Economy

Economy
Friday, July 18th 2014 - 07:45 UTC

Brazil leaves basic interest rate unchanged at 11%; no surprises expected ahead of October election

Disappointing growth data is expected to keep the central bank, led by Alexandre Tombini, from raising interest rates for the rest of 2014

Brazil held interest rates unchanged for a second straight time this week but did not commit to keeping them stable for long as inflation remains high in Latin America's top economy. The Brazilian economy performance is anemic and next October president Dilma Rousseff is bidding for re-election.

Thursday, July 17th 2014 - 07:27 UTC

BRICS development bank HQ in Shanghai and India will hold the presidency

“It is a sign of the times, which demand reform of the IMF” Rousseff told reporters at the close of the summit

The first president of the BRICS group New Development Bank will be from India and the position will rotate every five years among Brazil, Russia, India, China and South Africa, said a joint statement from the leaders said.

Thursday, July 17th 2014 - 07:20 UTC

CFK says BRICS support Argentina in the holdouts dispute, but where’s the document?

Dilma Rousseff will be taking a proposal on sovereign debt restructuring to the G20 summit in Australia, according to the Argentine president

President Cristina Fernandez assured that Argentina received the support from the group of BRICS countries (Brazil, Russia, India, China and South Africa) in its struggle against the holdout speculative funds, during the two summits held in Brazil, in Fortaleza and Brasilia.

Thursday, July 17th 2014 - 07:14 UTC

CFK admits having to pay 300% profit on holdouts’ dollars, but never 1.680% as pretended

In an impassionate 26 minute speech the Argentine leader called for support in the battle with holdouts

Argentine President Cristina Fernández rejected on Wednesday the possibility of a new default during the UNASUR-BRICS meeting in Brasilia, highlighting Argentina is going to “keep on paying and honoring its debt,” while asking for support against the “so called vulture funds,” who are “pretending to collapse the Argentine debt restructuring.”

Thursday, July 17th 2014 - 06:36 UTC

Argentine Congressional index inflation: 2.2% in June and 39.9% in six months

Housing and public utilities were the items with the largest increases in June

Inflation in Argentina during the month of June reached 2.2% accumulating 39.9% in the first half of the year, according to the average of private consultants, which is also identified as the Congressional index. The announcement comes a few hours after the official rate from the Indec stats office was released, 1.3% and 15%.

Thursday, July 17th 2014 - 06:24 UTC

Brazil looking ahead to another year of record grains crop: 192.5 million tons

 Soy, corn and rice take up 85% of the planted area and 91% of total production

Brazil which has become one of the world’s food powerhouses is forecasting a record harvest of 192.5 million tons of grains, up 2.3% over the previous period, according to the latest report from the Brazilian Stats and Geography Institute, IBGE.

Thursday, July 17th 2014 - 06:15 UTC

Judge Griesa to hear arguments from banks caught in Argentina/holdouts case

Griesa has received motions from the Bank of New York Mellon, the indentured trustee that currently holds a deposit from the Argentine government

US District Judge Thomas Griesa in New York said on Wednesday that he would hear arguments on July 22 related to the banks and payment agents caught up in the Argentine sovereign debt litigation with holdout speculative funds.

Thursday, July 17th 2014 - 05:49 UTC

Holdout funds claim in ads campaign that Argentina is choosing default scenario

The American Task Force Argentina has concentrated its fire on Economy minister Kicillof

The American Task Force Argentina (ATFA), the group the government of President Cristina Fernandez has officially accused of being funded by same holdout creditors suing Argentina over its defaulted bonds, has resumed its advertisement campaign against Buenos Aires now saying the Kirchner administration is actually “choosing” a default scenario.

Thursday, July 17th 2014 - 05:39 UTC

“K” economist claims holdout hedge funds are after Argentina’s shale resources

 Economist Agustín D’Atellis bashed ‘vulture funds’

The holdout speculative funds or “vulture funds” are going after Argentina’s resource-rich Vaca Muerta region and are seeking to threaten the government with a “technical default” scenario, economist Agustín D’Atellis.

Wednesday, July 16th 2014 - 08:05 UTC

IBSA, as important if not more than BRICS for India

 PM Modi and president Dilma Rousseff during the BRICS summit in Fortaleza

Prime Minister Narendra Modi is visiting Brazil to attend the Sixth BRICS summit in Brazil on 15-16 July. During his meeting with President Dilma Rouseff, PM Modi will review the bilateral relations with Brazil with which India is committed to a strategic partnership.

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