Economy

• Thursday, October 16th 2014 - 07:00 UTC

  Falkland Islands distinguished as the “Best Destination for Wildlife and Nature”

  

  The Falkland Islands have been awarded the “Best Destination for Wildlife and Nature” prize by the Travel Agents Choice Awards, an annual event organized by the prestigious tourism industry publication, Selling Travel Magazine.

• Wednesday, October 15th 2014 - 23:36 UTC

  Brazil will rise fuel prices to help government managed debt-laden Petrobras

  

  Brazil will maintain plans to raise domestic fuel prices this year, despite a sharp drop in international crude oil prices, to help debt-laden state-run oil company Petrobras, a government source said this week.

• Wednesday, October 15th 2014 - 23:32 UTC

  Petrobras sets a new oil and gas production record during September

  

  Petrobras announced a new oil output record in Brazil, during September with an average of 2.23 million barrels of oil per day (bpd) production in the country, including in this total the fields operated by the state-owned company for its partners. The volume is 0.3% higher than breaks August record.

• Wednesday, October 15th 2014 - 10:17 UTC

  Citigroup exiting retail business in 11 markets including 6 in Latin America

  

  Citigroup said on Tuesday that it will bow out of the retail banking business in 11 markets, part of its ongoing effort since the financial crisis to restructure and slim down. The news came as the bank announced third-quarter earnings.

• Wednesday, October 15th 2014 - 08:53 UTC

  Chile convinced of the Mercosur/Pacific Alliance 'convergence' led by Brazil

  

  Chile is confident that in coming months there will be 'significant' advances in a convergence of the Pacific Alliance and Mercosur, said Andres Rebolledo, Chile's Deputy Trade minister during a visit to Brazil.

• Wednesday, October 15th 2014 - 08:36 UTC

  Latin America with a huge deficit in infrastructure investment, says Eclac

  

  Argentina should double its current investment in infrastructure and spend 6.2% of its Gross Domestic Product to satisfy its demands for the period 2012-2020, according to a report of the UN Economic Commission for Latin America and the Caribbean (ECLAC).

• Wednesday, October 15th 2014 - 08:28 UTC

  Germany insists with a 2015 balanced budget despite slower growth forecast

  

  German Chancellor Angela Merkel on Tuesday rejected calls for Berlin to ditch its plans for a balanced budget next year and to instead invest more in order to shore up the faltering German and Euro zone economies. On Tuesday Germany slashed its 2014 growth forecast from 1.8% to 1.2%.

• Wednesday, October 15th 2014 - 08:16 UTC

  Oil prices hit new lows with prospects of further slide; excess supply, weak demand

  

  Global oil prices have fallen further after the International Energy Agency (IEA) reported higher output and cut its forecast for demand growth. Brent crude fell 2.72 to 86.17 dollars a barrel before seeing a slight recovery, while US crude dropped 1.75 to 83.99.

• Tuesday, October 14th 2014 - 16:43 UTC

  IMF urges economic reforms or face brittle growth, high debt and unemployment

  

  The world's policymakers must take economic reforms more seriously, or they could see their economies stuck in a muddle of mediocre growth with high debt and unemployment, the head of the International Monetary Fund said at the multilateral organization assembly.

• Tuesday, October 14th 2014 - 05:35 UTC

  Bank of England governor warns 'bankers' behavior still needs to change”

  

  Bankers' behavior still needs to change following the financial crisis, Bank of England governor Mark Carney has warned. He added that top executives had “got away without sanction”.“Maybe they were not at the best tables in society after that, but they're still at the best golf courses. That has to change,” he said. Mr Carney was speaking at the International Monetary Fund's annual meeting in Washington.