Economy

Friday, August 28th 2015 - 07:06 UTC
US economy 2Q performance changes the mood of markets

Shares rise and oil prices jumped 9% after revised figures showed the US economy grew by far more than had been thought between April and June. The economy grew by an annualized rate of 3.7%, up from the first estimate of 2.3%. Growth of 0.6% in the first three months of the year was not revised.
Thursday, August 27th 2015 - 05:04 UTC
Barcelona targets home rental websites to crack on 'uncontrolled' tourism

Barcelona's new mayor is picking a fight with home rental websites as she tries to crack down on uncontrolled tourism that she fears could drive out poor residents and spoil the Catalan capital's charm. Ada Colau is threatening to fine firms like Airbnb and Booking.com if they market apartments from tourists without a number showing that they are on the Catalan tourism register.
Thursday, August 27th 2015 - 04:41 UTC
Dilma has an extra 12 days to show 'non-doctored' government accounts

Brazil's highest accounting court gave another 15 days for President Dilma Rousseff to respond to accusations she doctored the government accounts last year to hide the deterioration of the country's finances.
Thursday, August 27th 2015 - 04:35 UTC
Brazil unemployment climbs to 8.3% in 2Q; auto industry starting layoffs

Brazil’s unemployment rate rose to 8.3% in the second quarter, according to a release from the Brazilian Institute for Geography and Statistics, IBGE. The ranks of the jobless expanded to 8.4 million people during the April-June period.
Thursday, August 27th 2015 - 04:28 UTC
Wall Street rebounds 4%, but European markets still fearful of China

Shares on Wall Street finished with their biggest rise in four years ending another rocky day of trading on global markets. The mood was lifted by comments from US Federal Reserve official William Dudley that a rate rise in September seemed “less compelling”.
Thursday, August 27th 2015 - 04:21 UTC
Chinese shares timidly return to positive territory: Shanghai Composite up 2.3%

Chinese shares have returned to positive territory after massive losses earlier in the week rocket markets around the globe. The Shanghai Composite was up by 2.3% at 2,991.91 points. The turnaround, though, does little to make up double digit percentage losses made so far this week.
Thursday, August 27th 2015 - 01:50 UTC
Montevideo to build a 1.000 meter-pier and storage facilities for fishing industry

Spanish engineering and renewable energy company Abengoa announced it has won a contract to build a new fishing terminal in the port of Montevideo, Uruguay, a contract worth 81 million Euros ($93 million). The terminal will be constructed in Capurro, a district in Montevideo helping to expand the port's capacity, Abengoa said.
Wednesday, August 26th 2015 - 07:10 UTC
Chinese stocks refuse to bounce back; Shanghai Composite dropped 16% this week

Chinese shares continued to lose ground despite the central bank's latest effort to reassure traders. The mainland's benchmark Shanghai Composite was down 1.1% to 2,930.23 points after a volatile open earlier. The index had already fallen about 16% this week, sending shockwaves through global markets.
Wednesday, August 26th 2015 - 07:02 UTC
“Using cheap money to tackle economic problems rather than reform must stop”

Central banks are under too much pressure to fix struggling economies, according to the man in charge of India's monetary policy. Reserve Bank of India governor Raghuram Rajan hinted that using cheap money to tackle economic problems - rather than painful reform - had to stop.
Wednesday, August 26th 2015 - 06:50 UTC
Magallanes suffers abrupt drop in economic activity in second quarter

Magallanes region in the extreme south of Chile suffered an abrupt and unexpected drop in economic activity during the second quarter of this year according to the latest release from the country's stats office, INE.