Economy

Friday, January 23rd 2015 - 05:43 UTC
In “God will provide” speech Maduro admits economic failure and calls for unity

In a three-hour State of the Nation speech to the National Assembly on Wednesday night, president Nicolás Maduro acknowledged some of the economic realities facing Venezuela: the economy contracted by 2.8% in 2014 and inflation stood at 64%.
Thursday, January 22nd 2015 - 11:36 UTC
Oil price collapse hurting some more than others

U.S. oil and gas rig counts dropped to their lowest level in over four years, falling by an additional 74 units for the week ending on January 16. The lower count provides fresh evidence that low oil prices are forcing drillers to pare back operations and slash spending.
Thursday, January 22nd 2015 - 06:39 UTC
Brazil central bank increases basic rate to 12,25%, highest since August 2011

Brazil's central bank raised interest rates to a more than three-year high on Wednesday, maintaining an aggressive pace of monetary tightening to contain high inflation, help the economy back on its tracks and win investors disillusioned with the once-booming economy.
Thursday, January 22nd 2015 - 06:26 UTC
US/Cuba talks take off and are described as “productive and constructive”

US and Cuban officials launched historic talks to shed their Cold War-era hostility on Wednesday, complimenting each other on the first day's progress despite persistent differences over migration policy.
Thursday, January 22nd 2015 - 05:52 UTC
Argentina's economy forecasted to contract 1.5% this year, says IMF

The International Monetary Fund (IMF) has predicted that Argentina's economy will contract by 1.3% in 2015, a figure smaller than original estimates, as the organization revised its world projections to reflect tumbling oil prices.
Wednesday, January 21st 2015 - 08:03 UTC
Obama pledged 'middle-class economics' but faces a Republican congress

US President Barack Obama has declared an end to the financial crisis and pledged economic policies to benefit all Americans, in his annual State of the Union address to Congress. In a speech devised to appeal to working families, Mr Obama outlined his strategy for “middle-class economics”.
Wednesday, January 21st 2015 - 07:05 UTC
Argentina confirms customs imports restrictions despite WTO ruling

The administration of president Cristina Fernandez confirmed to Argentine business leaders that customs restrictions on imports will stay in place, despite strong international pressure for barriers to be lifted.
Wednesday, January 21st 2015 - 06:51 UTC
Explosive report on world's wealth from Oxfam: 1% of super rich own 48%

More than half the world’s wealth will be owned by just one percent of the population by next year as global inequality soars, anti-poverty charity Oxfam predicted on Tuesday in an explosive document on the eve of a major meeting of the world’s political and business elite.
Wednesday, January 21st 2015 - 06:44 UTC
China last year grew at its weakest in 24 years, but could be bouncing back

China's economic growth slowed to its weakest in 24 years, expanding 7.4% last year from 7.7% in 2013. Growth in the world's second largest economy missed its official annual growth target of 7.5% for the first time in 15 years. But, the annual growth figures still came in higher than market expectations of about 7.2%.
Wednesday, January 21st 2015 - 06:33 UTC
Denmark, following on Switzerland, forecasted to remove Krone's peg to the Euro

Denmark has cut its key interest rate to prevent the Krone from strengthening in the wake of Switzerland's decision to scrap the franc's peg to the Euro. There has been speculation that Denmark could follow the Swiss move by removing the Krone's link to the Euro.