Economy

• Friday, August 12th 2016 - 07:08 UTC

  Petrobras Q2 profit tumbles by a third; massive debt condition performance

  

  Brazil's Petrobras reported second-quarter profit that fell by nearly a third from a year earlier, missing expectations as oil prices fell and it took charges for layoffs and the impairment of a refinery. Petrobras said net income fell 30% to 370 million Reais (US$118 million) in the three months ended June 30 compared with a profit of 531 million Reais a year earlier.

• Thursday, August 11th 2016 - 17:53 UTC

  Falklands discards air links with Argentina and iterates London pledge to support hydrocarbons development

  

  The Falkland Islands government has made a public statement pointing out that the UK Government has been open and transparent with FIG about how it would like to improve the bilateral relationship with Argentina but ”has made it clear that this will not include negotiations on the sovereignty of the Falkland Islands.”

• Thursday, August 11th 2016 - 12:57 UTC

  Brazil running out of corn allows imports to supply pork and poultry sectors

  

  A lower-than-anticipated domestic corn supply is pushing prices up, putting pressure on Brazil’s pork and poultry sectors, and forcing the government to intervene, the U.S. Department of Agriculture’s (USDA) Foreign Agricultural Service (FAS) said in its latest report.

• Thursday, August 11th 2016 - 06:28 UTC

  Bachelet forced to introduce reforms to Chile's private pension system

  

  Under pressure from the public, Chile’s President Michelle Bachelet proposed changes to the most radical of all the economic reforms of former dictator Augusto Pinochet — the private pension system that inspired a wave of similar projects worldwide.

• Thursday, August 11th 2016 - 06:14 UTC

  Pacific Alliance members invite Uruguay to sign free trade agreements

  

  Uruguay, a founding member of Mercosur has been invited by Pacific Alliance members Colombia and Peru to update and expand commercial agreements with the two countries and turn them into a free trade treaty, foreign minister Rodolfo Nin Novoa revealed during a hearing in Congress to analyze the current situation in Mercosur.

• Wednesday, August 10th 2016 - 05:42 UTC

  Stress tests expose weakness of EU banks, particularly Deutsche Bank

  

  Germany's Deutsche Bank had the highest potential capital shortfall, 19 billion Euros in a study of 51 European banks using U.S. Federal Reserve stress test methods, German economic research institute ZEW said.

• Wednesday, August 10th 2016 - 05:33 UTC

  Punta Arenas airport plans to double passengers' terminal area and commercial aircraft capacity

  

  Punta Arenas airport is planning to double the area of the passengers' terminal and increase the number of jet bridges from three to five, as part of a major expansion program given the increase in annual commercial traffic at the President Carlos Ibañez del Campo Airport, which has been double the Chilean average.

• Wednesday, August 10th 2016 - 03:54 UTC

  Falklands 2014 and 2015 business climate surveys “very good”, but 2016 prospects aren't so rosy

  

  The Falklands Business Climate Survey strongly suggests that 2014 and 2015 were two very good years for the Islands economy and its business community, which translated in profits and higher levels of turnover, particularly 2015. However survey respondents predictions for this year and onwards aren't as rosy with many businesses anticipating lower turnover and investments, but not necessarily profits, while the overall average rating for the Islands' economy weighed between “average” and “good”.

• Wednesday, August 10th 2016 - 03:49 UTC

  UK with a Great Pavilion will be present at Uruguay's main agriculture show

  

  With just a month to go until Uruguay's main agro show, Expo Prado, the British Embassy in Montevideo announces that for the third consecutive year it will be present with a Great Pavilion focused on business, education, culture, tourism, gastronomy and entertainment. British brands such as JCB Machinery, Polo Club clothing, FCR-DAS who specialise in quality management certification, fire extinguishers from Noblex, Brompton and other bicycles courtesy of Muvin will all be taking part.

• Tuesday, August 9th 2016 - 08:51 UTC

  China's foreign trade further declines in July: imports down by 12.5%

  

  Chinese exports have seen a further decline in July, adding to concerns over the global economic outlook. Exports fell by 4.4% compared to a year earlier, which was a slight improvement over June's 4.8% drop but still worse than analysts had been expecting. And imports were also weaker than estimated, down by 12.5%.