Economy

Economy
Thursday, October 9th 2014 - 07:17 UTC

“Easy money” will be around for some time still, say Fed's minutes

Fed chair Yellen has sought to reassure markets that any rate rise will be data dependent: when US economic growth and employment improve substantially

US markets rose sharply after minutes from the September meeting of the Federal Reserve were released. The transcript indicated that US central bankers were wary of raising rates too soon. Officials were worried markets were too focused on a rate rise happening during a specific period of time.

Thursday, October 9th 2014 - 07:09 UTC

Low interest rates could lead to operations with riskier assets, warns IMF

IMF does not question very low interest rates to help recovery, but there are signs of growing financial excesses

The International Monetary Fund has warned of new risks to global financial stability. Low interest rates could lead investors to buy riskier assets as they seek better returns, the IMF says.

Thursday, October 9th 2014 - 07:05 UTC

Senior UK banker admits conspiring to defraud by manipulating the Libor rate

The UK economic secretary to the Treasury, Andrea Leadsom, said: “The integrity of the City matters to the economy of Britain”

A senior banker from a UK bank has admitted conspiring to defraud over manipulating the Libor lending rate. The banker, who cannot be named for legal reasons, is the first person in the UK to plead guilty to the offence.

Thursday, October 9th 2014 - 06:51 UTC

World Bank staff strike off; chief financial officer declines part of annual bonus

The move was an attempt to appease staff, who were angry that Bertrand Badre got a bonus while the bank was cutting jobs.

The World Bank chief financial officer is giving up part of his bonus after an uproar over cost-cutting measures at the lender. Bertrand Badre will decline the remainder of his 94,000 dollar annual bonus, the bank said.

Wednesday, October 8th 2014 - 20:40 UTC

IMF forecasts two years of recession for Argentina

“Increasing economic misbalances” and “uncertainty” because of the ongoing litigation with the holdouts

The International Monetary Fund anticipates two years of recession for Argentina in a context of “increasing economic misbalances” and “uncertainty” because of the ongoing litigation with the holdouts or 'vulture funds', as well as inflationary tensions.

Wednesday, October 8th 2014 - 08:16 UTC

Whoever wins Uruguayan election, no major changes in policy, says US bank

The bank reveals a downturn in construction and manufacturing

Under the heading of “Emerging markets prospects and strategy” the US bank group JPMorgan-Chase states that no matter who wins in Uruguay's 26 October presidential election, “we do not expect significant changes in the framework of current policy”.

Wednesday, October 8th 2014 - 07:54 UTC

IMF keeps Uruguay's growth estimate for this year, but lowers 2015

As to the jobs market the IMF kept previous estimates unchanged with unemployment 6.8% this year and 6.9% in 2015

The International Monetary Fund kept Uruguay's growth estimate for this year at 2.8% but lowered the forecast for 2015 to 2.8% from 3%, according to the latest World Economic Outlook. Last year the Uruguayan economy expanded 4% and the government's target for this year is 3%.

Wednesday, October 8th 2014 - 07:51 UTC

Argentina needs an “urgent change of course” and better relations with financial markets

“Humbly speaking if I was in Argentina's shoes, that would be my priority”, said economist De la Torre .

The Argentine economy needs an urgent change of course which would have the effect of reestablishing normal relations with the financial market, a crucial step to open a maneuvering space in an ever more complex environment, suggested Augusto de la Torre, World Bank chief economist for Latin America.

Wednesday, October 8th 2014 - 04:05 UTC

World Bank: end of boom doesn’t have to mean a bust for the poor in Latin America

During the golden years Latam was able to cut extreme poverty by half to 12%,  and double the ranks of the middle class to 34% of the population in 2012

During the recent commodity boom, Latin America and the Caribbean proved that growth could be pro-poor and help fuel tremendous social progress. Now as growth slows regionally and beyond, it is critical to consider what will shore up economic activity while ensuring the poor won't stay behind.

Wednesday, October 8th 2014 - 03:50 UTC

Brazilian and Chinese banks support for Argentina in bonds litigation confirmed

The Dilma Rousseff administration seeks “maximum discretion” for this operation while keeping the Argentine government informed, Garcia admitted

Brazil’s PTG Pactual Bank and the China Construction Bank are at the forefront of the initiative to buy up the 1.6 billion dollars of debt which Argentina owes “holdouts” NML-Elliott and Aurelius, according to a report from Buenos Aires Ambito Financiero, the country's leading financial newspaper.

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