Economy

• Thursday, August 27th 2015 - 04:21 UTC

  Chinese shares timidly return to positive territory: Shanghai Composite up 2.3%

  

  Chinese shares have returned to positive territory after massive losses earlier in the week rocket markets around the globe. The Shanghai Composite was up by 2.3% at 2,991.91 points. The turnaround, though, does little to make up double digit percentage losses made so far this week.

• Thursday, August 27th 2015 - 01:50 UTC

  Montevideo to build a 1.000 meter-pier and storage facilities for fishing industry

  

  Spanish engineering and renewable energy company Abengoa announced it has won a contract to build a new fishing terminal in the port of Montevideo, Uruguay, a contract worth 81 million Euros ($93 million). The terminal will be constructed in Capurro, a district in Montevideo helping to expand the port's capacity, Abengoa said.

• Wednesday, August 26th 2015 - 07:10 UTC

  Chinese stocks refuse to bounce back; Shanghai Composite dropped 16% this week

  

  Chinese shares continued to lose ground despite the central bank's latest effort to reassure traders. The mainland's benchmark Shanghai Composite was down 1.1% to 2,930.23 points after a volatile open earlier. The index had already fallen about 16% this week, sending shockwaves through global markets.

• Wednesday, August 26th 2015 - 07:02 UTC

  “Using cheap money to tackle economic problems rather than reform must stop”

  

  Central banks are under too much pressure to fix struggling economies, according to the man in charge of India's monetary policy. Reserve Bank of India governor Raghuram Rajan hinted that using cheap money to tackle economic problems - rather than painful reform - had to stop.

• Wednesday, August 26th 2015 - 06:50 UTC

  Magallanes suffers abrupt drop in economic activity in second quarter

  

  Magallanes region in the extreme south of Chile suffered an abrupt and unexpected drop in economic activity during the second quarter of this year according to the latest release from the country's stats office, INE.

• Wednesday, August 26th 2015 - 06:46 UTC

  Brazil economy to contract 2.06% and 0.24% next year, says Central bank survey

  

  Analysts expect Brazil's economy to contract by 2.06% this year, with the inflation rate coming in at 9.29%, the Central Bank said Monday. GDP estimates come from the Boletin Focus, a weekly Central Bank survey of analysts from about 100 private financial institutions on the state of the national economy.

• Wednesday, August 26th 2015 - 06:08 UTC

  China gives banks more leeway and pumps liquidity to the system

  

  China's central bank cut interest rates and lowered the amount of reserves banks must hold for the second time in two months on Tuesday, ratcheting up support for a stuttering economy and a plunging stock market that has sent shockwaves around the globe.

• Wednesday, August 26th 2015 - 06:00 UTC

  Shell given a foothold at Argentina's vast shale resources in Neuquén

  

  Anglo-Dutch energy giant Shell made a stride forward in its push for part of Argentina’s nascent shale oil pie after the Neuquen province government gave it the rights to exploit two unconventional oil areas in the much-coveted Vaca Muerta region for the next 35 years.

• Tuesday, August 25th 2015 - 20:13 UTC

  Rousseff planning to cut 10 of 39 ministries as commitment to austerity

  

  Brazil's government announced on Monday it will slash the number of ministries and reduce its spending, in an effort to show commitment to austerity that could be politically costly for President Dilma Rousseff.

• Tuesday, August 25th 2015 - 14:41 UTC

  China dependent Latin American markets and currencies plunge on Monday

  

  Stock markets around Latin America posted heavy losses Monday as plunging Chinese shares unleashed fresh turmoil on global markets. In Brazil, home to the region's largest stock exchange, the IBOVESPA index in Sao Paulo closed down 3.03%, after plunging 6.49% in opening trade.