Economy

Economy
Tuesday, September 23rd 2014 - 10:48 UTC

Argentine Peso faces a turbulent start of the week with new records

Analysts explained that investors seek to gain dollars by purchasing shares and short-term bonds.

The beginning of a turbulent week for Argentina's money exchange market with the informal or 'blue' dollar climbing to 15,15 Argentine Pesos, while the official rate was up one cent to 8,45 Pesos in Buenos Aires banks and foreign exchange offices.

Tuesday, September 23rd 2014 - 06:23 UTC

British Airways cuts weekly London/Buenos Aires direct flights to five a week

However the company will continue with its Boeing 777-200 meaning that there will be no reduction in the number of seats per flight.

British Airways will be eliminating two direct flights between Buenos Aires and London beginning 31 March 2015, meaning the weekly schedule will be cut from seven to five flights, mainly because of a drop in the number of passengers.

Tuesday, September 23rd 2014 - 06:14 UTC

“Citibank has no gun to its head, but the Argentine law”, said Kicillof

Citibank has a “contract with the country that says that they have to allow payment of money deposited for bonds under Argentine law.”

Argentina's Economy Minister Axel Kicillof responded to Citibank’s lawyer Karen Wagner remarks that the bank had “a gun pointed to its head” which would “probably go off” if the US Judiciary did not allow payment of funds blocked by US Judge Thomas Griesa’s ruling.

Tuesday, September 23rd 2014 - 05:54 UTC

Griesa calls for new hearing on Citibank injunction request to pay Argentine bonds

Citibank claims Argentina has threatened civil and criminal sanctions, if it fails to pass the interest payments to bond holders

New York district judge Thomas Griesa has called a new hearing this Friday, after Citibank requested an injunction in order to honor a payment on Argentine bonds held under local legislation and in foreign currency.

Tuesday, September 23rd 2014 - 05:43 UTC

Merkel praises France on reforms, but deferred to Brussels the controversial budget deficit issue

“Manuel Valls just presented his reform agenda and I think it is an impressive number of measures France is undertaking,”

Germany's Angela Merkel said on Monday after meeting French premier Manuel Valls that she was impressed by the number of reforms Paris had launched, but deferred to Brussels on the halting French efforts to reduce its public deficit.

Monday, September 22nd 2014 - 05:01 UTC

A third of Argentina's population 'vulnerable' to falling back into poverty, says World Bank

The bank estimates there is a poverty rate of about 11% in Argentina, but has also highlighted the government's achievements

Approximately 33% of Argentina's population (or those living with between 4 and 10 dollars per day) are vulnerable to falling into poverty if faced with adverse economic conditions, the World Bank said in its 2015-2018 Country Partnership Strategy (CPS) report for Argentina.

Saturday, September 20th 2014 - 08:33 UTC

World bank describes global growth this year as 'disappointing'

“At one point our projections were as high as 3.2% for growth globally, and now they're around 2.7%” said Dr. Kim

Global growth had been “disappointing” this year, according to World Bank president Dr Jim Yong Kim, who counted Europe's woes, reforms in Japan, and the impact of US monetary policy on emerging markets, among the world's greatest economic challenges.

Saturday, September 20th 2014 - 08:11 UTC

US court dismisses Citibank and Argentina appeal: back to Judge Griesa

“We decline to find jurisdiction because the order appealed from is a clarification, not a modification, of the amended February 23, 2012 order”

A US court on Friday dismissed an appeal by Citibank and Argentina to let the country make payments on debt tied up in a bitter legal battle with hedge funds.

Friday, September 19th 2014 - 07:19 UTC

Brazilian 2013/14 grains and oilseeds crop reached a record 195.46 million tons

The soybean output was confirmed at 86.12 million tons, a new record, with 31.6 million hectares planted

The Brazilian production of grains in 2013/2014 has reached 195.46 million tons, according to the country’s National Supply Company, Conab. The number is a 3.6% (6.8 million tons) increase compared to the previous season.

Friday, September 19th 2014 - 06:53 UTC

Top marks for South Georgia Patagonian toothfish fishery

“South Georgia is a unique environment and the GSGSSI will continue in its efforts to improve all aspects of the fishery,” said GSGSSI Fisheries Collins.

The South Georgia Patagonian toothfish fishery renewed its five-yearly Marine Stewardship Council (MSC) certification for the third consecutive time. The fishery, which was first MSC certified in 2004, received an average score of 96 out of 100 in the latest assessment, said the government of South Georgia & South Sandwich Islands (GSGSSI).

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