For the first time in history, one US dollar now costs more than COP3,000. The same currency was worth COP1,880 a year ago, meaning the Colombian peso lost almost 40% of its value in just 12 months.
India’s economy grew at an annual rate of 7% between April and June, official figures have shown.This is slower than the 7.5% growth recorded for the previous quarter, and lower than expected.
The country is planning to bring on line more strategic reserve capacity at Mangalore and Padur in October, taking storage capacity to around 36mn bl.
The development is significant from India’s standpoint as it could use cheap global capital to build capacities and overhaul its infrastructure, as well as benefit from what may be a broken commodity market for years.
Next week a delegation from the Ministry of Foreign Trade and Tourism (Mincetur) will head to India to move forward with the joint feasibility study required to enter a Free Trade Agreement (FTA)