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Sunday, March 13th 2016 - 22:40 UTC

Oil at US$ 67 in Argentina has all the Majors converging

With the crash in prices since mid-2014, the effect of the regulation has reversed: motorists are now effectively subsidizing the oil industry.

By Nick Cunningham of Oilprice.com

Argentina offers one of the few places on earth where oil companies are not suffering from the full force of the collapse in prices. Argentina regulates oil prices, a policy originally intended to insulate the public from the whims of the market, protecting people from triple-digit crude prices. But with the crash in prices since mid-2014, the effect of the regulation has reversed: motorists are now effectively subsidizing the oil industry.

Sunday, March 13th 2016 - 16:50 UTC

Brazil's largest party agrees that if Rousseff is forced out, Temer will replace her

The party also re-elected as its leader Vice President Michel Temer, the man who would take over as president if Rousseff is forced out.

Brazil's largest political party and decisive member of the ruling coalition said on Saturday it will take 30 days to decide whether to break with President Dilma Rousseff as she faces an impeachment battle. Calls within the Brazilian Democratic Movement Party, PMDB, to ditch the coalition have been growing as Rousseff faces a bruising recession, a spiraling corruption scandal and a probe of alleged electoral violations, as well as possible impeachment.

Saturday, March 12th 2016 - 07:21 UTC

France's Total ready to begin drilling offshore Uruguay: risky project but it could be AN ”elephant''

Uruguay’s offshore potential has triggered a spurt of deal-making in recent months even as benchmark oil prices trade at 12-year lows.

France’s Total SA announced it is preparing to begin drilling one of its most important offshore exploration wells in the Americas this year as it hunts for a giant oil field in Uruguayan waters. A discovery could extend an exploration boom in a country that currently imports all of its oil and gas needs.

Saturday, March 12th 2016 - 05:40 UTC

Chile's challenge: disposing 27.700 tons of algae/bloom dead salmon

Sernapesca director José Miguel Burgos reported that the Chilean Navy authorized the dumping of 300 tons dead salmon at sea, 75 miles offshore

More than 27,733 tons, equivalent to 72% of the total salmon mortality caused by algae bloom, have been removed from the farms affected by this contingency, Chile's National Fisheries and Aquaculture Service (Sernapesca) informed. In a new report on the emergency affecting the salmon farming industry in the Chilean southern region of Los Lagos, Sernapesca pointed out that 38 farms have been affected by microalgae bloom in the Concession Groups (ACS) 1, 2, 3A, 6, 7, and 10B, with a total mortality amounting to 23.8 million fish, equivalent to more than 38,500 tons.

Friday, March 11th 2016 - 20:47 UTC

Odebrecht's involvement in Petrobras corruption scandal costing the conglomerate dearly

Creditors are demanding the company's crown jewel as collateral to refinance the group's debt. The company has an annual turnover of US$ 31bn

The Odebrecht group of companies, whose top officials have been sentenced to prison for involvement in the corruption scheme of Brazil's largest company Petrobras, has come under strong pressure from its creditors to use the crown jewel, the petrochemical company Braskem as collateral to avoid filing for bankruptcy.

Friday, March 11th 2016 - 20:06 UTC

Brazil's February inflation down, but central bank calls for structural reforms and budget control

Inflation slowdown came on easing food and transportation costs. Food prices rose 1.06% in February (2.28% in January). Transportation 0.62% versus 1.77%

Brazil’s consumer-price index slowed in February, providing relief for the country’s central bank amid its efforts to curb inflationary pressures. The consumer-price index, IPCA, rose 0.90% in February, compared with an increase of 1.27% in January, the Brazilian Institute of Geography and Statistics, or IBGE, said.

Friday, March 11th 2016 - 20:03 UTC

Rousseff rejects calls for her resignation and confirms Finance minister Barbosa

“No one has the right to ask for the resignation of a legitimately elected president,” Rousseff told reporters

Brazil's President Dilma Rousseff rejected calls for her resignation on Friday midst a political storm deepened by a massive corruption scandal and blamed her opponents for causing a crisis that has damaged the Brazilian economy. She also confirmed her Finance minister Nelson Barbosa.

Friday, March 11th 2016 - 05:38 UTC

ECB cuts rate to 0% and announces new stimulus, but market reactions are mixed

ECB cut its main interest rate from 0.05% to 0% and its bank deposit rate, from minus 0.3% to minus 0.4%. The bank will also expand quantitative easing program

European stock markets have fallen and the Euro has soared following the economic stimulus measures announced by the European Central Bank on Thursday. After initially rising following the broader than expected package, Frankfurt closed down 2.3%, Paris ended 1.7% lower and the FTSE 100 slid 1.8%.

Friday, March 11th 2016 - 05:29 UTC

Brexit would be “a disaster for UK science” warn 150 fellows from Royal Society

“Increased funding has raised greatly the level of European science as a whole and of the UK in particular because we have a competitive edge”

Stephen Hawking has called for Britain to stay in the EU, saying that a Brexit would be a “disaster for UK science”. A letter to the Times newspaper signed by more than 150 fellows of the Royal Society argues that leaving the EU would devastate research.

Friday, March 11th 2016 - 05:22 UTC

Purge in YPF; financial expert chosen as successor of Galuccio

Gutiérrez, formerly head of telecommunications giant Telefónica with 25 years experience in global financial circles, will be proposed at a shareholders meeting

Miguel Ángel Gutiérrez looks is to become the new president of Argentina’s state-controlled energy giant YPF, it was revealed this week after Miguel Galuccio confirmed he will step down as head of the company on April 30.

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