Economy

Wednesday, June 22nd 2016 - 04:33 UTC
Brexit: The apocalypse

By Gwynne Dyer - How’s this for apocalyptic? “As a historian I fear Brexit [a British vote to leave the European Union in the referendum on June 23] could be the beginning of the destruction of not only the EU but also Western political civilization in its entirety,” said Donald Tusk, the president of the European Union, in an interview published on Monday in the German newspaper Bild.
Tuesday, June 21st 2016 - 16:28 UTC
Iran ready to sign US$ 17bn deal with Boeing for 100 passenger planes

United States based giant aviation corporation Boeing has reached an agreement with Iran to sell the country 100 passenger planes, Iran’s aviation authority announced on Sunday.
Tuesday, June 21st 2016 - 07:55 UTC
Interim president Temer announces grace period for Brazilian states debts

Brazilian states will get a six-month grace period on debts with the federal government, followed by a year and a half of reduced payments, interim President Michel Temer announced.
Tuesday, June 21st 2016 - 07:29 UTC
Brazil slams Mercosur policies of 'populist governments”; proposes a more flexible working accord

Brazil wants a more flexible dynamic Mercosur which allows member countries to reach autonomous agreements with third parties, that can help overcome the de-industrialization process suffered by recent “populist governments”, said Brazilian foreign minister in a speech to the Sao Paulo State Federation of Industries, FIESP.
Monday, June 20th 2016 - 08:41 UTC
Argentina estimates more corn and less soybeans for 2016/17

Argentina's Agro-industry minister Ricardo Buryaile estimated the 2016/17 corn crop should reach 52.9 million tons, given a 20% increase in the area planted, which will be in detriment of soybeans. The last crop of corn, 2015/16, was 37.9 million dollars.
Monday, June 20th 2016 - 06:00 UTC
Siemens and Spain's Gamesa merge to create global wind energy giant

German industrial megalith Siemens and Spanish wind energy giant Gamesa have announced they will merge their wind energy businesses. Gamesa and Siemens announced Friday that they have signed binding agreements to merge Siemens’ wind business with Gamesa, to create a leading global wind power player.
Saturday, June 18th 2016 - 07:13 UTC
Rio under “state of public calamity” with seven weeks before the Olympics

Brazil's Rio state authorities have declared a “state of public calamity” over a major budget crisis, in order to release emergency funds to finance the Olympic Games. The decree authorizes the state to “adopt all necessary emergency measures to ration essential public services in order for the Rio 2016 Olympic Games and Paralympic Games to take place”.
Friday, June 17th 2016 - 00:13 UTC
Meirelles sponsors constitutional amendment to cap public spending increases

The government of Brazil’s interim president Michel Temer said on Wednesday it would propose to lawmakers a constitutional amendment to cap public spending increases for at least 10 years.
Thursday, June 16th 2016 - 23:36 UTC
“Increasingly likely” Sterling would drop further in the event of a Leave vote, warns Bank of England

The Bank of England has warned that uncertainty about the EU referendum is the “largest immediate risk” facing global financial markets. The bank said there were “risks of adverse spillovers to the global economy” from the 23 June vote and it was “increasingly likely” that sterling would fall further - perhaps sharply - in the event of a leave vote, the Bank added.
Thursday, June 16th 2016 - 11:04 UTC
Emergency Loans to three Brazilian states unable to pay salaries and pensions

Brazil is considering an emergency loan to aid, as many have called it, the broken state of Rio de Janeiro, according to two senior federal government officials. News reports said the federal loan would be shared with Rio Grande do Sul, and Minas Gerais states, where employees and pension beneficiaries are not getting paid.