Economy

• Monday, October 19th 2015 - 09:47 UTC

  China's growth below target; monetary policy stimuli expected

  

  China's economy grew 6.9% in the third quarter, the weakest rate since the global financial crisis. The growth rate is below the government's 7% target. Though slightly above expectations, the data is expected to raise pressure on policymakers to step up monetary policy to stem the slowdown.

• Monday, October 19th 2015 - 07:11 UTC

  Economic activity in Brazil plunges 4.47% in the last twelve months to August

  

  Economic activity in Brazil fell for a third straight month in August, Central Bank data showed, adding to evidence of a steeper-than-expected recession in the country. The figures were unveiled on the same day the government dismissed rumors over the resignation of Finance Minister Joaquim Levy.

• Saturday, October 17th 2015 - 06:54 UTC

  Falklands' southeast exploratory well has found 'oil and gas shows', says FOGL

  

  Exploring group Falkland Oil and Gas Ltd. said on Friday the Humpback 53/02-01 exploration well to the southeast of the Falkland Islands has found oil and gas shows, while wire-line logging indicates there are hydrocarbons bearing sandstones within the main target area.

• Saturday, October 17th 2015 - 06:24 UTC

  Brazil's Finance Levy minister “has not resigned and will stay in his post”

  

  Finance Minister Joaquim Levy has not resigned and will stay in his post, Brazil's government said on Friday, denying a media report that he planned to step down in a dispute over austerity measures. A finance ministry spokeswoman told reporters that Levy “continues to work and is committed to improve the country's future.”

• Friday, October 16th 2015 - 12:00 UTC

  Communist-ruled China has more billionaires that United States

  

  The number of billionaires in China has overtaken that of the United States for the first time, an annual survey said on Thursday, calling it a “turning point” for the super-wealthy. Communist-ruled China now has 596 billionaires, up a “staggering” 242 over the last year, Shanghai-based luxury magazine publisher Hurun Report said, surpassing the 537 Americans.

• Friday, October 16th 2015 - 08:03 UTC

  World's commercial fleet with lowest annual growth in a decade during 2014, says UNCTAD

  

  The world's commercial fleet grew by 3.5% during the 12 months to Jan 1, 2015, the lowest annual growth rate in over a decade, the United Nations Conference on Trade and Development (UNCTAD) reveals in its Review of Maritime Transport 2015.

• Friday, October 16th 2015 - 07:43 UTC

  Fitch cuts Brazil's credit rating to the brink of junk; “terrible” news says government

  

  Fitch Ratings cut Brazil's credit rating to the brink of junk, warning the country could soon lose its coveted investment grade rating as government finances deteriorate amid a prolonged recession and persistent political uncertainty.

• Friday, October 16th 2015 - 07:35 UTC

  Petrobras strikes further discovery at giant pre-salt Libra field in Santos basin

  

  Petrobras announced a further hydrocarbon discovery at the giant pre-salt Libra field in the Santos basin, offshore Brazil. The company said that well 3-BRSA-1310-RJS, in the central portion of the block, identified the presence of hydrocarbons in a low-porosity reservoir. This is the fourth well drilled in the Libra area since exploratory drilling began last August.

• Friday, October 16th 2015 - 07:26 UTC

  Respsol selling assets, slashing investments and cutting working force 6%

  

  Spanish oil giant Repsol said on Thursday it plans to sell 6.2 billion Euros ($7.1 billion) in assets and slash investment in exploration and production over the next five years to help its preserve dividends and pay back debt.

• Thursday, October 15th 2015 - 20:16 UTC

  China to continue expanding its influence in the oil and gas sector

  

  Since 2009, China has been taking a much more active role in its pursuit of international oil contracts. In 2009, for the first time, Saudi Arabia exported more of its oil to China than it did to the US. China also made large investments in Saudi Arabia's oil refining industry as well. But China's oil investments didn't stop there; they also pursued oil producing Canadian assets in 2011/12.