Economy

• Friday, September 5th 2014 - 03:28 UTC

  Falklands' GDP 'volatile' because of fisheries and oil and gas exploration

  

  Recently released data shows that the Falkland Islands Gross Domestic Product (GDP) continues to be volatile: expanding considerably during some years and shrinking in others. For example, 2012, a year of intense hydrocarbons activity the per capita for a population of 2.562, in the books soared to £77.400.

• Friday, September 5th 2014 - 02:19 UTC

  Bank of England leaves interest rate on hold at 0.5%; eyes set on minutes to be released 09/17

  

  The Bank of England has held UK interest rates at a record low of 0.5% for another month. The size of the Bank's economic stimulus program - quantitative easing - was also unchanged at £375bn.

• Friday, September 5th 2014 - 02:17 UTC

  ECB cuts rates to record low and negative for overnight deposits; Euro/dollar slumps below 1.3

  

  The European Central Bank cut interest rates to new record lows on Thursday, unexpectedly lowering borrowing costs to try to lift inflation from rock-bottom levels (deflation) and support the stagnating euro zone economy. The ECB cut its main refinancing rate to 0.05% from 0.15%.

• Friday, September 5th 2014 - 02:14 UTC

  Brazil leaves basic interest rate unchanged at 11%, given 'inflation prospects'

  

  With Brazil battling recession and inflation a month away from the presidential election, the Central bank kept its key interest rate on hold at 11%. Traders and analysts had forecast no change and the central bank's monetary policy commission (Copom) duly decided to leave all quiet following its monthly two-day meeting.

• Thursday, September 4th 2014 - 05:37 UTC

  One trillion dollars per year plus lives is the cost of corruption in poor countries

  

  An estimated one trillion dollars a year is being taken out of poor countries and millions of lives are lost because of corruption, according to campaigners. A report by the anti-poverty organization One says much of the progress made over the past two decades in tackling extreme poverty has been put at risk by corruption and crime.

• Thursday, September 4th 2014 - 05:20 UTC

  Argentina's dispute with holdouts “will not affect” Chinese investments, says Beijing

  

  The current legal dispute between Argentina and holdouts (“vulture funds”) suing the country over its defaulted bonds “will not affect” planned Chinese investments, since Argentina and China have a 'strategic association', the head of the National Commission of Development and Reform (CNDR) of China Xu Shaoshi, warned on Wednesday.

• Thursday, September 4th 2014 - 05:06 UTC

  Argentina milks more US dollars from commercial banks

  

  Argentina's central bank said on Wednesday it had reduced the amount of dollars commercial banks could hold, a move that should push more greenbacks into the spot market and may give a mild boost to flagging reserves and the local Peso.

• Thursday, September 4th 2014 - 05:00 UTC

  Argentina looks to Uruguay to issue sovereign bonds and pay creditors

  

  A former chairman of Argentina's central bank board, Aldo Pignanelli considered neighboring Uruguay could be a “trustworthy” option for Argentina to issue sovereign bonds and pay creditors. Uruguay has an outstanding international reputations regarding abiding by contracts and ensuring legal security, added the Argentine banker.

• Wednesday, September 3rd 2014 - 23:00 UTC

  EC fines Philips, Samsung and Infineon for 'collusion' in price-chips for smart phones

  

  Philips, Samsung and Infineon have been fined 138m Euros by the European Commission (EC) for fixing prices of chips in used in smart-phones. The electronics giants “colluded” on pricing, contracts and capacity between 2003 and 2005, the EC said.

• Wednesday, September 3rd 2014 - 22:17 UTC

  China expanding its investments in Argentina's South Atlantic fisheries

  

  China is interested in investing in Argentine port infrastructure and in setting up companies with access to the South Atlantic fisheries, according to reports from Shanghai where an Argentine top level delegation is currently negotiating in the framework of the China-Argentina cooperation agreement.