International

• Wednesday, October 18th 2017 - 08:42 UTC

  Galician fishing industry recovering and investment in new vessels picking up

  

  The Galician fishing industry is undergoing a boom as Spain recovers from the economic crisis that had caused a halt in the construction of new vessels and investments on new processing plants in recent years, Javier Fraga Diaz, director with Spanish bank Abanca's maritime unit (Banca Mar), revealed.

• Wednesday, October 18th 2017 - 08:28 UTC

  China's credit rating downgraded by S&P, “but might still be too good”

  

  China's credit rating has been downgraded by Standard & Poor's (S&P) because of worries over the rapid buildup of debt in the country. S&P cut China's rating by one notch from AA- to A+, saying its debts had raised “economic and financial risks”.

• Wednesday, October 18th 2017 - 08:24 UTC

  The Fed started to reduce its US$4 trillion boost portfolio from the financial crisis

  

  The Federal Reserve has started to run down some of the investments it made to boost the US economy after the financial crisis. The Fed holds a US$4.2trn portfolio of US Treasury bonds and mortgage-backed securities, and it will initially cut up to US$10bn each month from the amount it reinvests.

• Wednesday, October 18th 2017 - 07:21 UTC

  OECD suggests “reversing the Brexit process” would boost the UK economy

  

  Reversing the Brexit process would boost the UK economy, the international economic body, the OECD has said. A new referendum or a change of government leading to the UK staying within the EU would have a “significant” positive impact on growth, the OECD said.

• Wednesday, October 18th 2017 - 07:16 UTC

  The “Amazon Effect” is coming to oil markets

  

  By Irina Slav for Oilprice.com - While OPEC mulls over further steps to once again support falling oil prices, tech startups are quietly ushering in a new era in oil and gas: the era of the digital oil field. Much talk has revolved around how software can completely transform the energy industry, but until recently, it was just talk.

• Tuesday, October 17th 2017 - 18:47 UTC

  Business calls on the Bank of England to delay raising interest rates

  

  Bank of England should hold off from raising interest rates next month, according to a forecasting body. Bank governor Mark Carney has said rates could go up in the “relatively near term”, with many analysts expecting a hike in November. However, the EY Item Club said such a move risked hurting the UK's “fragile economic outlook”.

• Tuesday, October 17th 2017 - 11:59 UTC

  Argentina's Ferreira Rubio elected chair of Transparency International

  

  Delia Matilde Ferreira Rubio was elected chair of Transparency International, the global anti-corruption movement, at its Annual Membership Meeting in Berlin. Rueben Lifuka was elected as vice-chair, along with seven new board members. All will serve a three-year term.

• Tuesday, October 17th 2017 - 11:51 UTC

  May and Juncker agree “Brexit negotiations should accelerate”, but differences remain

  

  Brexit negotiations should “accelerate over the months to come,” says a joint statement from the UK prime minister and the president of the EU Commission. Theresa May and Jean-Claude Juncker met in Brussels on Monday for a dinner they called “constructive and friendly”.

• Tuesday, October 17th 2017 - 11:45 UTC

  Airbus takes a majority stake in Bombardier frustrating Boeing's strategy

  

  Canada's Bombardier Inc. announced on Monday it has sold a majority stake in its CSeries passenger jet business to European aerospace giant Airbus for no cost. The move comes after lackluster sales and after the U.S. Commerce Department imposed harsh duties on Bombardier, charging the Montreal-based company is selling the CSeries planes in the U.S. below cost and receiving government subsidies.

• Tuesday, October 17th 2017 - 11:41 UTC

  Madrid tells Catalonia's leader he has until Thursday to comply with Spanish law

  

  Spain’s deputy prime minister has said that Catalonia’s leader did not give an adequate response in his letter about the region’s independence and has until Thursday to comply with the country’s laws. Carles Puigdemont’s letter, issued two hours before a Monday deadline, did not clarify whether he in fact declared Catalonia’s independence from Spain. He called for talks with Spain’s government.