Economy

• Thursday, January 28th 2016 - 06:41 UTC

  Fed leaves rate unchanged and is “closely monitoring global economic and financial developments”

  

  The United States Federal Reserve said it was “closely monitoring” global economic conditions, but would not raise interest rates in a decision widely expected by most analysts. The central bank said US economic growth had slowed as exports fell because of the strengthening dollar.

• Thursday, January 28th 2016 - 06:28 UTC

  Guanabara Bay pollution at the heart of Olympics sailing competition controversy

  

  The former CEO of World Sailing says he was fired for pushing to get rid of polluted Guanabara Bay as the sailing venue for this year’s Olympics in Rio de Janeiro. Peter Sowrey tried to change the venue, or at least have a “B plan” but says “I was told to gag myself on the subject.”

• Thursday, January 28th 2016 - 06:19 UTC

  Iran says economic growth crucial to defeating extremism in the Middle East

  

  Generating economic growth in the Middle East is crucial to defeating extremism, Iranian President Hassan Rouhani said putting forward his country as a regional trade hub and pillar of stability. Rouhani is on a four-day trip to Italy and France, looking to rebuild Iranian relations with the West some two weeks after financial sanctions on Tehran were rolled back following the implementation of its nuclear deal with world powers.

• Wednesday, January 27th 2016 - 08:28 UTC

  Brazil's current account deficit drops to 3.32% of GDP, lowest since 2010

  

  The soaring US dollar and Brazil’s slumping economy led to a weaker demand for imported goods and services in 2015. As a result, Brazil’s current account deficit reached USD 58.942 billion, equivalent to 3.32% of GDP. The result is the smallest amount since 2010. In 2014, the current account deficit reached USD 104.181 billion, or 4.31% of GDP.

• Wednesday, January 27th 2016 - 07:04 UTC

  Oil forecasted to stabilize at US$ 37 a barrel this year, says World Bank

  

  The World Bank is lowering its 2016 forecast for crude oil prices to $37 per barrel in its latest Commodity Markets Outlook report from $51 per barrel in its October projections.

• Tuesday, January 26th 2016 - 08:54 UTC

  ECB Dragui insists his policies will help raise inflation, currently at 0.2%

  

  European Central Bank President Mario Draghi has fought back against critics, insisting the bank's policies will help to raise inflation. Eurozone inflation is currently 0.2%, way below the ECB's target of near 2%. But Mr Draghi insisted that the central bank would meet its obligations.

• Tuesday, January 26th 2016 - 07:55 UTC

  OAS 'virtually bankrupt and facing existential threat' says Permanent Council chairman

  

  The new chairman of the Permanent Council of the Organization of American States (OAS) Sir Ronald Sanders says the institution is now facing a “serious existential threat”, with its coffers virtually empty. OAS currently has Uruguay's Luis Almagro as Secretary General.

• Monday, January 25th 2016 - 10:36 UTC

  Oil price plunge distorts Brazilian market and leaves Rio cash strapped

  

  Brazil's President Dilma Rousseff approved a resolution to maintain the current system for establishing the minimum price of oil on which royalty payments are paid by state-run oil company Petrobras to local governments.

• Monday, January 25th 2016 - 10:19 UTC

  IMF praise for Argentina's measures... but forecasts 'mild recession' this year

  

  Despite the austerity policies that have been implemented by the government of President Mauricio Macri, Argentina will see a bigger than expected recession this year, the International Monetary Fund (IMF) said in a new report. The economy is set to decline 1% this year, a drop that is 0.3 percentage points larger than the previous forecast that the IMF had released in October.

• Monday, January 25th 2016 - 10:10 UTC

  Proxy inflation in Argentina reached 6.5% in December and 31.6% in 2015

  

  Consumer prices rose 6.5% in December in the Argentine province of San Luis, one of the indexes the new leaders of the country's INDEC statistics bureau had said could be used as a proxy for national inflation figures — amounting to a cumulative 31.6% increase in 2015.