Economy

• Wednesday, September 9th 2015 - 08:10 UTC

  No end to Brazil's bad news: two consecutive years of recession ahead

  

  Analysts expect Brazil's economy to contract by 2.44% this year, marking the worst performance since 1990, and inflation will hit 9.29%, the Central Bank said Tuesday. The latest figures represent a downward revision from last week, when analysts expected Latin America's largest economy to contract by 2.26% and inflation to come in at 9.28%.

• Wednesday, September 9th 2015 - 07:45 UTC

  World Bank calls on the Fed to delay raising rates fearing 'panic and turmoil' in emerging markets

  

  The international economics establishment has stepped up pressure on the Federal Reserve to delay raising interest rates, with the World Bank the latest institution to warn that the US central bank risks sparking “panic and turmoil” in emerging markets if it increases rates next week.

• Tuesday, September 8th 2015 - 08:54 UTC

  Brazil confident it can stand 'first period of volatility' if Fed raises rates

  

  Brazil is well prepared to cope with any market volatility resulting from a U.S. interest rate rise, Finance Minister Joaquim Levy said on Monday. The minister told a meeting in Madrid that Brazil's banks were well capitalized and the country has large foreign exchange reserves.

• Tuesday, September 8th 2015 - 08:42 UTC

  IMF cautions Fed on conditions when it decides to increase interest rates

  

  The US Federal Reserve must be certain that the job market and inflation are strong enough to justify raising interest rates, IMF managing director Christine Lagarde said after a G20 meeting focused on the pressure the increase might place on the global economy.

• Tuesday, September 8th 2015 - 08:30 UTC

  European protesting farmers promised a €500m aid package by Brussels

  

  European Union agriculture ministers have announced a €500m aid package after thousands of farmers protested on the streets of Brussels. The mainly Belgian, French and German farmers were protesting against plummeting prices for their produce.

• Monday, September 7th 2015 - 09:59 UTC

  “For a more competitive Europe”

  

  Prime Minister and Spanish Prime Minister Mariano Rajoy wrote an article for the Spanish newspaper Expansión on competiveness.

• Friday, September 4th 2015 - 09:00 UTC

  First oil production off Rio de Janeiro with FPSO 'Cidade de Itaguai', five months ahead of schedule

  

  MODEC Inc. announced on Thursday that its FPSO 'Cidade de Itaguai MV26', operating in the Iracema Norte area of Lula field, in the Pre-Salt layer of Santos Basin offshore Brazil, has achieved First Oil production on July 31, 2015, five months ahead of the schedule anticipated under the contract.

• Friday, September 4th 2015 - 08:26 UTC

  Falklands approves Noble and Premier plans to drill Rhea-1 and Jayne East

  

  The most recent meeting of the Falkland Islands' Executive Council (ExCo) was dominated by matters relating to oil exploration and development including recommendations for plans of Noble Energy and Premier Oil to go ahead with drilling of Rhea-1 and Jayne East wells.

• Thursday, September 3rd 2015 - 10:29 UTC

  Brazil's central bank leaves basic interest rate unchanged at 14.25%

  

  Brazil's central bank halted one of the world's boldest rate-hiking cycles on Wednesday, taking pressure off an economy struggling with recession even amid concerns that a looming budget crisis could stoke inflation.

• Thursday, September 3rd 2015 - 08:30 UTC

  Brazilian industrial production plummets in July: 8.9% from a year earlier

  

  Brazil's industrial production plummeted in July and fell well below economists' worst predictions. Industry output sank 1.5% in July from June in seasonally adjusted terms and was down 8.9% from a year earlier, the Brazilian Institute of Geography and Statistics, or IBGE, said Wednesday. The IBGE also revised June's drop to 0.9% from 0.3% from the previous month.