Economy

Economy
Saturday, August 30th 2014 - 11:49 UTC

Marina pledges to restore Brazil credibility and limit spending below growth rate

“We will be transparent. We will not use creative methods to make the accounts look good,” she said in reference to the Rousseff administration

Opposition presidential candidate Marina Silva said that Brazil's recession is very worrying and her government would work to restore the credibility of the country's economic policies to recover investment and growth if elected. The Brazilian economy fell into recession in the first half of the year, a heavy blow for President Dilma Rousseff's already diminishing hopes of winning re-election in October.

Saturday, August 30th 2014 - 11:06 UTC

Capital Markets accept review of sovereign default and making terms extensive to all bondholders

The new clauses are “a bit like planting an oak tree. You are looking at a 10-year horizon when this will take hold” said Leland Goss, ICMA general counsel.

The International Capital Market Association (ICMA) published on Friday the revised framework that allows a majority of investors holding sovereign bonds that default to make changes to the terms, such as extending maturities or reducing the principal.

Saturday, August 30th 2014 - 10:53 UTC

Brazil in recession; Minister Mantega blames external factors and World Cup

The worst possible news for Dilma and her re-election chances in October

Brazil has fallen into recession, further weakening President Dilma Rousseff, just weeks before voting in what will be a tough re-election battle. Brazil's national statistics institute said Friday GDP shrank 0.6% in the second quarter and revised an initially positive first quarter growth estimate down to -0.2 percent.

Saturday, August 30th 2014 - 08:01 UTC

Judge Griesa schedules new hearing; Argentina appeals to United Nations on holdout case

Following a request from Elliott NML Capital, US District Judge Griesa scheduled a hearing for Sept. 10 at 2:30 p.m. EDT

The US judge overseeing litigation by Argentina and creditors who did not participate in the country's past debt restructurings scheduled a hearing to assess whether Citigroup Inc (C.N) should be forced to comply with a subpoena.

Saturday, August 30th 2014 - 07:10 UTC

Venezuela cheap oil and fuel shipments to allies fall to a five-year low

The accords that former president Hugo Chavez struck to lower energy costs for friends and expand his diplomatic clout, are not being fully complied .

Venezuela’s shipments of crude oil and fuel to its allies have fallen to a five-year low as a weak economy hits its ability to uphold accords that former president Hugo Chávez struck to lower energy costs for friends and expand his diplomatic clout.

Saturday, August 30th 2014 - 07:07 UTC

New World Bank delegate in Argentina; 'country strategy' to be considered next month

Economist Henstchel is considered well informed of Argentine issues since he spent time in the country following the 2001 meltdown of the economy

The World Bank board of directors will be discussing sometime next month a new aid program for Argentina focused on combating poverty, but the loans approval can't be expected until next year, according to the bank's new representative in Argentina, Jesko Hentschel.

Saturday, August 30th 2014 - 07:00 UTC

Mercosur is a ‘success’; intra-trade has grown at double the world rate

Ramalho insists that despite the bad press, Mercosur is advancing and now extends from Patagonia to the Caribbean

Mercosur is a success, intra-trade has expanded at double the rate of world trade and despite all the bad press, the block is advancing on other fields such as social affairs and citizenship, according to Ivan Ramalho, Mercosur's High Representative, who is a former Brazilian deputy minister of trade and development issues.

Friday, August 29th 2014 - 08:11 UTC

US economy rebounds strongly in the second quarter: 4.2% annual rate

Domestic demand increased at a 3.1% rate, instead of the previously reported 2.8% pace. It was the fastest pace since the second quarter of 2010

The US economy rebounded more strongly than initially thought in the second quarter and details of a report on Thursday pointed to sustainable underlying strength. GDP expanded at 4.2% annual rate instead of the previously reported 4.0% pace, the Commerce Department said, reflecting upward revisions to business spending and exports.

Friday, August 29th 2014 - 08:07 UTC

Singer extends 'discovery' looking for Argentine assets in Chinese banks

 While the Chinese banks can oppose the request, Singer's Elliott is confident that the US courts would ultimately allow its request to go through.

As it did in Nevada and California, a unit of billionaire Paul Singer's Elliott Management, which is Argentina's main holdout creditor, is extending its legal fight with the country to China. NML Capital served subpoenas this week to Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC) in an effort to obtain information on 6.8bn dollars in financing for deals signed by the two countries in July.

Friday, August 29th 2014 - 06:46 UTC

Mercosur main partners in another attempt to re-launch withering economies

Kicillof is expected in Brazil to meet with his peer Mantega and Industry minister Burgos.

Argentine Economy minister Axel Kicillof left Buenos Aires on Thursday for Brazil, where he will meet with fellow ministers from the country to discuss the current situation of bilateral trade and the automotive industry.

Advertisement

Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!

Advertisement