Stories for February 5th 2010
Argentina threatens UK and Falklands oil companies with legal actions
Argentina reiterated on Thursday warnings to the United Kingdom over the “illegality” and juridical consequences of having awarded oil exploration licences in the Falkland Islands, under British control but which Argentina claims as part of its territory.
More companies line up to join the Falklands’ oil rush
While there have been strong protests from the Argentine Government about the drilling program due to start in Falkland Islands waters this month, it has not deterred other companies wanting to join Desire Petroleum, Rockhopper Exploration and Falklands Oil and Gas in the search for oil.
IMF says monetary policy needs of “independent central banks”
The International Monetary Fund, IMF, made a public veiled reference to Argentina’s Central bank institutional crisis underlining the importance of having independent central banks for monetary policy all over the world.
Brazil’s dilemma: how to contain growth (inflation) in an electoral year
Brazil's Central Bank Monetary Policy Committee, Copom, expressed concern about inflation and advanced it was prepared to respond “promptly” according to the minutes from its meeting last week when it decided to maintain the basic interest rate at 8.75%.
Bernanke reaffirms Fed’s independence to ensure public confidence and stability
“The US Federal Reserve has been granted, both in law and in political tradition, considerable independence and autonomy. That independence serves important public objectives. Critically, it allows the Federal Open Market Committee to make monetary policy in the longer-term economic interests of the American people, rather than in the service of short-term political imperatives”.
World markets collapse on fears of Euro zone debt problems
Concerns about the US economy and the potential spread of debt problems in the Euro zone (Greece, Portugal and Spain) have led to large falls in world stock markets. US and key European markets lost more than 2% while those in Spain and Portugal fell by more than 5%.
