Wednesday, June 29th 2016 - 11:04 UTC

US economy grows faster in the first quarter helped by stronger export sales

The Commerce Department said GDP grew at an annual pace of 1.1% in the quarter, up from an earlier estimate of 0.8%.

The US economy grew faster than previously estimated in the first quarter of the year, according to official figures. The Commerce Department said gross domestic product (GDP) grew at an annual pace of 1.1% in the quarter, up from an earlier estimate of 0.8%. The upwards revision was helped by stronger export sales.

Wednesday, June 29th 2016 - 05:04 UTC

Brazil inflation should reach Central bank target by second half of 2018

The second quarter of 2018 should see Brazil finally make the cut, with inflation of 4.2%, the bank said.

Brazil's inflation will again miss the government target next year, but will be getting much closer at 4.7%, the Central Bank said on Tuesday. For this year, inflation is forecast at 6.9%, well off the 4.5% target. However, even that represents relief for Latin America's largest economy, but sickly economy where annual inflation hit 9.32% in May.

Wednesday, June 29th 2016 - 04:57 UTC

Investors suing Petrobras argue top executives knew of the massive bribery scheme

Prosecutors claim over US$2 billion of bribes were paid over a decade to Petrobras executives by construction and engineering companies to win lucrative contracts.

Investors suing Petrobras to recoup billions of dollars in losses argued on Tuesday that the arrests and plea deals of top company executives prove that it knew of a massive bribery and political kickback scheme. Lawyers for the investors asked U.S. District Judge Jed Rakoff in Manhattan to rule, ahead of a trial set for Sept. 19, on claims that the company violated U.S. securities laws, according to a court filing.

Monday, June 27th 2016 - 06:53 UTC

Panama opens long-delayed US$ 4.5bn canal expansion: massive litigations looming

At 1250 GMT, Chinese container ship “Cosco Shipping Panama” entered the Agua Clara lock on the Atlantic to begin the first crossing of the 80.45-km-long waterway

Panama opened the long-delayed US$5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping industry and a heated battle over billions in cost overruns.

Saturday, June 25th 2016 - 21:29 UTC

Picasso's seminal cubist “Femme Assise” auctioned at £ 43.2 million in London

Described by Sotheby's as “the greatest Cubist painting to come to the market in decades,” it broke the record for the highest price for a cubist work at any auction.

“Femme Assise” (1909), one of Pablo Picasso's earliest Cubist paintings, has sold for £43.2 million (US$63.4 million) at a Sotheby's London auction. Described by Sotheby's as “the greatest Cubist painting to come to the market in decades,” it has broken the record for the highest price for a cubist work at any auction.

Thursday, June 23rd 2016 - 02:56 UTC

Renewables the focus of EU Energy Week in the Falklands

MLA Michael Poole visited the Sand Bay Wind Farm last week to discuss the benefits of renewable energy.

The Power & Electrical Department hosted an open day last week at their Sand Bay Wind Farm to showcase the work being undertaken by the Falkland Island’s Government (FIG) to utilise and promote renewable energy sources. The open day, which included guided tours and demonstrations, formed part of wider initiatives recently undertaken by FIG to address issues surrounding climate change.

Tuesday, June 21st 2016 - 16:28 UTC

Iran ready to sign US$ 17bn deal with Boeing for 100 passenger planes

“We have 250 planes in the country, 230 need to be replaced,” said Ali Abedzadeh, the head of Iran's civil aviation body

United States based giant aviation corporation Boeing has reached an agreement with Iran to sell the country 100 passenger planes, Iran’s aviation authority announced on Sunday.

Monday, June 20th 2016 - 06:00 UTC

Siemens and Spain's Gamesa merge to create global wind energy giant

According to recent Navigant Research figures, Siemens and Gamesa were the fourth and fifth wind turbine suppliers in the world, 7.7% and 5.5% respectively.

German industrial megalith Siemens and Spanish wind energy giant Gamesa have announced they will merge their wind energy businesses. Gamesa and Siemens announced Friday that they have signed binding agreements to merge Siemens’ wind business with Gamesa, to create a leading global wind power player.

Wednesday, June 15th 2016 - 19:06 UTC

Federal Reserve cautious about the future, leaves interest rates unchanged

“The pace of improvement in the labor market has slowed” However “economic activity will expand at a moderate pace”

United States Federal Reserve in a unanimous vote kept interest rates unchanged on Wednesday and signaled that it will assess labor market conditions, inflation expectations and financial and international developments before deciding on future actions. The U.S. central bank also lowered its economic growth forecasts for 2016 and 2017 and indicated it would be less aggressive in tightening monetary policy after the end of this year.

Wednesday, June 15th 2016 - 17:06 UTC

UK Overseas Territories could suffer significantly from Brexit, says UKOTA report

UKOTA said the overall aim of the report is not to force UKOTs onto the campaign agenda but to demonstrate the value of the EU to the UKOTs and future relationship

Britain’s Caribbean Overseas Territories could suffer significantly if it votes to leave the European Union in the June 23 referendum, according to a report released in London.


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