Economy

Tuesday, May 7th 2019 - 09:47 UTC
Chinese backtrack prompted Trump to announce raising tariffs next Friday

Top US trade officials said on Monday that China had backtracked on previous commitments made in talks, and that this reversal was what prompted President Donald Trump’s earlier announcement that the United States would raise tariffs on billions of Chinese goods next Friday.
Tuesday, May 7th 2019 - 09:40 UTC
Argentina's recession steams on: industrial output in March dropped 13.4%

Argentina's industrial output slid a steeper-than-expected 13.4% in March compared with the same month last year, the government's Indec statistics agency said on Monday, as the recession-hit economy struggles to return to growth.
Tuesday, May 7th 2019 - 09:15 UTC
US Federal Reserve warns about stock prices and high corporate debt loads

The US central bank warned on Monday of persistent risks to the financial system posed by elevated stock prices and historically high corporate debt loads as well as the impact of President Donald Trump's trade wars.
Tuesday, May 7th 2019 - 09:09 UTC
Another Brazilian bank expands into the US to keep competing with rivals

Brazil's Banco Bradesco SA has embarked on its first-ever international acquisition by paying approximately US$ 500 million to buy BAC Florida Bank, which focuses on high-net-worth individuals in a move intended to close the gap with Brazilian rivals.
Tuesday, May 7th 2019 - 08:48 UTC
Trump will not release his tax returns to Congress, Mnuchin tells House committee

The US Treasury will not hand President Donald Trump's tax returns over to Democratic lawmakers, defying a demand from Congress, US Treasury Secretary Steven Mnuchin said on Monday.
Tuesday, May 7th 2019 - 08:27 UTC
UK media reports Theresa May preparing options in case talks with Labour fail

British Prime Minister Theresa May has carried out “scenario planning” for a second Brexit referendum in case she is forced by parliament to hold one, the Daily Telegraph newspaper reported on Monday.
Monday, May 6th 2019 - 09:54 UTC
US-China trade talks moving “too slowly” Trump warns and announces a Friday deadline

Donald Trump has said he will raise tariffs on US$ 200bn of Chinese goods because talks on a US-China trade deal are moving “too slowly”. The US president tweeted that tariffs of 10% on certain goods would rise to 25% on Friday, and US$ 325bn of untaxed goods could face 25% duties “shortly”.
Monday, May 6th 2019 - 09:39 UTC
Brazil trade surplus in April, the second largest ever recorded for the month

Brazil posted a trade surplus of US$ 6.06 billion in April, the Economy Ministry said, which is wider than the previous month. It was the second largest surplus ever recorded for the month of April and the biggest monthly surplus so far this year, a result of exports totaling US$ 19.69 billion and imports of US$ 13.63 billion.
Monday, May 6th 2019 - 09:34 UTC
Brazil's best performing hedge funds bet heavily on Petrobras

One of Brazil’s best-performing hedge funds has been scooping up the shares of state-controlled oil giant Petrobras. Joao Braga and Marcos Peixoto, who manage US$ 1.3 billion (5 billion reais) at XP Asset Management, have increased their stake in Petrobras, making it the biggest holding of their XP Long Biased fund even as the oil producer’s rally has outpaced the benchmark.
Monday, May 6th 2019 - 09:23 UTC
China might cancel next round of trade talks with US, says the Wall Street Journal

China is considering cancelling a planned Washington trip this week by the country's top trade negotiator, the Wall Street Journal reported on Sunday. Beijing was surprised by US President Donald Trump's threat to levy new tariffs on trade with the country, the Journal reported, citing a person it didn't identify. The country doesn't want to negotiate under threat, the newspaper said.