Economy

Thursday, August 16th 2018 - 14:48 UTC
US condemns Turkey's doubling of tariffs on US imports: “a step in the wrong direction”

The White House on Wednesday condemned Turkey’s doubling of tariffs on U.S. cars, alcohol and tobacco imports, calling the action “a step in the wrong direction.” Turkey took the action in response to what it called the Trump's administration's attack on its economy. The United States doubled tariffs on Turkish steel and aluminum last week, which contributed to a tumble in the Turkish lira.
Thursday, August 16th 2018 - 14:38 UTC
Corona beer owner investing US$ 4 billion in the cannabis industry

Corona beer owner Constellation Brands is set to pour some US$ 4 billion into Canada's top cannabis producer, Canopy Growth, in a deal marking the largest investment in the industry to-date. Last year, Constellation injected US$ 200m into Canopy in a deal to produce a non-alcoholic cannabis-based beverage. The alcohol firm wants to capitalize on the growing legalization of the drug.
Thursday, August 16th 2018 - 10:40 UTC
UK inflation in July climbed to 2.5%: a blip or a trend?

UK inflation climbed in July as had been expected, according to the latest data from the Office of National Statistics, ONS, released on Wednesday. ONS reported that the rate of consumer price inflation, the most-watched measure, increased from 2.4% in June to 2.5% in July, reversing a trend of gradually declining inflation over the course of 2018.
Thursday, August 16th 2018 - 09:13 UTC
Qatar to the rescue of Turkey with US$ 15bn in direct investments

Qatar has come to the rescue of Turkey and its ruler Amir Sheikh Tamim bin Hamad al-Thani issued directives to support the Turkish economy with a host of economic projects, investments and deposits worth a total of US$ 15 billion. This follows a meeting of the Amir with the Turkish president Recep Tayyip Erdogan on Wednesday in Ankara.
Wednesday, August 15th 2018 - 07:11 UTC
Argentine Peso stabilizes, country risk falls and stock market rebounds

The Argentine peso climbed on Tuesday after the Central bank implemented a raft of measures to stabilize the volatile currency on Monday, including increasing the benchmark interest rate to 45% from 40% previously, and announcing it was offering markets US$ 500 million.
Wednesday, August 15th 2018 - 07:03 UTC
Argentina: tax cuts on soy meal and soy oil exports suspended six months

Argentina has suspended for six months its program of gradually cutting taxes on exports of soymeal and soyoil, the Treasury Ministry said in a statement on Tuesday, part of the government’s fiscal tightening program. International shipments of both soy products are currently taxed at 23%, lowered gradually from 32% in 2015, the statement said.
Wednesday, August 15th 2018 - 05:42 UTC
Record unemployment in UK: 4%; the lowest for more than forty years

UK unemployment fell by 65,000 to 1.36 million in three months to June - the lowest for more than 40 years, official figures from the Office for National Statistics (ONS) show. They also show a rise in productivity, but a slowdown in wage growth.
Tuesday, August 14th 2018 - 06:50 UTC
Argentina pledges US$ 500 million on Tuesday to stabilize the forex market

Argentina's peso hit an all-time low on Monday as Latin American currencies sank amid a broader sell-off in emerging markets that have been rattled by the Turkish lira's plunge.
Monday, August 13th 2018 - 19:53 UTC
Bayer confident glyphosate is safe for use and does not cause cancer

Pharmaceutical group Bayer has dismissed claims that an ingredient used in weed killers is carcinogenic. The German company, which owns agriculture giant Monsanto, says herbicides containing glyphosate are safe.
Monday, August 13th 2018 - 18:53 UTC
Venezuela appealing US$ 1.4bn compensation ruling, threatening Citgo

Venezuelan state oil company PDVSA is appealing a decision allowing Canadian miner Crystallex to take control of shares in U.S. subsidiary PDV Holdings as part of a 10 year dispute over the state takeover of Crystallex assets, a court filing shows.