Economy

• Tuesday, April 14th 2015 - 11:49 UTC

  Falklands oil explorers replace costly drilling in the south-east basin

  

  Three oil explorers drilling in the Falkland Islands, including Houston based Noble Energy have shelved plans to drill a second well in the south and east Falklands following the steep drop in oil prices, one of the partners said on Monday. Partners, which also include London-listed Falkland Oil and Gas (FOGL) and Edison International, said they would continue drilling in other parts of the region.

• Tuesday, April 14th 2015 - 09:39 UTC

  Falklands Argos in farm-out agreement with Noble Energy to drill exploratory well

  

  Noble Energy announced Monday that it has acquired additional acres offshore the Falkland Islands and plans to start drilling, despite opposition from Argentina’s government. The Houston-based oil company now holds a 75% interest in a license in the North Falkland Basin from Argos Resources Limited, an oil and gas exploration company based in the Falkland Islands.

• Monday, April 13th 2015 - 07:45 UTC

  Mercosur footwear manufacturers want to stop the 'flood' of Asian shoe imports

  

  Paraguay with a population of six million imports annually 25 million pairs of shoes, something considered 'incredible' and totally out of proportion with the economic situation and poverty levels of the country, claimed Mercosur members' footwear chambers and related industries.

• Monday, April 13th 2015 - 07:38 UTC

  French magistrates order HSBC to post a 1bn Euro bail to cover potential fine

  

  French judges have ordered HSBC Holdings to post a one-billion Euro bail to cover a potential fine after the bank was put under formal criminal investigation over allegations it helped customers dodge their taxes.

• Saturday, April 11th 2015 - 14:27 UTC

  Seizure of YPF faces litigation from two Spanish companies demanding compensation

  

  Argentina has been sued in a US district court in New York in connection with its nationalization of oil giant YPF in 2012, according to court documents. The plaintiffs are two Spanish firms, and they are represented by a US law firm Burford Capital.

• Saturday, April 11th 2015 - 07:16 UTC

  Falklands Tourist Board presented the 2015 Tourism Awards, and the winners are...

  

  Tony Mason, Chief Executive Officer of the Falkland Islands Tourist and H.E. The Governor of the Falkland Islands, Mr. Colin Roberts, presented the 2015 tourism awards on 1st April 2015. It was also a successful finale for CEO Mason who now has an even more ambitious task with the Falkland Islands Tourist Board in the United Kingdom.

• Friday, April 10th 2015 - 07:14 UTC

  Cuba and US hold historic meeting at highest level in Panama

  

  US Secretary of State John Kerry and Cuban Foreign Minister Bruno Rodriguez have held talks, in the highest level meeting between the two countries in more than half a century. The two were involved in closed-door discussions after arriving in Panama for a summit.

• Friday, April 10th 2015 - 05:26 UTC

  Fitch Ratings lowered Brazil's investment grade outlook to negative

  

  Fitch Ratings lowered Thursday the outlook on Brazil's investment grade BBB rating to negative, warning that government efforts to turn around the economy risked getting derailed. The Brazilian economy, the world's seventh-largest, stagnated with just 0.1% growth last year as the drag of rising inflation erased the effect of hosting the football World Cup in June and July and gearing up for the Rio Olympics next year.

• Friday, April 10th 2015 - 05:24 UTC

  Rousseff declares Petrobras 'clean' after purging corrupt managers and practices

  

  Brazil's State-run oil company Petrobras has purged corrupt managers and put a graft scandal behind it, while hitting record output levels from offshore deposits, President Dilma Rousseff said Thursday. The indictment of former senior executives of Petrobras the investigation of dozens of political allies of Rousseff in the multibillion-dollar kickback scandal has thrown her government into crisis and undermined investor confidence in Brazil.

• Friday, April 10th 2015 - 03:09 UTC

  “UK has no doubt about sovereignty over the Falklands and Islanders right to decide their future”

  

  The UK Foreign Office summoned Argentine Ambassador Alicia Castro to object recent remarks regarding the Falkland Islands by President Cristina Fernandez and the diplomat based in London. An FCO spokesperson said that Britain has no doubt about its sovereignty over the Falkland Islands and surrounding maritime areas, nor about the Falkland Islanders' right to decide their own future.