Economy

Economy
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.

Tuesday, October 28th 2014 - 15:27 UTC

Brazilian economy remains in recession; Central bank survey indicates 0.27% growth this year

The analysts also left their 2015 GDP growth estimate of 1% unchanged, the Central Bank said.

Private sector analysts are maintaining their 2014 growth forecast for Brazil's economy at 0.27%, the Central Bank said on Monday. GDP estimate was included in the Focus review, a weekly Central Bank survey of analysts from about 100 private financial institutions on the state of the national economy.

Tuesday, October 28th 2014 - 06:47 UTC

Brazil's markets react negatively to Rousseff's re-election; waiting for new finance minister name

Bovespa closed Monday down 2.8%; Petrobras was the biggest loser, with shares down 12.3% and the Brazilian Real sank to its lowest value in nine years

A sharp drop in Brazil’s financial markets signalled investors are unsure whether the newly re-elected President Dilma Rousseff will take the necessary steps to reinvigorate the country’s stalled economy.

Monday, October 27th 2014 - 07:31 UTC

Unasur warns about a period of slower economic activity in the region

The objective of Latin America should be to overcome the slowdown situation by launching “an ambitious re-industrialization process”.

Unasur (Union of South American Nations) chairman Ernesto Samper cautioned that recent oil and gas discoveries outside the region, a weaker demand for commodities from China and Europe and the 'evident strengthening' of the US dollar anticipate a slowdown of the region's economy.

Saturday, October 25th 2014 - 12:50 UTC

BP and GDF Suez announce discovery of new field in UK Central North Sea

The discovery has been called Marconi by GDF Suez subsidiary GDF Suez E&P UK, while BP has named it Vorlich ( Pic Thinkstock)

Oil firms BP and GDF Suez have announced the discovery of a new field in the UK Central North Sea. The find, which spans adjacent blocks operated separately by the two companies, has been flow-tested at a maximum rate of 5,350 barrels per day.

Saturday, October 25th 2014 - 10:09 UTC

Another hedge fund, Dart container, after Argentine assets to cash defaulted bonds

“EM now seeks an injunction from this court that is the same as the injunction that was issued in NML v. Argentina,” Dart’s hedge fund said

Billionaire Kenneth Dart’s EM Ltd. is seeking to take advantage of a U.S. court ruling won by fellow billionaire hedge fund manager Paul Singer NML Capital, as he seeks payment on 835 million dollars in defaulted Argentine bonds.

Saturday, October 25th 2014 - 10:02 UTC

Argentina's bonds dispute: Judge Griesa delays a week a Citigroup hearing

In a brief order Friday Griesa said the hearing, originally set for Dec. 2, will now take place Dec. 9.

U.S. District Judge Thomas Griesa has delayed by a week a December hearing to consider whether Citigroup Inc should be allowed to process an interest payment by Argentina on bonds issued under its local laws following its 2002 default.

Friday, October 24th 2014 - 06:38 UTC

Argentine economic activity slumps 1.2% in August reveal official stats

Restrictions on access to foreign currency have caused serious supply problems for the purchase of necessary parts and other inputs for industry from overseas.

Argentina's economic activity index slumped 1.2% in August compared with the same month a year earlier, official data showed on Thursday, underscoring a slowdown in Latin America's third-largest economy.

Friday, October 24th 2014 - 04:20 UTC

Argentine farmers agree release grains following accord with government

The 5.7bn dollars pledged in sales by the chambers represent a 70% increase on Argentine total grain exports of 4bn dollars for the same period last year

Argentine grain exports will total US$5.7 billion in the fourth quarter of the calendar year, the CIARA and CEC chambers promised on Wednesday, after seemingly successful negotiations with the government of President Cristina Fernandez that is eager to inject much-needed export dollars into the economy.

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