Economy

• Thursday, August 20th 2015 - 06:38 UTC

  Fed approaching interest rate hike but 'reasonable confidence' still short

  

  An improving job market edged the US Federal Reserve closer to an interest rate hike at its July meeting even as policymakers continued to express broad concerns about lagging inflation and the weak state of the world economy, according to minutes released on Wednesday.

• Thursday, August 20th 2015 - 06:32 UTC

  Brazil in recession, according to the Central Bank's economic activity index

  

  Economic activity in Brazil fell more quickly than expected in June, central bank data showed on Wednesday, adding to evidence that the once-booming economy is suffering a painful recession. The Brazilian central bank's IBC-Br economic activity index fell 0.58% in June from the prior month, the bank said in a report released on Wednesday.

• Wednesday, August 19th 2015 - 06:22 UTC

  China stocks continue sell-off on Wednesday after plunging 6% on Tuesday

  

  China stocks continued their sell-off on Wednesday following a 6% plunge in the previous session. The benchmark Shanghai Composite opened down 2.7% at 3,646.75 points on Wednesday before sliding further to register a 5% loss by mid-morning. The index closed down 6.1% at 3,749.12 points on Tuesday, its biggest daily decline since July 27.

• Tuesday, August 18th 2015 - 10:25 UTC

  Chemical blast in Tianjin halts work at auto and farm equipment plants

  

  Toyota and John Deere have said they will halt work at plants near China's port of Tianjin where huge explosions last week killed more than 100 people. Toyota's production lines will be closed until the end of Wednesday while John Deere suspended work indefinitely.

• Tuesday, August 18th 2015 - 09:15 UTC

  Markets estimate Brazil's recession will spill over to 2016, says Central bank

  

  The Brazilian Central Bank weekly Focus Bulletin released on Monday indicates, for the first time, according to the prevailing opinion among financial institutions that the current recession of the country's economy will extend well into 2016. According to Focus the market forecasts a retraction of the Brazil's GDP of 0.15% in 2016.

• Monday, August 17th 2015 - 08:16 UTC

  Nine banks agree to pay US$2bn to investors over rigged foreign exchange rates

  

  Nine banks have agreed to pay 2 billion dollars in settlements to US investors over claims they rigged foreign exchange rates, according to lawyers. They are taking action on behalf of investors, including hedge funds and pension funds, who accuse banks of conspiring to manipulate rates.

• Saturday, August 15th 2015 - 08:50 UTC

  Uruguay says Brazil rejects idea of leaving Mercosur, but agrees that deep changes are urgent

  

  Uruguay's foreign minister said on Friday that “nobody” supports the proposal from the Brazilian Senate president Renan Calheiros to put an end to the Mercosur customs union. However he did point out that he proposal exposed that the block effectively is 'not working' and needs to have its foundations reviewed.

• Saturday, August 15th 2015 - 08:14 UTC

  US dollar in Argentina reaches its highest mark so far this year: 15.10 Pesos

  

  Argentina's foreign exchange market was quite active on Friday and the so called 'blue' or 'parallel' dollar hit the highest mark in the year at 15.10 Pesos. Meanwhile the official US dollar ended half a cent higher at 9.255 Pesos in banks and foreign exchange agencies.

• Saturday, August 15th 2015 - 07:38 UTC

  UK present at the Prado agriculture show to promote business and education

  

  The British embassy will be present at Uruguay's Prado agriculture show with a pavilion geared to promote business, education, culture, tourism, gastronomy and entertainment. The 110th edition of the Prado event, Uruguay's main agri-business display will take place in Montevideo, between September 9 and 20.

• Friday, August 14th 2015 - 09:58 UTC

  China and Asian markets begin to react to new Yuan daily rate-fix policy

  

  Chinese shares rose on Friday as the central bank set the reference rate for the Yuan slightly stronger. The bank set the rate at 6.3975 per dollar compared to Thursday's close of 6.3982.