Economy

Economy
Thursday, September 18th 2014 - 05:30 UTC

Fed evasive about when it will begin to raise interest rates, “considerable time”

Yellen disappointed some when she said there was no “calendar date” for a rate rise. US markets however were reassured and Dow Jones closed at a record high.

The US Federal Reserve has reiterated that it will raise interest rates once a “considerable time” has passed after its stimulus program ends in October. The announcement came at the end of a two-day meeting of the central bank's policy committee in Washington DC.

Thursday, September 18th 2014 - 05:14 UTC

Philip Morris determined to make its legal battle over cigarette labeling with Uruguay, a lesson for other countries

PM believes Uruguay's requirement to cover around 80% of the cigarette packaging with medical warnings and graphic images is violation of a treaty law

Whether you’re a Marlboro man or a Benson & Hedges smoker, if you pick up a pack in the South American nation you will be greeted by an image of decaying teeth, premature babies, horrific hospital scenes or some other terrifying scenario.

Thursday, September 18th 2014 - 03:08 UTC

The Scottish referendum

The British pound would start to fall against other currencies, not because Scottish independence, but because the markets hate uncertainly.

By Gwynne Dyer - If the Scots vote “yes” to independence on Sept. 18, as one opinion poll now suggests they will, three things are likely to happen in the following week.

Wednesday, September 17th 2014 - 05:20 UTC

US dollar reaches new record in Argentina; the 'Dolar Demichelis' forecasted

On Monday the Central bank reserves were down 184 million dollars

The US dollar in the informal market reached a new record high against the Argentine Peso at the end of trading on Tuesday. Earlier in the day the Central bank reported the biggest one-day drop in its international reserves since July 30.

Wednesday, September 17th 2014 - 04:20 UTC

Mantega announces yet another stimulus package for Brazil's economy

The tax breaks are part of a stimulus program adopted by President Dilma Rousseff as she seeks a second four-year term in the Oct. 5 balloting

Finance Minister Guido Mantega presented on Monday a package of tax measures aimed at stimulating Brazil's economy less than a month ahead of the presidential election.

Wednesday, September 17th 2014 - 01:11 UTC

Argentina warns US acting ambassador on 'default' statements and 'deplores lack of support'

Timerman said “Argentina has honored all its commitments in due time and form under the conditions agreed in 2005 and 2010 and will continue to do so.”

United States interim ambassador to Argentina Kevin Sullivan was summoned to foreign minister Hector Timerman's office and was informed of ”the profound and firm rejection of the Argentine government to the US diplomat’s inappropriate statements”, according to the statement from the ministry made public on Tuesday.

Tuesday, September 16th 2014 - 05:57 UTC

VisitBritain: UK to refund cost of visa for Chinese tourists in organized groups

“The more Chinese tourists the merrier,” chancellor Osborne said.

British Chancellor George Osborne has announced plans to refund the cost of up to 25,000 visas for Chinese tourists in an attempt to attract more visits to the UK. It was one of a series of measures announced at an economic summit in London, attended by Chinese vice premier Ma Kai.

Tuesday, September 16th 2014 - 05:50 UTC

HSBC reached 550m agreement with US banking regulators

“We are pleased to have resolved this matter,” Stuart Alderoty, the general counsel for HSBC North America, said in a statement.

HSBC Holdings will pay 550 million dollars to resolve a US regulator's claims that the British bank made false representations in selling mortgage bonds to the federal mortgage companies Fannie Mae and Freddie Mac before the financial crisis.

Tuesday, September 16th 2014 - 05:36 UTC

Argentine seafood exports up 3.9% in value and 3% in volume in first half of 2014

Shrimp and squid exports from Argentina to the Far East have grown consistently

In the first half of this year, Argentina seafood exports totaled 778.8 million dollars with a slight increase of 30 million dollars, and 3.9% over the same period of 2013 (749.6 million), reported the Directorate of Fisheries Economics from the Fisheries and Aquaculture Under Secretariat.

Tuesday, September 16th 2014 - 05:28 UTC

Mercosur/Pacific Alliance foreign ministers plan to meet in Chile in November

“Mercosur must look outwards and stop looking at its belly button”, said Loizaga on announcing the meeting.

Foreign affairs ministers from Mercosur and the Pacific Alliance will be meeting next 24 November in Santiago de Chile to explore a possible integration between the two blocks according to Paraguay's foreign minister Eladio Loizaga.

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