Economy

• Saturday, March 3rd 2018 - 10:43 UTC

  Brazil back on the growth path in 2017 after two years of contraction

  

  Brazil's economy grew by a percentage point in 2017 after two years of contraction, government figures showed Thursday, confirming the South American giant's recovery from one of the worst recessions in its history. The agro-industrial sector led the way with 13% growth last year, trailed by the service sector, which showed 0.3% growth. Industrial output remained stable.

• Saturday, March 3rd 2018 - 10:15 UTC

  Falklands second flight: interest from Brazil, Chile and Uruguay airlines

  

  The Argentine foreign ministry said on Thursday that several airlines from Brazil, Chile and Uruguay have expressed an interest in making proposals for scheduled flights to the Falkland/Malvinas Islands with stops in Argentine territory.

• Thursday, March 1st 2018 - 09:53 UTC

  UK car industry “thousands of jobs” at risk if UK fails to reach a Brexit deal

  

  Failing to strike a Brexit deal would put “hundreds of thousands” of jobs in the car industry at risk, MPs have said. The Business, Energy and Industrial Strategy Committee said continued close alignment with the EU would ensure the industry's survival. And it warned the introduction of trade barriers would leave the sector unable to compete with its European rivals.

• Wednesday, February 28th 2018 - 09:53 UTC

  Fed chairman Powell anticipates gradual interest rate increases despite larger government spending

  

  Federal Reserve Chairman Jerome Powell, pledging to “strike a balance” between the risk of an overheating economy and the need to keep growth on track, told U.S. lawmakers on Tuesday that the central bank would stick with gradual interest rate increases despite the added stimulus of tax cuts and government spending.

• Wednesday, February 28th 2018 - 09:37 UTC

  Prolonged drought wrecking soybean and corn crops, threatens Argentina's growth

  

  A prolonged drought wreaking havoc on Argentina's soybean and corn crops could threaten the country's economic performance in 2018, an official said, as the country seeks to grow for a second straight year after several years of biting recession.

• Wednesday, February 28th 2018 - 09:20 UTC

  Pemex loss of US$ 18bn in fourth quarter; blames weaker Peso and declining oil fields

  

  Mexican state-owned oil company Pemex reported a nearly US$18 billion fourth-quarter loss on Monday after both crude output and processing slid, though the company said refining levels should rebound as major maintenance plans are completed. The company posted a 352.3bn (US$17.9bn) peso loss for the last quarter of 2017, blaming a weaker peso exchange rate and higher financing costs for its performance, according to a filing with the Mexican stock exchange.

• Tuesday, February 27th 2018 - 05:46 UTC

  Credit Suisse begins to move out from London, says Bloomberg report

  

  Credit Suisse plans to move about 250 banker jobs out of London under its first phase of Brexit planning, according to reports. Employees in areas such as trading and mergers and acquisitions were likely to be relocated to Frankfurt or Madrid, Bloomberg reported. The Swiss bank employs about 5,500 staff in London. A spokesman said Credit Suisse “continued to investigate its options”.

• Monday, February 26th 2018 - 09:40 UTC

  Warren Buffet receives a profit boost of US$ 29bn from Trump's tax reforms

  

  US billionaire Warren Buffet says his conglomerate has received a profit boost of US$ 29 billion as a result of President Donald Trump's tax reforms, he says. Berkshire Hathaway reported a record quarterly and annual profit on Saturday.

• Monday, February 26th 2018 - 07:28 UTC

  Corbyn expected to clarify position on Brexit in a divided Labour party

  

  The leader of Britain’s opposition Labour Party, Jeremy Corbyn, will clarify the party’s position on Brexit this Monday in a move that could lead to a major parliamentary defeat for Prime Minister Theresa May. The Prime Minister has ruled out staying in any customs union with the European Union after Brexit because it would prevent the country from striking its own new trade deals with fast-growing economies such as China and India.

• Saturday, February 24th 2018 - 08:10 UTC

  Falklands second commercial air link: “Flight route is done deal” believes Tim Miller

  

  The following was published in the Penguin News, “Your Letters” section in response to the Falklands government last week’s release titled “Progress made towards establishing a second commercial Falkland Islands air link”