Economy

Friday, November 6th 2015 - 08:57 UTC
Two British bankers convicted in the US for manipulation of the Libor rate

Two British bankers have been convicted by a New York jury of manipulating inter-bank lending rates. Anthony Allen and Anthony Conti were charged with conspiracy to commit wire and bank fraud and committing wire fraud, by misreporting the London interbank offered rate (Libor) as it related to the US dollar. Both worked for Dutch lender Rabobank.
Friday, November 6th 2015 - 08:23 UTC
Recovery at “a modest pace” in the EU and Euro-zone next year

The economic recovery within the European Union and the eurozone should continue at “a modest pace” next year, the EU has forecast. The economy of the 28-nation EU is set to grow by 1.9% this year, 2.0% in 2016 and by 2.1% the year after.
Thursday, November 5th 2015 - 07:02 UTC
Mexico ready to purchase Guyana rice following Venezuela's refusal to renew exchange accord

The Guyana government says Mexico has indicated a willingness to fast track an agreement to purchase paddy rice from the Caribbean country. A statement released by the Office of Prime Minister Moses Nagamootoo said that Mexico’s Agriculture Minister Jose Calzada has given the assurance that he would fast track arrangements to buy Guyana’s paddy.
Thursday, November 5th 2015 - 05:51 UTC
Argentine farmers hold on to their crops waiting for electoral promises, but 'dry' central bank reserves

Argentina's election season has dramatically changed the agricultural landscape in the country, one of the world's breadbaskets. Exporters are now more confident than ever that profits will soar next year, creating a short term impact of plunging sales abroad and reduced cash-flow in the Argentine Central Bank’s coffers, although that could change in 2016.
Wednesday, November 4th 2015 - 23:02 UTC
Brazil's industrial output falls for a fourth straight month in September; 10.9% in twelve months

Brazil's industrial output fell for a fourth straight month in September as automakers, metal producers and other manufacturers were hit by a worsening recession, government data showed on Wednesday. This follows the Brazilian central bank's announcement on Tuesday that the economy in 2015 would shrink over 3% with inflation almost at 10%.
Wednesday, November 4th 2015 - 08:18 UTC
Mercosur summit on 21 December; Uruguay takes the helm for next six months

Mercosur heads of state next summit is scheduled for 21 December in Asunción, Paraguay, the country currently holding the group's chair. At the meeting the six-month rotating chair will be handed to Uruguay for the first half of 2016.
Wednesday, November 4th 2015 - 07:55 UTC
Moody's bets are on Macri: upgrades Argentina's debt rating to 'stable' from 'negative'

Following the first round of presidential elections in Argentina on Oct. 25, which the ruling party won by a lower-than-expected margin, credit rating agency Moody's Investors Service upgraded on Monday the country's debt rating to “stable” from “negative.”
Wednesday, November 4th 2015 - 06:24 UTC
Cristina Fernández reinstates benefits for exports shipped from Patagonia ports

The outgoing government of president Cristina Fernandez reinstated benefits for all exports that are handled through Patagonian ports. Decree 2229/15 published in the Federal Gazette establishes the extent and percentage of benefits, for the next five years, as long as they are shipped from ports and customs to the south of the Colorado River.
Tuesday, November 3rd 2015 - 18:16 UTC
US manufacturing slows down in October but construction booming: up 17.2%

US manufacturing grew at its slowest pace in two years in October, according to data released by Institute for Supply Management (ISM). This is the fourth consecutive month of declines in factory activity, with growth at its slowest pace since May 2013.
Tuesday, November 3rd 2015 - 12:38 UTC
Chinese manufacturing contracts for third month running

Chinese manufacturing has contracted for the third month in a row, according to the government's latest factory survey. The Purchasing Managers' Index (PMI) showed a reading of 49.8 for October, unchanged from last month. A figure below 50 indicates that factory activity contracted.