Economy

Wednesday, September 2nd 2015 - 08:06 UTC
Petrobras union announces an 'open-end' strike to protest investment cuts

Brazil's largest oil workers' union advised Petrobras that it plans to begin an open-ended strike against the state-run oil company starting at midnight (0300 GMT) on Friday. The strike is in protest at a recent cut of about 40% in investments by Petrobras and the planned sale of about $15.1 billion of assets, the union, known as FUP, said in a statement on Tuesday.
Wednesday, September 2nd 2015 - 07:53 UTC
World economy heading for the perfect storm?

By Gwynne Dyer - Good things come in threes, but so do bad things. Especially in economies. The financial crisis everybody has been waiting for is a “hard landing” of the Chinese economy, the world's second-biggest. It now seems to have arrived, though the Chinese government is still denying it.
Wednesday, September 2nd 2015 - 06:39 UTC
Argentina revokes license of HSBC president for not preventing tax evasion

Argentina's Central Bank (BCRA) has revoked the license of Gabriel Martino as president of the HSBC, forcing him to step down from his post. The entity commanded by Alejandro Vanoli considered Martino responsible for failing to establish “necessary” control mechanisms to prevent clients from evading taxes and moving capital abroad.
Wednesday, September 2nd 2015 - 06:27 UTC
Petrobras increases price of LPG by 15%, the first adjustment in 13 years

Brazil's Petrobras announced late Monday that it would raise the wholesale price of liquefied petroleum gas (LPG) by 15% effective Tuesday, the first price adjustment for the essential cooking gas in 13 years. The move is part of efforts by Petrobras to reduce losses on fuel sales, a company Petrobras source said.
Wednesday, September 2nd 2015 - 06:10 UTC
Sky Airlines begins operating in Chile as a low-cost carrier

As of next Friday, Chile's Sky Airlines becomes a budget or low cost airline with no food served on board, and at the most a soft drink. This is part of the changes to be implemented during the next 12 months by Holger Paulmann CEO and owner of the airline which was started by his father Jürgen Paulmann.
Wednesday, September 2nd 2015 - 06:01 UTC
Chinese markets open Wednesday on the slide; Canada enters recession

Asian markets continued to fall on Wednesday, with Shanghai opening down more than 4% amid continuing worries about China's growth. On Tuesday, data suggesting China's manufacturing sector was shrinking at its fastest pace in three years ignited a global market sell-off, resulting in US stocks closing down nearly 3%.
Tuesday, September 1st 2015 - 07:08 UTC
Brazil Central bank survey says economy will shrink 2.26% this year and 0.40% next year

Analysts expect Brazil's economy to contract by 2.26% this year, reflecting greater pessimism in the wake of the release of figures last week showing that the country is in a recession, the Central Bank said Monday.
Tuesday, September 1st 2015 - 06:59 UTC
US Appeals Court backs Argentina: sovereign immunity for Central bank funds

A US appeals court supported Argentina's appeal Monday against an earlier ruling that could have permitted a group of creditors to seize assets of Argentina's central bank.
Tuesday, September 1st 2015 - 06:48 UTC
Moody's cuts 2016 global economic forecast; no commodities rebound in near future

Credit rating firm Moody’s cut its 2016 global economic growth forecasts, with China and United States both trimmed and Russia and Brazil seen staying in recession.
Tuesday, September 1st 2015 - 06:36 UTC
Brazil presents 2016 budget and Real drops to a 12-year low against the dollar

Brazil's government presented a 2016 budget Monday that for the first time projects the world's seventh largest economy operating in the red, sparking worries that the country's investment grade rating will be put at risk.