Economy

• Thursday, November 24th 2016 - 13:49 UTC

  Trump not believed to dare start tariffs war out of fear of WTO fines

  

  Zhang Xiangchen, China's deputy international trade representative, said his country would defend its rights under World Trade Organization tariff rules should Trump uphold his campaign threats to levy punitive duties on China-made goods, which, according to an Auxtralian expert, is “very unlikely” to happen.

• Wednesday, November 23rd 2016 - 17:06 UTC

  Post-election rally pushes Wall Street to new records: Dow Jones above 19.000

  

  United States stocks extended their post-U.S. election rally Tuesday with moderate gains that pushed the Dow above 19,000 for the first time and the three major indexes to record closing levels for a second straight day. The S&P 500 ended above 2,200, led by gains in telecommunications, up 2.1%, and consumer discretionary up 1.2%. The small-cap Russell 2000 index also set another record-high close.

• Wednesday, November 23rd 2016 - 16:09 UTC

  Economic crisis hits airline industry in Brazil, Venezuela. Low-cost carrier wants start operating in Argentina

  

  Etihad join list of Asian airlines that continue to drop their routes to South America's biggest market. New low-cost service aims at passengers who do not travel by plane today in Argentina and Venezuelan companies in dire straits to stay operational.

• Wednesday, November 23rd 2016 - 15:56 UTC

  Anses sells off all its Petrobras Argentina shares worth US$ 156 million

  

  As a part of the Pampa Energía takeover bid strategy, the Pensions Bureau guarantee fund had to sell its 11.85 % stake. It also holds 18% of Pampa's shares and saw no point in increasing that to 23% when prospects of a merger are on the radar. “If we didn't sell, they would have merged us with Pampa anyway,” a top Anses official said.

• Wednesday, November 23rd 2016 - 15:35 UTC

  TPP without the US would be “meaningless” says Japanese PM Shinzo Abe

  

  The Trans-Pacific Partnership (TPP) trade deal would be “meaningless” without US participation, Japanese prime minister Shinzo Abe said as United States President-elect Donald Trump announced he planned to quit the pact. PM Abe’s comment on Monday (Tuesday morning) came shortly before the Mr Trump released a short video about his plans for his administration, including an intention to have the US drop out of the TPP pact.

• Wednesday, November 23rd 2016 - 15:16 UTC

  Argentina's tax amnesty program “rescues” US$ 21.9bn including US$ 7.2bn in cash

  

  Argentines have so far declared US$21.9 billion in previously hidden assets in the country's tax amnesty program meant to help jump-start the economy, Alberto Abad, director of the AFIP tax collection agency, said on Tuesday. That included US$7.2 billion in cash deposits, Abad said.

• Wednesday, November 23rd 2016 - 15:03 UTC

  Petrobras case connections in Geneva targeted by Swiss prosecution

  

  The Office of the Attorney General of Switzerland has opened criminal proceedings against a former senior executive at the Geneva-based commodity trader Trafigura. The case is reportedly linked to corruption involving the Brazilian state-run oil company Petrobras.

• Wednesday, November 23rd 2016 - 15:02 UTC

  British government sells 721m Lloyds shares; stake down to 8%

  

  The British government has taken advantage of recent share price strength and sold 721m Lloyds Banking Group shares. The share sale reduces the government’s stake in the lender to just under 8%. In total, the taxpayer owns a cool 5.7bn shares in Lloyds.

• Tuesday, November 22nd 2016 - 14:10 UTC

  Brazil admits Trump policies could cause a flow out of capital from emerging economies

  

  Brazil's Central Bank (BC) President Ilan Goldfajn said on Monday that the outcome of the US presidential election, won by magnate Donald Trump, brought an element of uncertainty to markets, but reiterated that the institution has kept a close watch on the development of international markets and worked to prevent the effects of “external shocks” from threatening macroeconomic stability.

• Tuesday, November 22nd 2016 - 13:38 UTC

  Fiscal vulnerability of Brazilian economy exposed at a business conference

  

  Brazilian President Michel Temer warned on Monday that the national debt could swell to the size of the country's gross domestic product within eight years should public spending not be brought under control and fiscal reforms not enacted.