Economy

• Friday, August 7th 2015 - 06:53 UTC

  YPF profits up, but no new joint-ventures in sight to develop Patagonia shale

  

  Argentina's state-managed energy firm YPF posted a second quarter net income of 2.297 billion pesos ($252.8 million) on Wednesday, a 50.5% increase on the same period last year. YPF earnings have been cushioned from the collapse of international oil prices by a government-controlled price for oil produced in the country, which sits at about $78 dollars per barrel.

• Friday, August 7th 2015 - 05:55 UTC

  Lan and Tam consolidate under an only brand of Latam Airlines

  

  LATAM Airlines Group will consolidate all its carriers, including Lan Airlines and Tam Linhas Aéreas S.A., into a single brand over the next three years, the company announced Thursday. Since Lan and Tam merged in 2012, they've operated as separate brands, but the parent company's goal has been to provide a carrier that can provide seamless coverage to the entire South American continent.

• Thursday, August 6th 2015 - 08:35 UTC

  Uruguay inflation at an annualized 9%; 60 days price-freeze of 1.400 items

  

  Uruguay's inflation climbed 1.21% during July and reached 6.91% in the first seven months of the year and 9.02% in the last twelve months, according to the release from the country's stats office, INE. In July 2014 inflation was 0.75%.

• Thursday, August 6th 2015 - 08:11 UTC

  NIESR 2015 global economic growth forecast lowered from 3.2% to 3%

  

  Global economic growth will slow this year to the lowest rate since the financial crisis, according to the National Institute of Economic and Social Research (NIESR). The think tank cut its 2015 forecast to 3.0% from the 3.2% it predicted in May.

• Wednesday, August 5th 2015 - 08:36 UTC

  Milestone for Peregrino field off Brazil: 100 million barrels of oil in four years

  

  After just four years in production, the Peregrino field in the Campos basin offshore Brazil has passed a significant milestone, with 100 million barrels of oil produced since April 2011. The field, jointly owned by Statoil and Chinese Sinochem, achieved the milestone on August 2.

• Wednesday, August 5th 2015 - 07:25 UTC

  UK government begins sale of rescued RBS, but a third below the price it paid

  

  The British government has begun its sell-off of shares in part-nationalized lender Royal Bank of Scotland, raising £2.1bn, a third below the price it paid. It sold a 5.4% stake at 330p a share, a 7.6p discount on Monday's closing price.

• Tuesday, August 4th 2015 - 18:40 UTC

  US closer to lifting 40-year ban on oil and natural gas exports; bill needs Senate floor vote

  

  The United States is closer to begin exporting oil. The Senate Energy Committee passed a bill last week that would lift a decades-old ban on the export of crude oil. The 22-member panel approved the initiative to allow the US to export oil and boost state revenue-sharing for offshore oil and gas drilling by a vote of 12-10.

• Tuesday, August 4th 2015 - 09:27 UTC

  Bradesco buys HSBC operations in Brazil for 5.2bn dollars

  

  Brazil's Banco Bradesco SA agreed to buy HSBC Holdings Plc's Brazilian unit for a surprisingly high 17.6 billion reais ($5.2 billion), narrowing the gap with larger rivals while boosting its base of affluent customers in Latin America's largest economy.

• Tuesday, August 4th 2015 - 05:35 UTC

  Puerto Rico declared on default by Moody's after failing to make debt full payment

  

  Puerto Rico's Government Development Bank announced Monday that it was only able to make a partial payment on its Public Finance Corporation (PFC) debt service due over the weekend. In response to the non-payment of the full service, credit rating agency Moody's said it viewed the situation as a default.

• Tuesday, August 4th 2015 - 05:18 UTC

  Oil glut and China's poor manufacturing data reflected in global markets

  

  United States stocks fell on Monday as oil prices touched a six-month low and factory data from China raised concerns about the world's second-biggest economy. Energy stocks were the biggest losers among the main S&P sectors, recording their worst three-day decline in seven months. Exxon Mobil and Chevron, which also reported poor results on Friday, led the losses.