Economy

Economy
Wednesday, May 13th 2015 - 08:21 UTC

Latam to debate controversial issue: 'post Washington Consensus' industrial policies

IDB president Moreno will open the seminar and Ms Rodríguez, manager of the IDB’s Institutions for Development Department, will moderate the debate

The Inter American Development Bank, IDB, has organized a seminar to discuss industrial policies in Latin America and the Caribbean in a post Washington-Consensus framework. Anemic economic growth in the region is in need of policy shot in the arm.

Wednesday, May 13th 2015 - 08:14 UTC

Remittances to Latin America and Caribbean beat the 2008 pre-crisis record

“Remittances remain an important source of income for millions of families in Latin America and the Caribbean,” said IMF Fernando Jimenez-Ontiveros

Remittances to Latin America and the Caribbean set a new record high in 2014 with 65bn dollars basically supported by the recovery of the economy and labor market in the United States, according to the latest release from the Inter American Development Bank.

Wednesday, May 13th 2015 - 07:00 UTC

Cameron puts pressure on Europe for major changes and revamped links

Cameron says he wants to stay in a reformed EU but has also said that he would not be heartbroken if Britain left.

Prime Minister David Cameron will hold an early referendum on membership of the European Union if he can first reach a deal that satisfies his demands for major changes in Britain's relationship with the bloc, his spokesman said yesterday.

Tuesday, May 12th 2015 - 22:03 UTC

Falklands' Isobel Deep drilling operations have recommenced

Technical issues relating to Eirik Raude rig's blow-out preventer (BOP) control system have now been fully resolved and Premier Oil resumed drilling

Energy company Rockhopper Exploration and Falkland Oil and Gas Ltd., have announced that drilling operations at Isobel Deep well have recommenced. Isobel Deep is located in the North Falklands basin and is part of the current round of drilling in Falklands' waters.

Tuesday, May 12th 2015 - 10:41 UTC

In Chile when in difficulties turn right: former IMF deputy chief Finance minister

Othodox Valdes, 48, has held roles at Barclays and BTG Pactual, has a PHD from MIT and was formerly a deputy director of the IMF

In a move which has been interpreted as a right turn, economist Rodrigo Valdes was named as Chile's finance minister on Monday by President Michelle Bachelet, in a sweeping cabinet reshuffle in which four of her closest ministers were sacked or shifted into other roles. On Valdes' immediate to-do list is an upcoming 1.26 billion dollars international debt issue.

Tuesday, May 12th 2015 - 06:25 UTC

Argentina reacts to hedge funds attempt to block a fresh debt emission

“It is nothing more than another desperate attempt, after the vulture funds' failure in their efforts to stop the recent auction” said Ministry Kicillof

Argentina has launched a stinging attack on hedge funds attempting to block payment on last month's Bonar 24 debt issuance, stating that the petition shows the 'vulture funds' desperation following the successful auction.

Monday, May 11th 2015 - 10:11 UTC

Brazil's inflation eases in April but still well above central bank's target

The 12-month IPCA was up 8.17% through April--higher than 8.13% in March--remaining well above the central bank's 6.5% ceiling.

Brazil's consumer price inflation slowed in April, but not enough to prevent the 12-month rate from remaining well above the central bank's target. The consumer-price index, IPCA, rose 0.71% in April, compared with a rise of 1.32% in March, the Brazilian Institute of Geography and Statistics, or IBGE, said in its latest release.

Monday, May 11th 2015 - 10:08 UTC

China's cuts interest rates to reduce cost of borrowing and boost the economy

The benchmark one-year lending rate is reduced to 5.1% and the deposit rate to 2.25% from Monday, the People's Bank of China (PBoC) said on its website.

China's central bank announced Sunday it would cut interest rates by 25 basis points as authorities seek to boost the flagging economy following a raft of data indicating a slowdown. The benchmark one-year lending rate would be reduced to 5.1% and the deposit rate to 2.25% from Monday, the People's Bank of China (PBoC) said on its website.

Friday, May 8th 2015 - 08:13 UTC

Fed warns stock market levels present 'potential dangers', but sees “no bubbles forming”

Ms Yellen told IMF managing director, Christine Lagarde, that the US central bank was watching the issue closely.

The chair of the US Federal Reserve, Janet Yellen, has warned stock market levels present “potential dangers”, insisting current valuations, which have seen key US and UK indicators reach record levels, were “quite high”. However she did not see 'any bubbles forming'.

Friday, May 8th 2015 - 07:48 UTC

Brazil's central bank to continue increasing rate, with inflation on target at the end of 2016

Central bank director Luiz Awazu Pereira said secondary effects 'should be limited to 2015', the first time the bank acknowledged it in the minutes.

Brazil's central bank expects inflation to run above the official target this year and next, despite months of monetary tightening, signaling policymakers could maintain an aggressive pace of interest-rate hikes to lower stubborn prices. In the minutes of its April 29 rate-setting meeting, the bank said it would remain vigilant to ease persistently high inflation.

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