Economy

Economy
Saturday, February 28th 2015 - 07:28 UTC

Reshuffle in UK's Standard Chartered leadership; Bill Winters next CEO

Former JPMorgan investment bank head Bill Winters will replace Sands at the group

Britain's Standard Chartered announced on Thursday the exit of its top two bosses in a radical management reshuffle, as the Asia-focused bank battles to transform its fortunes.

Saturday, February 28th 2015 - 07:14 UTC

China has become Latin America's leading banker: 22bn dollars in 2014

Venezuela's Maduro travelled to China in early January and alleges to have secured 20bn for his country's ailing economy

Loans by China's state-owned banks to Latin American countries rose by 71% to 22bn dollars in 2014, according to estimates published by the China-Latin America Finance Database. The figure is the second largest on record for Chinese lending in Latin America, according to the report.

Friday, February 27th 2015 - 08:22 UTC

Brazilian hard line unions win conflict and beat moderates in elections

In a compromise with the union, GM agreed to furlough 650 workers for five months, with a guarantee they will get their jobs back

Workers at a General Motors Co car factory in Brazil ended a six-day strike on Thursday after the company dropped plans to lay off 800 employees, the union said, ending the latest labor standoff in the troubled Brazilian auto industry.

Friday, February 27th 2015 - 08:14 UTC

Striking Brazilian truckers will be fined for roadblocks, warns government

Cardozo admitted 97 road blocks remain, down from a peak of 119 on Wednesday, as truckers protest in seven states over fuel prices and other costs.

The Brazilian government will start fining truckers as a strike in its ninth day threatens Latin America’s largest economy with food and fuel shortages. According to a report from Folha de Sao Paulo, the police will fine drivers who block highways as much as 10,000 Reais (3,470 dollars) per hour, Justice Minister Jose Eduardo Cardozo told reporters in Brasilia.

Friday, February 27th 2015 - 05:46 UTC

Argentine Congress approves 'strategic integral alliance' agreements with China

Cristina Fernandez with Xi Jinping during her recent visit to China when she signed the raft of agreements

Despite the strong questioning from the opposition, the manufacturers' lobby and many unions, the Argentine ruling coalition mustered sufficient votes in the Lower House to pass the controversial package of cooperation, economic and investment agreements between Argentina and China.

Thursday, February 26th 2015 - 04:14 UTC

Brazilian lawmaker wants closer ties with 'Falklands' and even considers 'a friendship forum'

Celso Maldaner belongs to the strongest electoral party in Brazil and main ally of the ruling coalition headed by president Rousseff

Brazilian federal Deputy for the southern state of Santa Catarina Celso Maldaner who last week visited the Falkland Islands said he wants to 'influence and push' for a commercial opening of Brazil with the Islands, since he believes there is great potential for making business particularly regarding fisheries and tourism.

Wednesday, February 25th 2015 - 05:27 UTC

Argentina will appeal on Thursday Judge Griesa's 'contempt of court'

Kicillof said the 2nd US Circuit Court of Appeals in New York has sent no “warning” to Argentina regarding a contempt order

The Argentine government will present on Thursday its appellant’s brief over the contempt of court ordered by New York Judge Thomas Griesa, the Economy Ministry has confirmed. Griesa had ruled Argentina in contempt of his orders due to working on a plan to shift control over payments of its restructured debt to Buenos Aires.

Wednesday, February 25th 2015 - 04:38 UTC

German court rules against Argentina on bonds' interest payments

Presiding Judge Hans-Ulrich Joeres said there were no collective action clauses allowing a restructuring by majority in the Deutsche Mark denominated bonds

Argentina lost a ruling at Germany’s top civil court over interest payments on bonds it sold to investors in the European country that don’t have terms that allow for restructuring by a majority vote of creditors, according to a report from Bloomberg at Karlsruhe.

Wednesday, February 25th 2015 - 04:33 UTC

HSBC reports 17% fall in annual pretax profit; 3.7bn provision for settlements and fines

CEO Gulliver: “A number of us, myself included, think the practices of the private bank back in the past are a source of shame and reputational damage to HSBC”

HSBC reported a 17% fall in annual pretax profit and cut its profitability target, saying allegations its Swiss business had helped customers to dodge taxes had brought shame on the bank. Results from Europe's biggest bank reflected the cost of past misconduct and of protecting itself against the impact of further scandals.

Wednesday, February 25th 2015 - 04:23 UTC

HSBC singles Brazil, Mexico and U.S. as 'problem areas': 12/24 months to prove their worth

By assets HSBC is seventh-largest bank in Brazil; fifth-largest in Mexico and 12th-largest in the U.S. But in terms of profits they are dwarfed by Asia.

HSBC singled out three large markets in the Americas, Brazil, Mexico and the U.S., as problem areas in which its businesses need to shape up or face restructuring, including possible asset sales. “We're talking of 12 to 24 months”.

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