Economy

Economy
Friday, October 31st 2014 - 08:08 UTC

Chinese relief for Argentina: central banks activate currency-swap

The Central Bank of Argentina said the Yuan “is on a path to becoming one of the major global reserve currencies.”

The central banks of Argentina and China on Thursday activated a bilateral currency-swap agreement, which meant that the Argentine central bank received an initial tranche of Yuan equivalent to 814 million dollars.

Friday, October 31st 2014 - 06:49 UTC

US economy expands 3.5% in third quarter boosted by government spending and exports

Growth was lifted in the third quarter by a sharp increase in government spending, which itself was boosted by a surge in defense expenditure.

The US economy grew at an annual rate of 3.5% in the July-September quarter, the Commerce Department reported on Thursday. That was better than the 3% pace that economist had been expecting and follows the 4.6% growth rate recorded in the April-June quarter.

Friday, October 31st 2014 - 06:28 UTC

Petrobras consortium find high-quality oil at the Libra area, off Rio do Janeiro

Libra consortium  is composed of Petrobras (40%), Shell (20%), Total (20%) and China's CNOOC (10%)

The Petrobras-led Libra consortium has said that the first extension well in the Libra area, known as 3-BRSA-1255-RJS (3-RJS-731), has proven the discovery of high-quality oil in the northwest portion of the structure.

Thursday, October 30th 2014 - 21:49 UTC

Fifty one countries sign 'milestone' accord against tax evasion

The accord will end banking secrecy as it has been known for decades, the finance minister, Germany's Finance minister Wolfgang Schäuble

Fifty one nations on Wednesday signed what was hailed as a milestone in the fight against tax evasion, an agreement that commits them all to automatic exchange of tax information starting in 2017. The accord capped a two-day meeting of officials from most of the 123 nations that have joined the Global Forum, which evolved from an agreement by Germany and Britain two years ago to crack down on tax evasion and tax fraud.

Thursday, October 30th 2014 - 21:36 UTC

Argentina tells bondholders to take legal action against Judge Griesa who is 'withholding funds'

“Instead of demanding the acceleration, bondholders should take legal actions against Griesa who is improperly withholding funds” said Capitanich

Argentine Cabinet chief Jorge Capitanich called bondholders to “take legal action against (US Judge Thomas) Griesa instead of demanding the acceleration of (Argentine) bonds,” following rumors that Owl Creek Asset Management LP is discussing the formation of a group to demand immediate repayment on bonds.

Thursday, October 30th 2014 - 12:30 UTC

Top designer Tom Dixon launches the British Month 2014 in Chile

The Interdesign Store in Santiago hosted Dixon's most recent collection, 'Club'

One of the UK’s best-known designers, Tom Dixon, presented his most recent collection – entitled ‘Club’ - at an event held this last week at the Interdesign Store in Santiago, marking the launch of the British Month 2014 in Chile.

Thursday, October 30th 2014 - 10:53 UTC

Looking to “Doing Business” in Latam, try the Pacific Alliance, forget Mercosur

The Pacific Alliance members make up the short list of the World Bank's doing business rating

The World Bank's “Doing Business” global rating is not very enthusiastic about Latin American and the Caribbean which only first surfaces in position 34 out of the 189 countries considered.

Thursday, October 30th 2014 - 10:39 UTC

In a divided vote, Brazil's central bank raised the Selic rate 25 points to 11.25%

“Inflation risks have become less favorable since its last rate-setting meeting in early September”, said the Copom board headed by Alexander Tombini

In a surprise move and in divided vote (5 to 3), Brazil's central bank monetary board, Copom, decided to raise its benchmark Selic rate by 25 basis points to 11.25%. A majority of economists and analysts anticipated that the bank would opt to keep rates unchanged.

Wednesday, October 29th 2014 - 07:01 UTC

Griesa invokes Foreign sovereign immunities act in Argentine bonds dispute

“In dealing with what can be subjected to turnover, the FSIA simply does not mention property located outside the United States,” Griesa wrote.

US judge refused on Tuesday to require Bank of New York Mellon Corp to turn over to holders of defaulted Argentine bonds any of the 539 million dollars the country deposited to pay creditors who participated in its past restructurings.

Wednesday, October 29th 2014 - 05:58 UTC

Chile's oil and gas corporation ENAP raised 600m dollars in 10-year bonds

The buy-side and rating agencies also find comfort in the Chilean government’s high willingness to support what is a strategic asset for the country

Chile's oil and gas government company, Empresa Nacional de Petroleo (ENAP) returned to the US dollar market for the first time in almost three years, becoming the latest Chilean issuer to take advantage of a strong bid for high-quality Latin American corporates.

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