC

  Brazil's harvest for 2016 estimated at 209.3 million tons, slight drop from 2015

  

  Brazil's harvest in 2016 will reach 209.3 million tons, which is 0.5% less than in 2015 according to the estimates from the Brazilian stats institute, IBGE. The fall is related to less crops of oilseeds, cereals and legumes in the centre west of the vast country, which is also the main farming area, as well as in the north.

• Monday, December 14th 2015 - 07:49 UTC

  Moody's downgrades Petrobras credit rating; warns of difficulties to raise cash through asset sales

  

  Moody's Investors Service has lowered Brazilian state-controlled oil company Petrobras' credit rating further into junk territory and warned of a possible further downgrade. “These rating actions reflect Petrobras' elevated refinancing risks in the face of deteriorating industry conditions that make it more difficult to raise cash through asset sales,” the New York-based ratings agency said Wednesday.

• Saturday, December 12th 2015 - 07:11 UTC

  Argentina's new administration package of economic measures next week

  

  Argentine finance minister Alfonso Prat-Gay announced on Friday that next week levies on farm (grains and oilseeds) exports will be lowered, the half year bonus of wage earners if below 30.000 Argentine Pesos will be exempt from income tax, and the policy of “looked-after prices” at supermarkets will continue.

• Saturday, December 12th 2015 - 07:03 UTC

  US crude futures trade at $35, lowest since February 2009; in one week price dropped 10%

  

  United States crude futures fell sharply on Friday plunging below $36 a barrel for the first time in more than seven years, after a bearish report from the International Energy Agency projected that global energy markets will remain vastly oversupplied for at least the immediate near future.

• Saturday, December 12th 2015 - 06:56 UTC

  Petrobras not selling any stake of its giant Libra offshore oil prospect

  

  Petrobras, is not considering selling a 10% stake in its giant Libra offshore oil prospect at this time, Brazil's state-run oil company said on Friday. Petrobras was responding to a report on Tuesday that industry sources had been told by the company that the Libra stake was on offer.