Economy

• Saturday, July 20th 2019 - 08:11 UTC

  UK Full-blown recession in a no deal exit from the EU?

  

  Britain might be entering a full-blown recession that a no-deal exit from the European Union would compound, blowing a 30 billion-pound hole in the public finances, a budget watchdog said. The Office for Budget Responsibility said the economy probably flat-lined or might have contracted in the second quarter.

• Friday, July 19th 2019 - 09:57 UTC

  Falklands' government and fishing industry reject MLA Spink's 'breezy' Brexit

  

  The impact of Brexit on the Falkland Islands' fishing industry could be “significant” according to the fishing industry, contradicting lawmaker MLA Roger Spink’s view in last week's Penguin News that there were measures that could be undertaken to mitigate the impact of potential tariffs.

• Friday, July 19th 2019 - 09:55 UTC

  Loans from Russia and China to Venezuela will be renegotiated through the Paris Club, says Guaidó

  

  Loans to Venezuela from President Nicolas Maduro's allies Russia and China would be renegotiated through the Paris Club if Maduro leaves power, an advisor to the opposition said, responding to concerns about favorable treatment for the two countries.

• Friday, July 19th 2019 - 09:47 UTC

  Chile reduces copper price projection for 2019 as China's demand slows down

  

  Chile, the world's largest producer of copper, reduced on Thursday its price projection for the precious metal for 2019 from US$3.05 to US$2.89 per pound due to a drop in demand from the planet's largest consumer, China.

• Friday, July 19th 2019 - 09:42 UTC

  African swine fever: Pork prices in China soaring and the worst is yet to come

  

  Pork prices have been sent soaring and herds devastated as African swine fever tears through China's massive pig-farming industry, forcing the country to ramp up imports to satisfy demand - but analysts warn worse is yet to come.

• Friday, July 19th 2019 - 09:36 UTC

  Incoming EC head open to grant UK more time: “we don't want a hard Brexit”

  

  The future head of the European Commission said she would be minded to grant Britain an extension to talks on its exit from the EU if London gave good grounds, adding that an orderly departure was important to launch future ties on a good footing.

• Thursday, July 18th 2019 - 12:14 UTC

  Montevideo gas workers lift strike after government's announcements

  

  As the Uruguayan state has vowed to take over the administration of departing Montevideo cooking gas suppliers Montevideo Gas and Conecta and jobs have been secured, the UOEGAS workers' union has agreed to end the strike, starting this Friday.

• Thursday, July 18th 2019 - 10:22 UTC

  Textile giant Alpargatas quits Argentina

  

  Although founded in Argentina, textile giant Alpargatas, now owned by Brazilian investors, has announced it will leave its country of origin due to financial difficulties.

• Thursday, July 18th 2019 - 08:29 UTC

  Falklands' Sea Lion project boost after Premier announces a very positive half year financial result

  

  Premier Oil on Wednesday reduced its forecast for its 2019 operating costs to US$12 per barrel of oil equivalent (boe) from US$ 13 and expects debt reduction to reach the upper end of its US$ 250-350 million target by year-end.

• Thursday, July 18th 2019 - 08:22 UTC

  Bad times for the hotel industry in Uruguay

  

  Several iconic hotels in Montevideo, Uruguay, have closed or will be converted into office buildings according to the Chamber of Tourism sources. The list includes a top-rated boutique hotel, Belmont, which hosted among others members of the British royal family and political figures such as Fidel Castro, and other world leaders.