Economy

Economy
Monday, August 18th 2014 - 06:35 UTC

Exodus: a million more Puerto Ricans on mainland US than in the island

“The island’s economic crisis may be driving thousands of Puerto Ricans to seek opportunities on the mainland, or to return there,” the report said

A new study has found that Puerto Rico has undergone such a dramatic population shift that there are now over a million more Puerto Ricans on the US mainland than on the US island territory. The Pew Research Center study showed that between 2010 and 2013, more people left Puerto Rico for mainland US than those who left in the 1980s or 1990s.

Saturday, August 16th 2014 - 11:59 UTC

Brazil on the ledge of recession as activity drops sharply in June

World Cup football tournament shut down shops and factories across the country

Economic activity in Brazil dropped sharply in June as the World Cup football tournament shut down shops and factories across the country, adding to signs Latin America's largest economy slipped into recession.

Saturday, August 16th 2014 - 11:32 UTC

Trust in Argentine reliability has vanished, as a result of the bonds' litigation

Cristina Fernández said the collapse of a private deal proved what she has long said: 'vulture funds' do not want to reach an agreement

Debt talks on Argentina’s defaulted bonds in the hands of holdout hedge funds ultimately collapsed this week due to disagreements over prices and the absence of a government guarantee to honor payments on the paper, sources close to the discussions said.

Saturday, August 16th 2014 - 09:01 UTC

Argentine Euro-bond holders have appealed Griesa's ruling blocking payment

Euro bondholders have argued that their bonds should be exempt because they are governed by the laws of England and Wales

Holders of Euro-denominated Argentine bonds have appealed judge Thomas Griesa's ruling blocking Argentina from making payments on their debt, according to a court filing.

Saturday, August 16th 2014 - 08:45 UTC

Global trade union summit condemns actions of vulture funds against Argentina

 Workers' worldwide “mass support shows international condemnation of the speculative actions of vulture funds”, said the former union leader Ms Castro

The International Transport Workers’ Federation passed on Friday a motion condemning the actions of the 'vulture funds' against Argentina and calling ”not to allow the vulture funds to paralyze the debt-restructuring processes of developing countries or prevent states from exercising their right to protect their citizens under international law”, according to a release from the Argentine embassy in London.

Saturday, August 16th 2014 - 08:32 UTC

Argentine official inflation in July, 1.4% and 16.7% in first seven months

 Transport and communications had the largest impact on the July index

Argentine inflation rose 1.4% during July leaving consumer prices 16.7% higher than at the beginning of the year, official data showed on Friday. The July index was slightly higher than the 1.3% of June and confirms Argentina is experiencing one of the highest inflation rates in the world and only second to Venezuela in Latin America.

Friday, August 15th 2014 - 07:13 UTC

Cristina Fernandez will use anti-terrorism law against US company that closed its Argentine plant

“We are facing a real case of fraudulent behavior and an attempt to intimidate the population,” said Cristina Fernandez in a speech at Government House.

Argentina's government will use an anti-terrorism law for the first time to seek criminal charges against a U.S.-based international printing firm which closed its Argentine plant without warning, president Cristina Fernández said on Thursday. She linked the company to some of the hedge funds in litigation with Argentina over defaulted bonds.

Friday, August 15th 2014 - 06:47 UTC

New record for the US dollar in Argentina's 'blue market', 13.20 Pesos

The blue-chip swap rate went up and closed at 11.60 Pesos, while the stock exchange rate dropped to 12.54 Pesos

The US dollar in Argentine money markets continued its rising path on Thursday with a new record climb to close at 13.20 Pesos. This so-called “blue” dollar had jumped 20 cents to 13.15 pesos on Wednesday, breaking its 13.06 Pesos record from 23 January.

Friday, August 15th 2014 - 06:44 UTC

Argentine July inflation 2.47% and 39.71% in twelve months, according to Congress index

“We are under the strong impression that inflation has stabilized at an annualized 40%” said lawmaker Sturzenegger

July consumer prices index in Argentina according to the so called Congressional index, climbed 2,47% and 39.71% in the last twelve months. The same index marked 2.2% in June indicating a growing tendency.

Friday, August 15th 2014 - 06:40 UTC

Chilean lawmakers approve initiative to ban trawling in territorial waters

“Gradually reducing the effort of trawling is a presidential commitment, where marine ecosystems harmed by trawling also benefit,” pointed out Machuca.

The House of Representatives approved this week a draft agreement to ban trawling in Chile. With 55 votes in support, six against and five abstentions, the deputies voted in favor of the Draft Resolution No. 100, which requests the Executive to submit a legislative initiative to amend Article 49 of Act No. 18,892 in order to ban fish catching by trawling.

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