Economy

• Thursday, August 13th 2015 - 03:37 UTC

  Mercosur's Paraguay meeting to iron out proposal to present to Europe

  

  Technical teams from Mercosur country members are scheduled to meet next Tuesday in Paraguay to iron out the final proposal to be presented by the group to the European Union for the long delayed trade and cooperation agreement. The meeting in Asunción will be headed by Rigoberto Gauto, who is currently the Mercosur coordinator since Paraguay holds this half year the rotating chair.

• Wednesday, August 12th 2015 - 15:18 UTC

  China's devaluation triggers fears of a new round of currency wars

  

  China's shock 2% devaluation of the Yuan pushed the dollar higher and raised the prospect of a new round of currency wars, just as Greece reached a new deal to contain its debt crisis. Stocks fell in Asia and Europe as investors worried about the implications of a move designed to support China's slowing economy and exports.

• Wednesday, August 12th 2015 - 08:06 UTC

  Brazil's subsalt could hold enough petroleum to supply the world five years

  

  Brazil's Subsalt Polygon, the offshore area that has already yielded some of the world's largest recent oil finds, may hold enough undiscovered petroleum and gas to supply the world's current oil needs for more than five years, researchers said.

• Wednesday, August 12th 2015 - 07:51 UTC

  Wednesday’s China shockwave: Yuan devalued 1.6%; IMF support, US Treasury cautious

  

  Chinese shares were lower on Wednesday as its central bank again devalued the yuan, following Tuesday's record cut. The People's Bank of China fixed the daily guiding rate for the currency down 1.6% to 6.3306 against the dollar.

• Wednesday, August 12th 2015 - 07:30 UTC

  Moody's tough on Brazil but also confident on a mid term growth rebound

  

  Moody’s Investors Service cut Brazil’s credit rating to near-junk status on Tuesday but said the country’s coveted investment grade status is safe for now, proving some relief to investors and the government of President Dilma Rousseff.

• Tuesday, August 11th 2015 - 08:18 UTC

  China devalues the currency in support of its struggling export sector

  

  China has moved aggressively to devalue its currency in a bid to support its struggling export sector as the economy shows further signs of weakness on the way to reporting its slowest annual pace of growth in 25 years. The People's Bank of China surprised the market on Tuesday weakening the fix on its daily reference rate for the Yuan by a record 1.9%.

• Tuesday, August 11th 2015 - 07:55 UTC

  Argentina wins a battle in its ongoing struggle with hedge funds

  

  Argentina on Monday won a battle in its ongoing struggle with hedge funds holding sovereign bonds. In this case Argentina managed the reversal of a U.S. judge's ruling that a group of bondholders suing over its defaulted debt said entitled them to $700 million.

• Tuesday, August 11th 2015 - 07:32 UTC

  Falklands' GDP dropped in 2013 because of lesser oil and gas activity

  

  The Falkland Islands Gross Domestic Product (GDP) dropped in 2013 primarily due to lesser oil activity according to a recent Executive Council paper that included updated figures from the FIG Economist Commenting on the paper, according to a report from the latest edition of the Penguin News.

• Tuesday, August 11th 2015 - 07:18 UTC

  State of emergency in north of Chile because of torrential rain and floods

  

  A state of emergency has been declared by the Chilean government in the northern cities of Antofagasta and Tocopilla due to the strong winds, heavy rains, flashfloods and mudslides. President Michelle Bachelet visited the north on Monday to observe first-hand the damage caused by a storm that left six people dead nationwide.

• Tuesday, August 11th 2015 - 07:14 UTC

  Argentina will service 3.5bn dollars maturing next October with bank reserves

  

  Argentina confirmed it will be using Central Bank foreign-currency reserves to service more than US$3.5 billion dollars in international debt that matures in October. The confirmation came through an announcement in the Official Gazette, signed by President Cristina Fernández, Cabinet Chief Anibal Fernández and Economy Minister Axel Kicillof.