Economy

Economy
Wednesday, August 27th 2014 - 21:03 UTC

Socialist Hollande converts into orthodoxy: names former Rothschild banker in Economy

Macron, 36, acted as presidential top economic adviser until June and regarded in French business circles as their “ear” at Hollande's presidential palace.

French president Francois Hollande has replaced his maverick leftist economy minister with a former Rothschild partner in a reshuffle intended to reconcile his efforts to revive the stagnant French economy with deficit-cutting orthodoxy.

Wednesday, August 27th 2014 - 07:20 UTC

Mary Maersk sets new record: 17.603 TEU containers, but few ports can receive her

The third vessel in the Triple-E series, Mary Maersk has a nominal capacity of 18,270 TEU, but so far that capacity has not been fully utilized.

A record has been set with a Triple-E vessel carrying the highest ever number of containers between Europe and Asia. Mary Maersk left Algeciras, Spain, on its eastward journey bound for Tanjung Pelepas, Malaysia with no less than 17,603 twenty-foot equivalent units (TEU), the highest number ever loaded on a vessel.

Wednesday, August 27th 2014 - 06:33 UTC

Argentina revokes BONY authorization to operate and act as trustee

Resolution 437/2014 signed by central bank President Fabrega and Superintendent Belmonte, is based on BoNY’s “non-fulfillment of the contract”

Argentina's Cabinet Chief Jorge Capitanich confirmed that the country's Office of the Superintendent of Financial and Exchange Institutions has revoked the authorization for the bank of New York Mellon to operate in Argentina.

Wednesday, August 27th 2014 - 06:11 UTC

Some 200 million people remain vulnerable in Latam despite lesser poverty

“The pace of social and economic progress is slower now than it has been in the past decade” according to Ms Jessica Faieta

More than 56 million people have been lifted out of poverty in Latin America and the Caribbean in recent years, according to the United Nations Development Program (UNDP). But despite the progress, it warned that some 200m people, or 37.8% of the population, remained vulnerable.

Wednesday, August 27th 2014 - 06:07 UTC

As confidence vanishes, US dollar in Argentina breaks new record: 14.20 Pesos

Minister Kicillof and orthodox banker Fabrega have different approach to economic policy

Despite appeals to national unity from president Cristina Fernandez, the US dollar, Argentina's best test for confidence, climbed 22 cents to a new record in the informal market at the end of Tuesday's trading: 14.20 Pesos.

Wednesday, August 27th 2014 - 02:51 UTC

Chile ready to act as a 'bridge' between Mercosur and the Pacific Alliance

Latin American integration means having “a converging vision so we can be stronger” at global level, said Riveros

Chile is ready to act as a 'bridge' between Mercosur and the Alliance of the Pacific so that Latin American can have a greater presence in the world state, said Chilean Deputy foreign minister Edgardo Riveros during a conference in Sao Paulo at the Lula da Silva think-tank.

Tuesday, August 26th 2014 - 07:35 UTC

Brazilian consumers’ confidence at its lowest in more than five years

Tombini said that consumer-price increases in Brazil have remained within the official “tolerance range” for 10 straight years.

Brazil's consumer confidence deteriorated sharply in August to its lowest level in more than five years, the think tank FGV said Monday. The consumer confidence index fell to 102.3 from 106.9 in July. The score was the lowest since April 2009, when it was 99.7. In July, the index had risen strongly from April's 103.8.

Tuesday, August 26th 2014 - 07:26 UTC

Falklands: Premier Oil confirms full commitment to Sea Lion project

Various operators in the Falklands, including Premier have secured a rig on a time-share basis for a rolling exploration/appraisal campaign next year (Pic S. Luxton)

Premier Oil has updated progress on the Sea Lion project, the first field development offshore the Falkland Islands. Latest subsurface studies suggest recoverable reserves for the Phase 1 development at 308 MMbbl, with further upside of 60 MMbbl if next year’s well on the Chatham prospect confirms that there is no gas cap in the western side of the field.

Tuesday, August 26th 2014 - 06:48 UTC

Argentine tax office requests arrest of US company directors for 'fraudulent bankrupcy'

All the data on the 'fraudulent' bankruptcy has been given to the CNV which this week will be presenting them to the US SEC, said Echegaray

Argentina's tax office, AFIP, Federal Public Incomes Administration president Ricardo Echegaray announced it had requested the arrest of the Donnelley board of directors for what he called “playing a trick and inventing a fraudulent bankruptcy” for the printing plant located in Buenos Aires province.

Tuesday, August 26th 2014 - 06:42 UTC

Soros group and others file lawsuit against BONY over payments in Euros

The plaintiffs in the latest lawsuit which includes Soros, hold more than €1.3 billion in Argentine debt.

A group of hedge funds, including George Soros’s Quantum Partners and J. Kyle Bass’s Hayman Capital, is seeking a 226 million Euro interest payment on Argentine bonds from Bank of New York Mellon, BONY, that was blocked by a United States judge last month.

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