Economy

Economy
Wednesday, July 1st 2015 - 05:41 UTC

Greece in IMF 'arrears'; it will default when it misses commercial payment

S&P’s said it would designate Greece as being in default, if it cannot make payments to private creditors: ie €2 billion in Greek Treasury bills due 10 July

Greece on Tuesday became the first developed country to join a roster that includes some of the world’s poorest and worst governed nations, including Iraq, Sudan, Somalia and Zimbabwe. Those are a few of the countries that have missed payments to the IMF as Greece did Tuesday, when it failed to make a loan payment of about 1.5 billion Euros, or $1.7 billion, to the fund.

Wednesday, July 1st 2015 - 03:26 UTC

Brazil celebrates the opening of the US market for its fresh beef

Brazil expects to export 100,000 tons of beef to the US in the next five years. Abreu said the decision is like “getting a pass code” to access other markets.

U.S. Department of Agriculture's Animal and Plant Health Inspection Service announced Monday that it is amending its regulations to allow imports of fresh (chilled or frozen) beef from (Argentina) and 14 states in Brazil. It's “the first step in a process for these regions to gain access to the U.S. market for beef”, the APHIS said in a statement.

Wednesday, July 1st 2015 - 02:57 UTC

US opens its market to Argentine fresh beef imports; lemons still pending

“This is the favorable and successful result of an arduous fight in international relationships and technical and agricultural questions,” Kicillof said

Argentina announced that the United States APHIS (Animal and Plant Health Inspection Service) has allowed fresh beef imports from Argentina, lifting a 15-year ban which Buenos Aires had always considered 'unjustified' and bluntly 'protectionist' and as such had claimed before the WTO. In the same vein Argentina also anticipated it expected a similar decision from the US regarding Argentine lemons.

Tuesday, June 30th 2015 - 07:14 UTC

EU leaders warn Greeks the referendum vote means “yes or no to the Euro zone”

Greek Prime Minister Alexis Tsipras has urged a 'no' vote but insists he wants Greece to stay in the Euro zone

European leaders have warned Greeks that rejecting creditors' proposals in a snap referendum called for Sunday would mean leaving the Euro. German Vice Chancellor Sigmar Gabriel said the vote would be “yes or no to the Euro zone”.

Tuesday, June 30th 2015 - 06:46 UTC

China's 'World Bank' takes off at ceremony with delegates from 50 countries

UK, Germany, Australia and South Korea are among the founding members. Japan and US, which oppose AIIB, are the most prominent countries not to join.

China has hosted the signing ceremony of the Asian Infrastructure Investment Bank (AIIB), a new international financial institution set to rival the World Bank and Asian Development Bank. Delegates from 50 countries signed articles that determine each member's share and the bank's initial capital.

Monday, June 29th 2015 - 20:25 UTC

Strangling Falklands' hydrocarbons industry is 'unacceptable' with dangerous implications for global business

“We have been absolutely clear that Argentine domestic law does not apply in the Falkland Islands nor in the waters that surround them”

The government of Argentina's campaign to strangle the Falkland Islands hydrocarbons industry is 'unacceptable' and taking action against British and international oil and gas companies has dangerous implications for global business, warned Foreign Office minister Hugo Swire on Monday reacting to an Argentine federal court ordering the seizure of UK and US assets involved in Falklands' operations.

Monday, June 29th 2015 - 19:45 UTC

Falklands elected government: “Argentina courts have no jurisdiction in the Falklands”

“The Falkland Islands is an Overseas Territory of the UK, and not subject to the laws of Argentina or any of its provinces”, underlined MLA Summers

“Argentine courts have no jurisdiction in the Falkland Islands”, said Falklands' lawmaker Mike Summers early Monday in response to the latest Argentine attempt into bullying the Islands and derailing its economy.

Monday, June 29th 2015 - 06:20 UTC

Greek banks closed and Tsipras takes the dispute with ECB and IMF to the brink

Greece is due to make a €1.6bn payment to the International Monetary Fund (IMF) on Tuesday - the same day that its current bailout expires.

Greek banks are to remain closed and capital controls will be imposed, Prime Minister Alexis Tsipras announced. Speaking after the European Central Bank (ECB) said it was not increasing emergency funding to Greek banks, Tsipras underlined Greek deposits were safe.

Monday, June 29th 2015 - 05:58 UTC

Greece in the Caribbean: Puerto Rico admits it's broke and can't pay debts

“The debt is not payable,” governor García Padilla said. “There is no other option. I would love to have an easier option. This is not politics, this is math.”

Puerto Rico’s governor Alejandro Garcia Padilla has admitted that the island cannot pay its roughly $72 billion dollars in debts, an admission that will probably have wide-reaching financial repercussions beginning Monday. Last week the governor and his top staff anticipated they would seek significant concessions from the island’s creditors.

Sunday, June 28th 2015 - 10:22 UTC

Argentina's economy picks up 1.1% during first quarter compared to a year ago

Argentina announced that this agriculture year it will reach a record harvest of 116 million tons with soybeans making over half of the total

Argentina's GDP increased 1.1% during the first three months of 2015 compared to the same period last year, boosted by the domestic market and growths in the agricultural and construction sectors, the official Indec statistics bureau has revealed. This is the second quarter running that records an advance, following a drop in last year's third quarter.

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