Economy

Saturday, January 30th 2016 - 10:45 UTC
Argentina ends power subsidies; some bills could increase by as much as 500%

Argentina's energy minister on Friday announced new power rates on the back of subsidy cuts that could see the bills of some consumers jump five-fold, saying that a near total freeze on tariffs in parts of the country for years had left the power grid “on the brink of collapse.”
Friday, January 29th 2016 - 04:40 UTC
US economy in a bubble, says Trump, ”I hope they pop before I become president'

Republican presidential candidate Donald Trump said the United States economy is in a bubble he fears will burst and he does not want to deal with a financial collapse if he is elected to the White House.
Friday, January 29th 2016 - 04:31 UTC
Brazil unveils US$ 20bn credit plan to revive economy; 'raid' on workers' pension funds

Brazil will release 83 billion reais (US$20.4 billion) in new credit from state-run banks for farmers, builders and other businesses suffering in a shrinking economy, resuming stimulus efforts it had largely eschewed in last year's austerity drive.
Thursday, January 28th 2016 - 06:49 UTC
Brazil expected to announce massive injection of loans to revive the economy

Brazil’s Finance Minister Nelson Barbosa is expected to announce as much as 60bn Reais (US$15bn) in loans as the government seeks to revive growth amid the worst economic downturn in over a century.
Thursday, January 28th 2016 - 06:41 UTC
Fed leaves rate unchanged and is “closely monitoring global economic and financial developments”

The United States Federal Reserve said it was “closely monitoring” global economic conditions, but would not raise interest rates in a decision widely expected by most analysts. The central bank said US economic growth had slowed as exports fell because of the strengthening dollar.
Thursday, January 28th 2016 - 06:28 UTC
Guanabara Bay pollution at the heart of Olympics sailing competition controversy

The former CEO of World Sailing says he was fired for pushing to get rid of polluted Guanabara Bay as the sailing venue for this year’s Olympics in Rio de Janeiro. Peter Sowrey tried to change the venue, or at least have a “B plan” but says “I was told to gag myself on the subject.”
Thursday, January 28th 2016 - 06:19 UTC
Iran says economic growth crucial to defeating extremism in the Middle East

Generating economic growth in the Middle East is crucial to defeating extremism, Iranian President Hassan Rouhani said putting forward his country as a regional trade hub and pillar of stability. Rouhani is on a four-day trip to Italy and France, looking to rebuild Iranian relations with the West some two weeks after financial sanctions on Tehran were rolled back following the implementation of its nuclear deal with world powers.
Wednesday, January 27th 2016 - 08:28 UTC
Brazil's current account deficit drops to 3.32% of GDP, lowest since 2010

The soaring US dollar and Brazil’s slumping economy led to a weaker demand for imported goods and services in 2015. As a result, Brazil’s current account deficit reached USD 58.942 billion, equivalent to 3.32% of GDP. The result is the smallest amount since 2010. In 2014, the current account deficit reached USD 104.181 billion, or 4.31% of GDP.
Wednesday, January 27th 2016 - 07:04 UTC
Oil forecasted to stabilize at US$ 37 a barrel this year, says World Bank

The World Bank is lowering its 2016 forecast for crude oil prices to $37 per barrel in its latest Commodity Markets Outlook report from $51 per barrel in its October projections.
Tuesday, January 26th 2016 - 08:54 UTC
ECB Dragui insists his policies will help raise inflation, currently at 0.2%

European Central Bank President Mario Draghi has fought back against critics, insisting the bank's policies will help to raise inflation. Eurozone inflation is currently 0.2%, way below the ECB's target of near 2%. But Mr Draghi insisted that the central bank would meet its obligations.