Economy

Economy
Monday, September 1st 2014 - 16:49 UTC

China's manufacturing misses expectations in August; stimulus considered

The official data measures activity in China's bigger factories, many of which are government-backed businesses.

China's manufacturing activity missed expectations in August, indicating that the country's economy may be losing momentum and require more stimulus. The official purchasing managers index (PMI) fell to 51.1 for the first time in seven months from 51.7 in July, the National Bureau of Statistics said.

Monday, September 1st 2014 - 16:44 UTC

EU support for dairy farmers to alleviate Russian restrictions on imports

The Private Storage Aid for butter and SMP covers daily costs of storing these products for 3-7 months. The support is until the market improves.

The European Commission opened Private Storage Aid for butter, Skimmed Milk Powder (SMP) and certain cheeses in order to alleviate the impact of Russian restrictions on imports of EU dairy products and to limit the negative effects on the internal market.

Monday, September 1st 2014 - 13:46 UTC

Timerman presents plan to regulate sovereign debts before the UN on Tuesday

The minister called for a “regulatory framework for debt restructuring process that is not only economical but political and social”

Foreign Minister Hector Timerman referred to Argentina’s plan to regulate international debt restructurings, to be presented on Tuesday before the UN’s General Assembly, and stressed the importance of the project saying that “the legal loophole is huge” and that it affects “most of the countries in the world.”

Monday, September 1st 2014 - 11:06 UTC

Several 'plagues' hit Italy: recession, deflation, job losses and little hope ahead

 The number of unemployed in Italy rose 2.2% or by 69,000 in July to 3.22 million, which is 4.6% up on July 2013

The Italian economy contracted by 0.2% in the second quarter of 2014, Istat said Friday, confirming the continuation of the country's longest postwar recession. GDP was down 0.1% in the first quarter, it added. Likewise deflation hit Italy in August for the first time in more than 50 years, while unemployment rose again in July by 0.3% over June to 12.6%.

Monday, September 1st 2014 - 10:52 UTC

Paraguay becomes world's eight exporter of beef; Argentina drops to position 11

The Paraguayan Rural Association plans to double cattle slaughtering by 2020

Paraguay has moved to eighth world exporter of beef and is planning to double the number of cattle slaughtered by 2020, according to the country's Rural Association, ARP. Last year 2.2million head of cattle were slaughtered in Paraguay, and 73% of the beef was exported while the rest was domestic consumption.

Monday, September 1st 2014 - 10:43 UTC

Uruguay's main agro-business show opens on Wednesday at the Prado greens

During ten days a major display of the best of Uruguay's livestock and agriculture supplies

Next Wednesday Uruguay's main agro-show at the Prado's greens will open to receive over 2.277 livestock among which will be selected the top cattle (meat and dairy), sheep (wool and lambs), horses and swine of the country, in a display of advanced genetics.

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.

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