Economy

Wednesday, May 25th 2016 - 07:02 UTC
UK tremor: North Yorkshire approve fracking operations

$The vote triggered a fierce response from environmentalists who see fracking as a threat to local countryside and a deviation from UK climate-change promises.$

The first fracking operation in the UK since 2011 earthquake scares has been approved by North Yorkshire councilors, stirring a fresh debate on the benefits and risks of the controversial gas extraction method. Councilors granted permission to UK firm Third Energy to use hydraulic fracturing, or fracking, at an existing drilling site near the village of Kirby Misperton.
Wednesday, May 25th 2016 - 06:50 UTC
Macri's administration admits the Catholic church criticism of Argentina's 'labor market fragility'

Leaders from Argentina's ruling “Let‘s Change” (Cambiemos) administration acknowledged on Tuesday that the country is “going through the worst time” yet since president Mauricio Macri took office but also underlined all the measures that have been taken over the last few months to overcome the situation.
Wednesday, May 25th 2016 - 06:38 UTC
Container shipping “fragile”; third largest firm reports loss in first quarter, plans US$ 1bn in cost cuts

France's CMA CGM, the world's third-largest container shipping firm, reported a first-quarter net loss and targeted US$1 billion in cost cuts to keep operating margins positive during the current market downturn. Weak freight rates in the past year have left many lines operating at a loss.
Wednesday, May 25th 2016 - 06:18 UTC
Venezuela next Mercosur chair, but Uruguay will continue leading negotiations with EU

Venezuela, in the midst of a most serious domestic political and economic situation, and with less foreign allies is scheduled to take the chair of Mercosur as of next June for the following six months. However it has been agreed that Uruguay will continue leading Mercosur negotiations with the European Union for a much delayed wide ranging cooperation and trade agreement.
Wednesday, May 25th 2016 - 05:58 UTC
Temer announces tough austerity measures but needs to show Congress supports him

Brazil's interim president announced austerity measures on Tuesday aimed at pulling Latin America's largest economy from its worst crisis in decades, warning that a failure to act would sentence future generations to “extraordinary hardship.” Speaking with government leaders in a national televised meeting, interim president Michel Temer, 75, also banged his hand on the table while insisting he was up to the job.
Tuesday, May 24th 2016 - 08:30 UTC
US tire maker leaves Venezuela after six decades in the country

United States tire maker Bridgestone is selling its business in Venezuela after six decades in the country, the latest blue chip company to abandon the country as a result of runaway inflation and strict currency controls. Bridgestone Americas said in a statement Monday that it is selling its Venezuela assets to Grupo Corimon, a local industrialist. It says the company will be called Alice Neumaticos de Venezuela.
Tuesday, May 24th 2016 - 08:05 UTC
Macri's Argentina and Temer's Brazil seal close political and working relationship

Argentina and the new interim government of Brazil sealed this Monday their close relationship when foreign minister Jose Serra in a brief visit to Buenos Aires, his first overseas trip, met privately with President Mauricio Macri. . Earlier in the day the Brazilian official signed a memorandum of understanding for a bilateral mechanism of political coordination with his peer Susana Malcorra.
Tuesday, May 24th 2016 - 05:16 UTC
Meirelles on Tuesday will announce spending cuts to contain a huge fiscal deficit

Brazil's government on Tuesday will announce spending curbs and other measures to reduce its rising debt burden and contain a fiscal deficit as it seeks to regain the confidence of investors, Finance Minister Henrique Meirelles said.
Monday, May 23rd 2016 - 14:29 UTC
Brexit and Bank of Japan easing described as major risks at G7 finance and central banks meeting

The G7 finance ministers and central bank governors concluded their 2-day meeting in Sendai, Japan on Sunday. The discussion of international event and banking risk has set the stage for issues to be discussed at the larger G7 leaders’ summit starting on the 26th.
Monday, May 23rd 2016 - 09:25 UTC
British Airways direct flights Santiago/London from next January

British Airways is launching the only direct flight between London and Santiago in Chile from January 3, 2017. Santiago will become the airline’s lengthiest long-haul route, taking 14 hours 40 minutes, nearly an hour more than the current longest flight of 13 hours 50 minutes service to Buenos Aires.