Economy

Economy
Tuesday, September 9th 2014 - 04:00 UTC

China exports up 9.4% in August over a year ago, but imports were down 2.4%

The unexpected dip in imports was seen by economists as a sign of ongoing weak domestic demand on the mainland

China's latest export numbers rose by 9.4% in August from a year earlier, beating forecasts of about 8% growth. The official data showed imports dropped by 2.4% from the year before, though, which left the country with a record surplus of 49.8bn dollars.

Tuesday, September 9th 2014 - 03:27 UTC

Dilma confirms Finance minister Mantega is stepping down in October

“Guido has already told me that he cannot stay in the government for a second term due to personal reasons, which I ask you to respect,” said Rousseff

President of Brazil Dilma Rousseff has affirmed that current Finance minister Guido Mantega will not carry on in his post should the Workers' Party (PT) candidate win a second term as head of state in October's presidential elections.

Monday, September 8th 2014 - 06:35 UTC

China aids Argentina: a billion dollars in Yuan pledged by end of the year

The announcement from the Argentine central bank was made following a meeting of Fabrega with his Chinese counterpart Zhou Xiaochuan in Basilea

Argentina's central bank chief, Juan Carlos Fabrega, met his Chinese counterpart Zhou Xiaochuan in Basilea, Switzerland on Sunday to discuss how a currency swap worth billions of dollars will be put into action, the Argentine monetary authority said.

Monday, September 8th 2014 - 05:56 UTC

Dilma pledges new economic policy and team if she wins: bye, bye Mantega

 “I won't speak of appointments, but a new government will require a new staff. I have no doubt about that,” said the Brazilian president

Brazil’s President Dilma Rousseff has hinted that if re-elected next month, she would not reappoint Finance Minister Guido Mantega. When reporters in Fortaleza asked Rousseff about Mantega’s role if she were re-elected, she responded that, “A new election means a new government, a new team.”

Saturday, September 6th 2014 - 06:36 UTC

Argentina and holdouts again disagree before Pollack; end of September another deadline

Pollack said that parties met again to continue exploring possibilities, but “the issues that divide the parties remain unresolved”

Argentina still has “unresolved” issues preventing a settlement with bondholders suing the country for repayment after not participating in the country's restructurings following its 2002 default, a court-appointed mediator said Friday.

Saturday, September 6th 2014 - 06:27 UTC

Brazil's industrial activity shows the economy if far from a strong recovery

The poor showing “is caused by a strong retraction in investment and recent industrial data,” said CNI economic policy manager, Flavio Castelo Branco.

Industrial-activity data released this week added to worries that Brazil's economy, already in recession, is far from a strong recovery. The trade group National Confederation of Industry, CNI, said revenue for the Brazilian manufacturing sector fell 5.1% in July from a year earlier and rose 1.2% from June.

Saturday, September 6th 2014 - 03:14 UTC

Argentina says creditors willing to swap bonds; holdouts warn about “contempt of court”

“Many bondholders have expressed publicly their will to accept new bonds of sovereign payment,” Capitanich told reporters

Argentina's Cabinet Chief Jorge Capitanich said on Friday that “many” creditors are willing to accept a change in payment location to collect their money as the ongoing legal dispute with the holdouts continues to endanger the country's international credit and reputation.

Friday, September 5th 2014 - 07:47 UTC

Argentine Senate approves bill changing debt payment jurisdiction; next step Lower House

“Sometimes there are court decisions that cannot be followed,” said Miguel Angel Pichetto, head of the government's coalition in the Senate.

Argentina's Senate on Thursday passed a bill aimed at circumventing U.S. court decisions regarding its defaulted debt by changing payment jurisdiction, sending the proposal to the lower house Chamber of Deputies for final approval. The chamber, like the Senate, is controlled by government allies who are expected to vote the bill into law.

Friday, September 5th 2014 - 07:33 UTC

NML Capital subpoenaed 18 banks in search of embezzled Argentine funds

Lead attorney for NML, Robert Cohen of Dechert, said  that the list of banks all have at least a presence in the United States

NML Capital Ltd, a creditor suing Argentina in the U.S. courts for full payment on defaulted debt, subpoenaed 18 banks last week in an effort to track down 65 million dollars in what it says is embezzled Argentine money laundered through the United States.

Friday, September 5th 2014 - 03:28 UTC

Falklands' GDP 'volatile' because of fisheries and oil and gas exploration

Oil industry activities input to the Falklands economy in 2012 meant the per capita GDP soared to £77.4 thousand for 2012.

Recently released data shows that the Falkland Islands Gross Domestic Product (GDP) continues to be volatile: expanding considerably during some years and shrinking in others. For example, 2012, a year of intense hydrocarbons activity the per capita for a population of 2.562, in the books soared to £77.400.

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