Economy

• Wednesday, May 17th 2017 - 15:53 UTC

  Petrobras performance improving: largest quarterly earnings in two years

  

  Brazilian state-controlled oil company Petrobras reported its largest quarterly earnings in two years as crude prices rose and the government allowed it to sell fuel at a profit in the domestic market. Petrobras posted a 4.5 billion reais net profit (US$ 1.4bn) in the January to March period, reversing a 1.25 billion reais loss (US$ 400 million) in the first three months of 2016.

• Wednesday, May 17th 2017 - 10:33 UTC

  UK's April inflation at its highest since September 2013; Bank of England expects it to peak at 3%

  

  UK's inflation rate rose last month to its highest since September 2013, official figures show. Inflation now stands at 2.7% - up from 2.3% in March - and above the Bank of England's 2% target. The main reason was higher air fares, which rose because of the later date of Easter this year compared with 2016.

• Wednesday, May 17th 2017 - 10:23 UTC

  European Court of Justice ruling could complicate post-Brexit EU/UK trade deal

  

  A new decision in the European Court of Justice could complicate Theresa May’s task of securing a post-Brexit trade deal with the EU. The Luxembourg-based court has ruled that a free trade deal reached with Singapore in 2013 must be ratified by member states.

• Wednesday, May 17th 2017 - 09:36 UTC

  Lloyds Bank returns to private sector; at height of financial crisis government held 43% of shares

  

  The British government has confirmed its remaining shares in Lloyds Banking Group have been sold, eight years after pumping in £20bn to save it. Lloyds Bank said the government will see a return of £21.2bn on its investment.

• Wednesday, May 17th 2017 - 09:10 UTC

  UK top union leader anticipates major loss for Labour; Corbyn releases plans to nationalize energy and water industries

  

  One of Jeremy Corbyn's key allies, Unite boss Len McCluskey, has said he cannot see Labour winning the election. A Labor victory on 8 June would be “extraordinary” given the state of the party and criticism of it in the media. He suggested winning 200 seats - nearly 30 fewer than in 2015 - would be a “successful” result for Mr. Corbyn.

• Tuesday, May 16th 2017 - 10:46 UTC

  Argentina joins Beijing's OBOR initiative to promote trade and peace; Macri begins official visit to China

  

  Argentina is a great producer of food commodities and is capable of feeding 400 million people, president Mauricio Macri said addressing in Beijing the One Belt One Road, OBOR, international cooperation summit, the Chinese initiative to promote peace and trade, which convened 29 world leaders from all continents.

• Tuesday, May 16th 2017 - 10:34 UTC

  China convenes 29 world leaders to launch its Silk Road plan to forge peace and free trade

  

  Chinese President Xi Jinping pledged US$124 billion for his ambitious new Silk Road plan to forge a path of peace, inclusiveness and free trade, and called for the abandonment of old models based on rivalry and diplomatic power games.

• Tuesday, May 16th 2017 - 08:17 UTC

  Argentina to issue US$ 20bn in sovereign bonds as part of 2017 financial program

  

  Argentina has authorized the sale of US$20 billion in sovereign bonds to be issued under U.S. and British law, according to a decree published in the government gazette on Monday. The bond issuance, to take place under opportune market conditions, is part of the government's 2017 financial program.

• Tuesday, May 16th 2017 - 08:13 UTC

  Temer admits not having the votes to pass the pension reform bill: investors edgy

  

  Brazilian President Michel Temer acknowledged on Monday that he may not have the votes at present to pass his pension reform bill in the lower house of Congress, and the key measure for fiscal savings might not face a floor vote until late May.

• Tuesday, May 16th 2017 - 07:52 UTC

  Generational shift in France: Macron names a Conservative, 46, prime minister

  

  In his first major decision, newly inaugurated French President Emmanuel Macron has named conservative lawmaker Edouard Philippe as prime minister. Philippe has been the mayor of Le Havre, a port city in the Normandy region of northern France, since 2010 and became a member of parliament for the region two years later.