The slump of oil price has contributed to economic crisis in Venezuela. Inflation rate in the country has reached 141 percent. This situation has made president Venezuela to take some action.
South/Central America
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Nigeria is one of populated country in Central Africa. The country is rich with the natural resources like oil and gas. But it faces a serious problem, that is corruption
Walmart and Macy’s have announced shutting hundreds of stores on Friday and thus lingers the list with other retailing giants like Sears and Target. Surprising growth of ecommerce has reduced growth of the departmental stores and shopping malls. With the announcement of the World’s largest retailer, traditional stores have been started to witness the blink of extinction.
Just Prior to the State of Address to the Congress, Venezuelan President Nicolas Maduro has imposed economic emergency for 60 days. The concerned decree is aimed to allocate funds to keep alive the socialist government’s signature anti poverty programs. If opposition led Congress denies the imposed decree, Maduro will have to appeal to the Supreme Court of justice for its continued effectiveness.
Argentina is struggling from soaring inflation, which is hovering at 21 percent. The inflation rate is expected to reach 25 percent in 2016. The government is targeting to bring it down to five percent by 2019. The soaring prices are forcing consumers to pay everything in installments.
American Energy Partners and Argentina state-run energy company YPF have signed a partnership deal on developing the shale resources in the South American country. Argentina government is providing subsidies to attract investments in the energy sector and to enhance business climate in the country.
Uber has changed its driver recruitment policy and advised the previously rejected applicant seeking for drivers’ job to take the benefit of proposition 47. This law allows nonviolent criminal offenders to downgrade their offence level to misdemeanor through submitting applications. Uber’s effort is believed to benefit the released inmates who aim to rebuild their lives.
The most wanted drug lord, El Chapo Guzman will be extradited to U.S. following his arrest by Mexican authorities. Prior to his arrest, actor Sean Penn interviewed the drug lord in his hideout.
Overproduction of last year's crops in the U.S. still affect the price in futures trading. Meanwhile farmers is predicted to still harvest a big yield of soybean and corn in 2016.
A number of concerns about the upcoming Olympic Games in Rio, have already been reported. These include supply of virus contaminated water, forcing to pay the athletes their air conditioning and television bill. Power cutting to Olympic 2016’s inaugural venue by Rio City due to unpaid bill has appeared to be the last blow for the Olympians.
Mexico oil giant Petroleos Mexicanos (Pemex) is planning to trim its headcount in 2016. The State-run company has suffered a record loss, while its production is declining to 25-year low. Pemex has taken up a restructuring exercise to bring back profitability to the company.
The Brazil's central bank will be under pressure to raise interest rate in 2016 amid gripped into the deepening recession. The borrowing cost is expected to rise by 0.25 percent next year. Brazil is suffering from rising inflation and easing productivity.
The Colombian Central Bank is heading towards a hike in interest rate. The Colombian government is keen on checking inflation rise and control the current account deficit.
Adventure brand and Esprit owner and co-founder of the North Face outdoor company, Douglas Tompkins, died in a kayaking accident in Chile. He spent a large percentage of his wealth on environmental conservation.
