Economy

Economy
Thursday, July 23rd 2015 - 07:24 UTC

Over half of Argentina households belong to the middle class; only second to Uruguay

According to the PEW study, Argentina tops ranking of middle class growth, 17.5% and is among the three leading 'middle classs' countries

Argentina is the Latin American country where the middle class has grown the most in ten years, doubling in size, according to a report released by the Pew Research Center in the United States.

Wednesday, July 22nd 2015 - 07:22 UTC

BRICS bank (New Development Bank), takes off in low-key Shanghai ceremony

“Our objective is not to challenge the existing system as it is but to improve and complement the system in our own way” said NDB President Vaman Kamath

Officials from the world's largest emerging nations launched on Tuesday the New Development Bank (NDB), the second of two new policy banks heavily backed by Beijing that are being pitched as alternatives to existing institutions such as the World Bank. Also known as the BRICS bank, it follows soon after the establishment of the China-led Asian Investment Infrastructure Bank (AIIB).

Wednesday, July 22nd 2015 - 06:37 UTC

Dollar in Argentina breaks 15-Peso threshold; pro-business candidate poor showing scares markets

The 15.09 per dollar in the 'blue' or informal market was a record for this year and the first time that rate had been reached since September/October 2014.

The US dollar kept climbing in Argentina and ended trading on Tuesday above the 15 Pesos threshold after having advanced 30 cents on Monday and 54 cents today. Sunday's electoral result in the City of Buenos Aires where the pro-business PRO party just managed to scrape by with victory, has triggered growing nervousness and speculation among savers and traders.

Wednesday, July 22nd 2015 - 05:58 UTC

French president to announce emergency measures in support of farmers

“Beyond the issue of distribution and prices, I have asked that there should be an emergency plan for French livestock and dairy producers,” Hollande said

President Francois Hollande has said he would unveil emergency measures to help France’s livestock and dairy farmers on Wednesday. Tuesday’s announcement came as as livestock farmers caused chaos in the north west of France, using tractors and trucks full of manure and rubble to block roads.

Wednesday, July 22nd 2015 - 01:07 UTC

“Another example of efforts to damage the Falklands' economy”

“Argentina in 2005 unilaterally withdrew from that agreement to the detriment of both Falklands and Argentine fisheries”, claimed MLA Rendell.

The Falkland Islands government reacted strongly to statements by the Argentine official in charge of Malvinas affairs who claimed that “the theft of squid and other valuable fish stocks” in the South Atlantic, was the reason behind the success of the Islands' economy, according to a report from the Express.co.uk.

Tuesday, July 21st 2015 - 05:49 UTC

White House advisor, expert in stimulus next IMF chief economist

Currently on leave from Berkeley to serve on President Obama's Council of Economic Advisers, Obstfeld will take over from retiring Olivier Blanchard

The International Monetary Fund has named as its new chief economist Maurice Obstfeld, an academic and White House economic adviser known for his work on money flows and international finance.

Monday, July 20th 2015 - 08:06 UTC

France calls for an 'Euro government” led by a 'vanguard of countries'

“I have proposed taking up Delors' idea about Euro government, with the addition of a specific budget and a parliament to ensure democratic control”.

France favors a “stronger organization” behind the Euro led by “a vanguard of countries”, French President Francois Hollande said in an interview published Sunday. In the past week “the European spirit prevailed” in addressing the Greek crisis, he told the weekly Journal du Dimanche.

Monday, July 20th 2015 - 08:03 UTC

A new chapter for Greece: banks reopen and a raft of VAT increases

The reopening of banks and an increase in VAT are aimed at restoring trust inside and outside Greece after an aid-for-reforms deal averted bankruptcy.

Banks in Greece expect long queues but no major problems when they reopen this Monday for the first time in three weeks, although withdrawals will still be limited and capital controls will remain, senior banking officials said on Sunday.

Monday, July 20th 2015 - 07:37 UTC

Dairy prices forecasted to continue falling as Southern hemisphere milking season takes off

Fonterra, the world’s largest dairy exporter, has seen profits fall for nearly two years in the face of volatile prices, which sank to a 12 1/2-year low last week.

New Zealand dairy exporter Fonterra is cutting jobs in an effort to shore up its cash flows as a slump in global dairy demand, particularly from number one buyer China, threatens to snuff out the country’s “white gold rush.”

Monday, July 20th 2015 - 07:30 UTC

Brazil's Levy warns that relaxing spending cuts will only extend the pain

Interviewed by Folha de Sao Paulo Levy said that reducing the surplus target “will bring about more costs for the country, no doubt about it”

Brazil's Finance minister Joaquim Levy warned that any attempt to relax spending-reduction goals for this year would inevitably extend the duration of the current fiscal adjustment program. The statement was made on Sunday in a long interview with one of Brazil's leading dailies, Folha de Sao Paulo.

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