Economy

Economy
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.

Tuesday, August 26th 2014 - 06:35 UTC

Argentina will appeal WTO ruling against the use of import restrictions

 Deputy minister Emmanuel Alvarez confirmed the dispute with WTO but said that “Argentine customs are not closed, but looked after”.

Argentina will appeal a World Trade Organization ruling against its use of import restrictions, according to a senior Argentine official. On Friday a WTO dispute panel found against Argentina in a 2012 case brought by the United States, the European Union and Japan relating to Buenos Aires licensing rules used to restrict imports.

Saturday, August 23rd 2014 - 07:21 UTC

“Significant drop” in cruise calls in Uruguay this coming season

A spectacular sight to be repeated this season, four cruise vessels in Punta del Este

A significant drop in the number of calls and visitors is forecasted for this coming 2014/15 cruise season in Uruguay, according to tourism officials. While in the last season Uruguay received 238 cruise calls, beginning November the number is expected to drop to 187, this apparently because of the very high costs in the ports of Buenos Aires and Brazilian terminals.

Saturday, August 23rd 2014 - 07:14 UTC

Despite overall slowing down in Chile, Magallanes region continues to grow

Despite less Argentines tourists and coal market with little demand, fisheries, aquiculture, beef and wool have helped the region's economic activity

Although overall Chile is undergoing a period of economic deceleration, which the government is trying to address with lower rates and full execution of public works investments, the Magallanes region in the extreme south of the country was among those with the best performance in the second quarter having expanded a healthy 2.8%.

Saturday, August 23rd 2014 - 07:02 UTC

Bank of England minutes show some members voted to raise interest rates

However Bank Governor Mark Carney has said that any rise in interest rates would be gradual.

Two members of the Bank of England's Monetary Policy Committee (MPC) voted to raise interest rates in August, the first time in three years that policymakers have done so. The minutes of the meeting on 6-7 August show Ian McCafferty and Martin Weale voted for a 0.25% rise to 0.75%. It means the nine-member MPC voted 7-2 to hold interest rates at their historic low of 0.5%.

Saturday, August 23rd 2014 - 06:50 UTC

Brazil approves port infrastructure works for 1.73bn in Rio and Santos

Santos is one of the country's busiest ports with long queues at times of harvest

Brazil's National Port Authority and Waterways has approved 1.73bn dollars in port infrastructure works to be carried out by three local operators: steelmaker CSN, container terminal operator Santos Brazil and US food and agribusiness firm Archer Daniels Midland Company (ADM).

Saturday, August 23rd 2014 - 06:46 UTC

Chilean Peso depreciation expected to continue in coming months

The Chilean currency has slipped 19% versus the dollar since January 2013

The US dollar climbed to 584 Chilean Pesos at the end of trading in the Santiago money market, signaling a slow but steady increase for several months now and with prospects of continuing according to analysts. A greenback at 600 Pesos is not far away according to market analysts.

Saturday, August 23rd 2014 - 06:18 UTC

Yellen insists with expansive policies despite growing pressure from 'hawks' on interest rate

“Five years after the end of the recession, the labor market has yet to fully recover,” argues Fed chief Yellen

Federal Reserve Chair Janet Yellen said Friday that the US jobs market has not yet fully recovered, but acknowledged that data is sending mixed signals, spurring debate over inflationary pressures. In a speech to leading central bankers in Jackson Hole, Wyoming, Yellen, who has kept Fed policy expansive due to perceived excess slack in the jobs market, gave no clear new signs for monetary policy.

Friday, August 22nd 2014 - 23:36 UTC

WTO rules against Argentina in trade dispute with world powers

The three trade powers argued that Argentina did not grant licenses to importers automatically as required by WTO rules

The World Trade Organization (WTO) dispute panel ruled on Friday against Argentina in a 2012 case brought by the United States, European Union and Japan against Argentine import licensing rules used to restrict imports.

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