Economy

• Wednesday, January 30th 2019 - 08:48 UTC

  Emerging markets vulnerable to US higher rates and stronger dollar

  

  Emerging markets face more downgrades than upgrades this year as foreign debt levels leave them vulnerable to rising U.S. interest rates and the strength of the dollar, according to Fitch Ratings. Latin America, the Middle East and Africa will be impacted more by lower credit scores because of the high share of their foreign-currency debt, said James McCormack, Hong Kong-based global head of the sovereign and supranational group at Fitch.

• Tuesday, January 29th 2019 - 10:19 UTC

  EU quotas for farming produce post Brexit trigger controversy

  

  The European Union on Monday adopted quotas for farming produce it will accept from third countries after Britain leaves the bloc and acknowledged this could happen before it has concluded talks with them on the subject.

• Tuesday, January 29th 2019 - 09:03 UTC

  Venezuela approves a new, privately run, foreign exchange system; dollar sells at 3.200 Bolivars, 34% dearer

  

  Venezuelan authorities on Monday approved a new, privately run foreign exchange system that will operate in parallel to the official currency control system, as an emboldened opposition challenges President de facto Nicolás Maduro.

• Tuesday, January 29th 2019 - 09:03 UTC

  US tightening the noose: Venezuelan oil proceeds will be withheld from Maduro's government

  

  The US has imposed sanctions on Venezuela's state-owned oil firm PDVSA and urged the country's military to accept a peaceful transfer of power. National Security Adviser John Bolton said President Nicolás Maduro and his allies could “no longer loot the assets of the Venezuelan people”. Efforts by the opposition to unseat Mr Maduro have increased in recent days.

• Tuesday, January 29th 2019 - 09:01 UTC

  Mrs. May willing to support amendments but insists in no delay for the Brexit withdrawal date

  

  The United Kingdom government will support a backbench amendment to the Brexit deal that calls for the planned Irish backstop to be replaced by “alternative arrangements”. Tory MPs will be told to vote for Sir Graham Brady's proposal when the Commons votes on a series of amendments to Theresa May's plan on Tuesday.

• Tuesday, January 29th 2019 - 09:00 UTC

  EU mocks UK parliament: withdrawal agreement debate was “uninhibited by any knowledge” of what it actually contained

  

  There is a high risk of the UK crashing out of the EU without a deal by accident, the EU's deputy chief negotiator Sabine Weyand has said. She added there was “full ownership of what was agreed” in the EU, but “no ownership” of it in the UK Parliament. And it was a challenge to see how a majority for any deal could be built among MPs, she added.

• Tuesday, January 29th 2019 - 08:43 UTC

  Brazilian government considering management overhaul at miner Vale SA

  

  Brazil’s government weighed pushing for a management overhaul at miner Vale SA on Monday as grief over hundreds feared killed by a dam burst turned into anger, with prosecutors, politicians and victims’ families calling for punishment. By Monday, firefighters in the state of Minas Gerais had confirmed 65 people killed by Friday’s disaster, in which a burst tailings dam sent a torrent of sludge into the miner’s offices and the town of Brumadinho.

• Tuesday, January 29th 2019 - 08:36 UTC

  Vale's market value plunges US$ 16,4bn on Monday, following on the dam burst

  

  Brazilian miner Vale SA’s shares plunged on Monday, wiping out nearly 62 billion reais (US$ 16.4 billion) in market value, after a tailing dam collapse on Friday killed at least 65 people and left 292 missing with slim hopes for recovery. Vale shares were down 21.5% in Sao Paulo morning trading, at 44.70 reais. The company suspended dividend payments late on Sunday.

• Tuesday, January 29th 2019 - 08:30 UTC

  Investors confident of Brazil: Net FDI flows equaled 4.7% of GDP in 2018

  

  Brazil’s current account deficit doubled last year as economic growth fueled demand for foreign goods and services, while foreign investment reached its highest share of GDP since 2001, the central bank said on Monday.

• Monday, January 28th 2019 - 09:09 UTC

  Ecuador planning IMF support to balance the budget and implement reforms

  

  Ecuador may use financing from the International Monetary Fund (IMF) to balance its budget, as the South American country seeks to reduce a swollen fiscal deficit and its international debt, the finance minister admitted on Friday.