Economy

Economy
Thursday, March 26th 2015 - 08:22 UTC

Griesa blocks Euroclear from processing any Argentina bonds payments

 Griesa, also said that Euroclear has to notify the hedge funds of any transfers of Argentine bonds and identify the parties involved.

New York judge Thomas Griesa on Wednesday barred Euroclear, the giant Belgium-based financial clearing and settlement house, from processing any debt payments by Argentina. In the newest step tightening Buenos Aires' avenues for avoiding paying off hedge funds on their bonds, Griesa forbade Euroclear from processing “any payments received from any source” in respect to Argentine bonds.

Wednesday, March 25th 2015 - 21:35 UTC

Falklands releases “State of the Economy” and “Living Wage” reports

'A Living Wage for the Falkland Islands’ provides the first estimate of earnings necessary to comfortably cover all of a household’s outgoings in the Falkland Islands. (Pic CNN)

The Falkland Islands has released two new documents, the Islands State of the Economy and on income needed to comfortably cover all of a household's expenses. The Falklands enjoys one of the highest standards of living in the Americas with low inflation and virtually full employment.

Wednesday, March 25th 2015 - 07:30 UTC

New York Court of Appeals delays decision on Argentina's contempt of court

Judge Griesa moved against Argentina due to its refusal to pay 1.35 billion dollars plus interest and penalty charges to the hedge funds

The New York Court of Appeals has decided to push back its decision on Argentina for another week, as the Cristina Fernandez administration seeks to overturn the contempt ruling imposed by judge Thomas Griesa in the ongoing conflict against holdout investors.

Wednesday, March 25th 2015 - 07:07 UTC

Falklands' economy performance impressive, although volatile and vulnerable

Oil was discovered in 2010 on the Sea Lion field and production for the world markets is currently planned for 2019.

The Falkland Islands economy has witnessed impressive, although volatile, growth in recent years with unemployment rates low enough to be the envy of most countries in the world and the government is free of debt, according to the latest “State of the Economy” released by the Falklands Policy Unit.

Tuesday, March 24th 2015 - 05:16 UTC

Holdouts of Argentine-law bonds 'reach agreement' with Griesa and Citibank

Paul Singer's NML fund claims that Citibank will not file an appeal over Judge Griesa’s more central ruling.

Paul Singer-controlled NML Capital said that the hedge fund, as well as other holders of Argentine debt, made a deal with Citibank regarding the legal dispute at New York courts over Argentine-law bonds.

Tuesday, March 24th 2015 - 05:08 UTC

Brazilian economy on path to biggest contraction since 1990, says central bank survey

If Central bank's Focus forecast proves accurate the economy which expanded 2.49% in 2013 and 0.2% last year, will post its worst result since GDP contracted 4.35% in 1990.

Financial experts expect Brazil's economy to shrink 0.83% in 2015, its biggest contraction since 1990, and inflation to climb to 8.12%, its highest level since 2003, according to the results of a Central Bank survey released on Monday.

Monday, March 23rd 2015 - 17:35 UTC

Swiss prosecutors have uncovered over 300 accounts suspected linked to Petrobras corruption

“We do not tolerate the misuse of the Swiss financial system with corruption or money laundering,” said Swiss Attorney General Lauber

Swiss prosecutors have uncovered over 300 accounts at more than 30 Swiss banks that they suspect are linked to the massive corruption and money-laundering scandal at Brazil's state-run oil company Petrobras.

Monday, March 23rd 2015 - 17:20 UTC

Griesa yields: allows Citibank to process interest payments of Argentine law bonds

“Griesa issued said he won’t prevent Citibank from fulfilling its obligations to process interest payments of Argentine law bonds,” Citibank Argentina reported

United States Judge Thomas Griesa finally authorized Citibank Argentina to process interest payments of bonds issued under Argentine law, with a payment deadline on March 31 and on June 30, and to exit its custody business in Argentina.

Monday, March 23rd 2015 - 17:13 UTC

Petrobras corruption scandal reaches New York court: banks will have to explain sale of bonds to US investors

 Itau and Bradesco were book runners on a number of Petrobras bond issues.

Fifteen banks will join Petrobras next week, April 3, in a New York court to explain how they did nothing wrong when selling 98 billion dollars worth of the Brazilian state oil company’s bonds to American investors. Of the 15, lawyers representing the investment banking divisions of Itau and Bradesco will appear before New York judge Jed Rakoff in hopes to escape the scandal.

Saturday, March 21st 2015 - 06:56 UTC

Argentina's current account deficit widened to 5.07bn in 2014

The Economy Ministry said Argentina posted a 6.42bn surplus on trade and services, but that the total outflow of income was 11.40bn. The sum in 2013 was 4.7bn.

Argentina’s current account deficit widened 7.9% to 5.07 billion dollars in 2014 as Latin America’s third-biggest economy eked out meager 0.5% growth, official data showed. Exports fell 11.9% from 2013 to 71.94bn, hurt by low international prices for Argentine soy, wheat and corn as well as weakened demand in key trading partner Brazil, where economic growth is also stagnant.

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