Economy

• Monday, June 29th 2020 - 10:55 UTC

  COVID-19 could crush Argentina’s shale boom

  

  By Nick Cunningham of Oilprice.com – Holding some of the largest shale oil and gas reserves in the world, Argentina is often cited as the likely candidate for the next big shale boom, and Vaca Muerta is often described as having the potential to be South America’s Permian basin.

• Monday, June 29th 2020 - 09:21 UTC

  Oklahoma shale pioneer Chesapeake Energy files for Chapter 11 protection

  

  Chesapeake Energy Corp filed for Chapter 11 on Sunday, becoming the largest US oil and gas producer to seek bankruptcy protection in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak on energy markets.

• Saturday, June 27th 2020 - 08:14 UTC

  Brazil fears the Covid-19 “boomerang effect” from smaller towns to major cities

  

  The novel coronavirus, now spreading through the smaller towns of Brazil's interior, risks returning to major cities in a so-called “boomerang effect,” as a lack of specialized medical treatment forces patients into larger urban centers.

• Saturday, June 27th 2020 - 08:11 UTC

  Latam rescheduling and scaling back domestic and international flights

  

  South American carrier LATAM has suspended ticket sales on 23 routes across its network, including several domestic routes within Chile and international routes from Brazil, Chile and Peru. At the same time, the Santiago-headquartered carrier has made the bold move to suspend international destinations from five Argentinean destinations to the carrier’s hubs in Santiago, Lima and Sao Paulo until 2021.

• Saturday, June 27th 2020 - 07:59 UTC

  Mexico's economy contracted a record 17,3% in April from March and 19,9% year on year

  

  Mexico’s economy posted a record contraction in April, official data showed on Friday, as the effects of the coronavirus lockdown devastated economic activity, particularly in manufacturing.

• Friday, June 26th 2020 - 10:20 UTC

  Argentina admits “biggest differences” in debt negotiations remain with two main creditor groups

  

  Argentina is still working with its creditors to reach a debt restructuring deal after talks stalled, though there is still a distance to cover in economic and legal terms, Economy Minister Martin Guzman said on Thursday.

• Friday, June 26th 2020 - 10:06 UTC

  Brazil confirms budget primary deficit at 11% of GDP; economy set to shrink 7%

  

  Brazil’s economic growth and fiscal outlook this year are shaping up to be worse than official government forecasts, making a return to austerity and reforms next year all the more pressing, Treasury Secretary Mansueto Almeida said

• Friday, June 26th 2020 - 10:04 UTC

  World Bank staff reject Brazil's nomination to executive director over his racial comments

  

  The association representing staff at the World Bank asked that Brazil’s nomination of Abraham Weintraub to be executive director be reviewed over his past racial comments and other concerns, according to a letter circulated in the bank on Wednesday.

• Friday, June 26th 2020 - 10:01 UTC

  Falklands Covid-19 support measures total £8 million; inflation 0,03% in fourth quarter

  

  The Falkland Islands Standing Finance Committee has revealed that the government has funded Covid-19 support measures to the tune of £7.983 million. The spending has been offset by underspends from a number of government departments, including Education and Natural Resources, while the Islands Plan budget is expected to underspend by nearly half a million pounds.

• Friday, June 26th 2020 - 09:43 UTC

  A fifth of US labor force received unemployment checks in the first week of June

  

  The number of Americans filing claims for unemployment benefits fell moderately last week as the second wave of layoffs partially offset hiring by businesses reopening, suggesting the labor market could take years to recover from the COVID-19 pandemic.