Economy

• Thursday, April 21st 2016 - 12:16 UTC

  Ecuador raises taxes to rebuild cities devastated by major earthquake which continues with aftershocks

  

  President Rafael Correa announced Wednesday night that he is raising sales taxes and will charge a one-time levy on millionaires to rebuild cities devastated by Ecuador's worst earthquake in decades. In a televised address, Correa said damages from the 7.8-magnitude quake will likely run into the billions of dollars, adding to already heavy economic hardships triggered by the collapse in world oil prices.

• Thursday, April 21st 2016 - 11:49 UTC

  Monsanto in collision course with the administration of president Macri

  

  Monsanto has rejected a request by Argentina for more time to collect monies owed by small farmers for royalties on genetically modified soybean seeds. Argentine agricultural minister Ricardo Buryaile and members of his staff have met with Monsanto representatives, including chief operating officer Brett Begemann to request a waiver on the monies owed.

• Wednesday, April 20th 2016 - 06:58 UTC

  Argentina makes emerging-market record US$ 16.5b debt sale and ends litigation with bondholders

  

  Argentina announced on Tuesday the largest emerging market debt sale on record with a global offering of 16.5bn dollars at an average interest rate of 7.14%, well below what it had planned in March in the midst of negotiations to end litigations with holdout funds opening the way, after fifteen years, for the return to world money markets. Underwriters received 68.5bn dollars in orders for bonds, more than four times the value of the debt.

• Wednesday, April 20th 2016 - 06:15 UTC

  Bank of England says it has a duty to talk about the Brexit referendum

  

  It is the Bank's duty to talk about the European Union referendum risks, argues the Bank of England governor Mark Carney, dismissing accusations the Bank is too political. The referendum takes place on 23 June and has become highly controversial.

• Tuesday, April 19th 2016 - 22:42 UTC

  First commercial airliner lands in St Helena: new chapter of opportunities for the BOT island in mid Atlantic

  

  The British Overseas Territory St Helena in mid Atlantic made history on Monday as the first large passenger jet aircraft, a Boeing 737-800 (ZS-ZWG), touched down at St Helena’s new Airport shortly after 12.00 noon. This is the actual Boeing aircraft which will serve the St Helena/Johannesburg rout, according to a release from the local government.

• Tuesday, April 19th 2016 - 09:14 UTC

  Temer prepares to take over, but Rousseff followers pledge to fight in the Senate and in the streets

  

  Financial markets in Brazil, and globally, are betting that with the exit of president Dilma Rousseff, a more business friendly government will take over helping Latin America's largest economy to kick-start with vice-president Michel Temer, who apparently is working on a wide ranging 'national coalition' and 'salvation cabinet'.

• Tuesday, April 19th 2016 - 08:47 UTC

  Spectacular Argentine return to money markets: bond issue subscribed several times

  

  Argentina marked a spectacular comeback to world money markets on Monday when its first bond issue in fifteen years attracted bids more than three times reaching US$ 67 billion. Argentina is after US$ 15bn which will help pay creditors on its ongoing litigation, since the country defaulted back in 2001.

• Tuesday, April 19th 2016 - 01:39 UTC

  “Punta Arenas best cruise season in six years”, with 77.248 visitors and 121 calls

  

  Punta Arenas port authorities, in the extreme south of Chile, reported that during this 2015/16 cruise season there was a 35% increase in the number of cruise visitors, 77.248 passengers, and 121 vessel calls, one of the most encouraging in the last decade.

• Tuesday, April 19th 2016 - 00:44 UTC

  Brazil's steep recession forecasted to continue in 2017 as economic pessimism deepens

  

  As the political battle to remove president Dilma Rousseff rages on, with both sides seeming to ignore the necessary confidence and certainty for normal business, economists are becoming increasingly pessimistic about Brazil's economic outlook.

• Tuesday, April 19th 2016 - 00:31 UTC

  Falklands reports poor catches of squid; reimbursement of licenses to be considered in June

  

  Falkland Islands authorities have confirmed that Illex squid capture has been particularly low this fishing season, a situation that could lead the Islands government to reimburse part of the license fees paid to catch cephalopods.