Economy

• Thursday, September 3rd 2015 - 07:44 UTC

  Argentina's central bank and foreign private banks clash over removal of HSBC directors

  

  Argentina's Central Bank and the Argentine Banking Association (ABA) exchanged fierce criticism on Wednesday after the decision of the monetary authority to remove the licenses of two senior HSBC directors, who will be forced to leave their posts.

• Thursday, September 3rd 2015 - 07:21 UTC

  Rousseff pledges to reduce budget deficit; denies Levy was stepping down

  

  President Dilma Rousseff vowed on Wednesday to take new measures to reduce the deficit her administration is projecting for 2016, without ruling out more spending cuts and additional taxes in Brazil. The 2016 budget unveiled on Monday projected Brazil’s first-ever primary fiscal deficit, before payment of interest on the national debt, sparking controversy.

• Thursday, September 3rd 2015 - 07:13 UTC

  Brazilian VP calls on business community for a 'national alliance'

  

  President Michel Temer asked business owners and executives for a “national alliance” to deal with Brazil's political crisis and shaky economic situation. Temer is leader of the centrist PMDB, the main governing partner of Rousseff's center-left Workers Party, PT.

• Wednesday, September 2nd 2015 - 08:30 UTC

  Despite China, for the Fed and BoE, an interest rate raise still on the table

  

  United States inflation will likely rebound as pressure from the dollar fades, allowing the Federal Reserve to raise interest rates gradually, Fed Vice Chairman Stanley Fischer said on Saturday in a speech careful not to overreact to a possible Chinese slowdown.

• Wednesday, September 2nd 2015 - 08:06 UTC

  Petrobras union announces an 'open-end' strike to protest investment cuts

  

  Brazil's largest oil workers' union advised Petrobras that it plans to begin an open-ended strike against the state-run oil company starting at midnight (0300 GMT) on Friday. The strike is in protest at a recent cut of about 40% in investments by Petrobras and the planned sale of about $15.1 billion of assets, the union, known as FUP, said in a statement on Tuesday.

• Wednesday, September 2nd 2015 - 07:53 UTC

  World economy heading for the perfect storm?

  

  By Gwynne Dyer - Good things come in threes, but so do bad things. Especially in economies. The financial crisis everybody has been waiting for is a “hard landing” of the Chinese economy, the world's second-biggest. It now seems to have arrived, though the Chinese government is still denying it.

• Wednesday, September 2nd 2015 - 06:39 UTC

  Argentina revokes license of HSBC president for not preventing tax evasion

  

  Argentina's Central Bank (BCRA) has revoked the license of Gabriel Martino as president of the HSBC, forcing him to step down from his post. The entity commanded by Alejandro Vanoli considered Martino responsible for failing to establish “necessary” control mechanisms to prevent clients from evading taxes and moving capital abroad.

• Wednesday, September 2nd 2015 - 06:27 UTC

  Petrobras increases price of LPG by 15%, the first adjustment in 13 years

  

  Brazil's Petrobras announced late Monday that it would raise the wholesale price of liquefied petroleum gas (LPG) by 15% effective Tuesday, the first price adjustment for the essential cooking gas in 13 years. The move is part of efforts by Petrobras to reduce losses on fuel sales, a company Petrobras source said.

• Wednesday, September 2nd 2015 - 06:10 UTC

  Sky Airlines begins operating in Chile as a low-cost carrier

  

  As of next Friday, Chile's Sky Airlines becomes a budget or low cost airline with no food served on board, and at the most a soft drink. This is part of the changes to be implemented during the next 12 months by Holger Paulmann CEO and owner of the airline which was started by his father Jürgen Paulmann.

• Wednesday, September 2nd 2015 - 06:01 UTC

  Chinese markets open Wednesday on the slide; Canada enters recession

  

  Asian markets continued to fall on Wednesday, with Shanghai opening down more than 4% amid continuing worries about China's growth. On Tuesday, data suggesting China's manufacturing sector was shrinking at its fastest pace in three years ignited a global market sell-off, resulting in US stocks closing down nearly 3%.