Economy

Monday, November 23rd 2015 - 10:42 UTC
Unfair to claim China sparked a 'currency war', argues India's central bank

”It’s unfair to pin the blame on the August 11 Yuan devaluation because currencies were already declining due to the “unconventional monetary policies” of some nations, Raghuram Rajan was cited as saying in an interview with the SCMP.
Monday, November 23rd 2015 - 09:39 UTC
China's Yuan to be included in IMF's SDR basket of currencies

The inclusion of the Chinese currency in the International Monetary Fund's special drawing rights (SDR) basket is long awaited, long overdue and, finally, all but a foregone conclusion.
Monday, November 23rd 2015 - 08:46 UTC
China cracks on 'underground banks' to combat corruption and capital outflows

China said it cracked the nation’s biggest “underground bank,” which handled 410 billion Yuan (USD64 billion) of illegal foreign-exchange transactions, as the authorities try to combat corruption and rein in capital outflows that have hit records this year.
Monday, November 23rd 2015 - 08:42 UTC
Brazil job losses accelerated during October; 1.4 million in twelve months

Job losses in Brazil accelerated in October to the fastest pace so far this year as the country's political and economic crisis continues to worsen. Brazil's economy lost a net 169,131 payroll jobs in October, the Labor Ministry reported, up from 95,602 layoffs in September.
Monday, November 23rd 2015 - 08:16 UTC
Worst effects of European recession risk becoming permanent

The worst effects of the European recession risk becoming permanent in places, according to a left-leaning think tank. The IPPR's latest report pointed to the high level of unemployment and underemployment across Europe and said the chances of these becoming entrenched is “deeply alarming”. It said there was 10% unemployment and a 5% underemployment rate in Europe.
Saturday, November 21st 2015 - 08:20 UTC
EU and Mercosur will propose WTO an accord to end agriculture export subsidies

The European Union and Brazil representing Mercosur (Argentina, Brazil, Paraguay and Uruguay), are proposing the World Trade Organization agree to end agricultural export subsidies at a meeting next month. The proposal backers also include New Zealand.
Saturday, November 21st 2015 - 08:09 UTC
High expectations in Argentina of a record soybean sowing in 2015/16

Argentina's much-watched soybean sowings will set a record this season, but the country is heading for a weaker wheat harvest, despite ideas of “very good” yields, the country's farm ministry said. In its first estimate the ministry said soybean sowings for 2015-16, pegged area at 20.6m hectares, a rise of 800,000 hectares year on year.
Saturday, November 21st 2015 - 08:01 UTC
Petrobras back to normal activity as splinter union ends 20-day strike

Earlier on Friday a key Petrobras workers union voted to end a 20-day strike that disrupted output. Workers at the Sindipetro Norte Fluminense local, who had ignored the largest oil workers' union FUP's call to end the strike that started on November first, will return to work Friday evening at onshore operations, union spokesman Tezeu Bezerra.
Friday, November 20th 2015 - 09:44 UTC
Brazilian economic activity contracts for the fourth straight quarter

Economic activity in Brazil contracted for the fourth straight quarter, central bank data showed this week as Latin America's biggest economy plunges further into recession. The bank's IBC-Br economic activity index indicates economic activity fell 1.41% in the third quarter from the previous three months.
Friday, November 20th 2015 - 07:47 UTC
Goldman Sachs forecasts another miserable year for commodities in 2016

A slowdown in China, which gobbled up raw materials everywhere from Australia to Chile, exacerbated a supply glut in most major commodities. And Goldman Sachs thinks the pressure is likely to persist as it noted its underweight position in commodities for the next 12 months.