Economy

• Wednesday, June 6th 2018 - 08:52 UTC

  Venezuela's oil delivery contracts could suffer 50% haircut

  

  Venezuela’s state-owned PDVSA is considering a declaration of force majeure on some of its oil supply contracts in June unless its clients agree to accept volume reductions of up to 50%, Argus reported on Tuesday, citing PDVSA officials.

• Wednesday, June 6th 2018 - 08:45 UTC

  China and Argentina reinforce financial links with increased currency swap arrangement

  

  Argentina is looking to expand an existing currency swap arrangement with China, as Buenos Aires looks to stabilize the economy one month after applying for financial aid from the International Monetary Fund. In an interview with the Financial Times, Argentina’s Chief of Cabinet Marcos Peña, said “we have an active swap with China that the previous government left us and we will try to make it bigger.”

• Wednesday, June 6th 2018 - 08:38 UTC

  Brazil industrial production returned to positive growth during April

  

  Brazilian industrial production increased 0.8% in April, marking a return to positive growth after dropping by 0.1% in March, the government announced on Tuesday. According to the report by Brazil's statistics bureau, IBGE, the industrial sector has grown 4.5% so far in 2018.

• Wednesday, June 6th 2018 - 08:27 UTC

  Brazil's central bank survey lowers 2018 growth forecast to 2.18%

  

  Brazil's financial market has downgraded its 2018 economic growth forecast from 2.37% to 2.18%, according to a Focus poll released on Monday by the Central Bank. Four weeks ago, a similar survey of the country's leading financial institutions showed GDP was expected to expand 2.7%.

• Wednesday, June 6th 2018 - 08:22 UTC

  Boxer Mayweather and Messi, world's top earning athletes, according to Forbes ranking

  

  United States boxer Floyd Mayweather has regained his title in the Forbes rankings of the world's top 100 earning athletes. He earned US$ 275m for his boxing match in August against UFC star Conor McGregor, who is number four on the US business magazine's list.

• Wednesday, June 6th 2018 - 08:19 UTC

  Brazil's trade surplus in May reached US$ 5.981 billion

  

  Brazil's trade balance recorded a US$ 5.981 billion surplus in May, resulting from US$ 19.224 billion in exports and US$ 13.260 billion in imports, said the Ministry of Industry, Foreign Trade and Services (MDIC).

• Wednesday, June 6th 2018 - 07:15 UTC

  Mexico announces retaliatory tariffs in US Republican strongholds

  

  Mexico has announced new tariffs on US products in response to Donald Trump's decision to impose steep duties on imports of steel and aluminum. The list includes whisky, cheese, steel, bourbon, and pork. Analysts say the tariffs are designed to hit US Republican strongholds ahead of mid-term elections in November.

• Tuesday, June 5th 2018 - 07:50 UTC

  Walmart leaving Brazil after 22 years: 80% takeover by Advent

  

  Walmart gave no price for the transaction, in which Advent takes an 80% stake in Walmart Brazil and leaves Walmart with 20%. But the Arkansas-based mega retailer said it would take a US$ 4.5 billion charge on the deal in the second quarter, much of that related to cumulative foreign exchange losses.

• Tuesday, June 5th 2018 - 07:20 UTC

  Fresh Conservative attacks on Theresa May and her Brexit “negativity”

  

  Theresa May has been hit with fresh Conservative attacks on her leadership as she attempts to steer the UK through Brexit. Former Cabinet Minister Priti Patel accused the Prime Minister and Chancellor Philip Hammond of “negativity” as they attempt to lead the country out of the European Union.

• Tuesday, June 5th 2018 - 06:56 UTC

  IMF/Argentina talks “very constructive”; growth estimate falls to 1.3% from 2.5%

  

  The International Monetary Fund said on Monday that talks with Argentine authorities for financial support are well advanced and the plan is driven by Argentina priorities with a particular focus on protecting the most vulnerable.