Economy

Monday, October 10th 2016 - 19:03 UTC
FAO September food price index 10% higher over a year ago; dairy prices up 13.8% in a month

The FAO Food Price Index averaged 170.9 points in September, up 2.9% from August and 10% from a year earlier. The increase was driven by a 13.8% monthly jump in the FAO Dairy Price Index, partly as a result of a sharp jump in butter prices benefiting exporters in the EU, where dairy output is declining.
Monday, October 10th 2016 - 18:57 UTC
Airline industry agrees to significantly reduce jetliners carbon emissions

The airline industry agreed on a framework for reducing its carbon footprint at a UN meeting in Montreal, the first commercial sector on its own to tackle climate change. Six years of negotiations culminated in what International Civil Aviation Organization president Azharuddin Abdul Rahman called a “historic” deal at the ICAO's plenary session to cap carbon-dioxide emissions by 2035 at 2020 levels.
Monday, October 10th 2016 - 11:49 UTC
Combating inflation and austerity reforms Brazil central bank's priorities

Brazilian central bank chief Ilan Goldfajn said policymakers have no set time frame to cut interest rates, even as industrial data suggested that Latin America's biggest economy may take longer than expected to emerge from recession.
Monday, October 10th 2016 - 11:38 UTC
Record global productions of wheat, rice and corn will keep prices low

Global food markets will likely remain “generally well balanced” in the year ahead, as prices for most internationally-traded agricultural commodities are relatively low and stable, FAO said. The benign outlook, especially for staple grains, is poised to lower the world food import bill to a six-year low, according to the Food Outlook.
Monday, October 10th 2016 - 10:35 UTC
Fed vice chairman sees the anti-globalization political speech as main threat to trade and growth

Federal Reserve Vice Chairman Stanley Fischer said a rising tide of opposition to international trade and integration threatens global growth. Global trade this year will grow at the slowest pace since 2007, according to the World Trade Organization.
Monday, October 10th 2016 - 10:26 UTC
US economy in September creates jobs at a slower pace: more people looking for work

The US economy created 156,000 jobs in September, official figures show, slightly fewer than expected. However, August figure was revised higher to 167,000 from 151,000. Both figures are lower than 180,000 average for this year. The unemployment rate edged up to 5% from 4.9%, although that was due to more people looking for work.
Saturday, October 8th 2016 - 09:59 UTC
WTO confirms ruling in favor of Argentina in biodiesel imports dispute with EU

The World Trade Organization confirmed on appeal on Thursday its ruling partially in favor of Argentina in its dispute with the European Union over duties the bloc imposes on imported biodiesel.
Friday, October 7th 2016 - 12:18 UTC
Temer wins first Congressional battle with milestone bill to cap public spending

A Congressional committee in Brazil approved on Thursday a constitutional amendment that would limit public spending to the rate of inflation for 20 years, handing President Michel Temer an initial victory in his plan to plug a widening deficit, which if continued at the current rate could lead to fiscal collapse and public accounts insolvency, “a repeat of the Greek tragedy”.
Thursday, October 6th 2016 - 12:24 UTC
Argentina forecasted to grow 2.7% in 2017, but his year is of contraction and costly reforms, says IMF

The latest IMF World Economic Outlook report anticipates that Argentina’s economic contraction will amount to 1.8% this year, fiercer than the IMF’s last forecast of a 1% decline. Inflation, meanwhile, will hover at around 40%, above government estimates, the Fund said.
Thursday, October 6th 2016 - 12:06 UTC
IMF forecasts Latam and Caribbean economy will contract 0.6% this year and expand 1.6% in 2017

International Monetary Fund said that the economy of Latin America and the Caribbean will shrink 0.6% this year, compared with its earlier projection of a 0.5% contraction. The prediction is part of the latest edition of the IMF's World Economic Outlook, which points out that while major regional economies such as Brazil and Venezuela are suffering, most other countries in the area continue to expand.