Economy

Economy
Friday, April 22nd 2016 - 07:48 UTC

Singer praises Macri and calls him a great 'reformist' in a Time weekly column

The policies of Argentina’s ruling duo, Nestor and Cristina Kirchner, led to rampant inflation, falling currency value and capital flight,” wrote Singer

United States hedge fund billionaire Paul Singer is a big fan of Argentina’s new president. For one thing, Mauricio Macri doesn’t call him a “vulture lord” or a “bloodsucker,” as his predecessor Cristina Fernández did. More important, the newly elected Macri recently paid Singer’s firm US$2.28 billion in debt.

Friday, April 22nd 2016 - 07:14 UTC

Floods in Uruguay have 10.000 people displaced and losses are estimated in a billion dollars

The latest report indicates that 10.097 people have been forced to abandon their homes:  2.656 had to be evacuated while 7.699 did it on their own means

Uruguay's emergency committee reported on Thursday another death and over 10.000 people displaced because of widespread floods that followed a tornado and several days pouring rain. The ninth victim is a farmhand who fell off his horse while trying to cross an overflowed canal. A few hours before the body of a missing farmer was found kilometers down a river that sucked him while he was trying to save cattle.

Friday, April 22nd 2016 - 06:37 UTC

Cueto group takes major loss because of Latam Airlines performance problems

 Juan José Cueto, CVA president, in a letter to shareholders reported that the situation can be traced to the group's investment in Latam Airlines Group

Latam Airlines Group, made up of Chilean and Brazilian investors, ended last year with losses of 219 million dollars. However during the same period the Cueto family investment group, identified as Costa Verde Aeronautica, CVA, suffered even higher losses, 414 million dollars, mostly because of the performance problem of the largest Latin American airline.

Thursday, April 21st 2016 - 12:16 UTC

Ecuador raises taxes to rebuild cities devastated by major earthquake which continues with aftershocks

Late Wednesday, the government raised the death toll to 570 and climbing. Officials listed 163 people as missing while the number of homeless climbed over 23,500.

President Rafael Correa announced Wednesday night that he is raising sales taxes and will charge a one-time levy on millionaires to rebuild cities devastated by Ecuador's worst earthquake in decades. In a televised address, Correa said damages from the 7.8-magnitude quake will likely run into the billions of dollars, adding to already heavy economic hardships triggered by the collapse in world oil prices.

Thursday, April 21st 2016 - 11:49 UTC

Monsanto in collision course with the administration of president Macri

Monsanto is set to challenge Argentina’s attempts to retain control over lab analysis to verify the origin of its grain exports.

Monsanto has rejected a request by Argentina for more time to collect monies owed by small farmers for royalties on genetically modified soybean seeds. Argentine agricultural minister Ricardo Buryaile and members of his staff have met with Monsanto representatives, including chief operating officer Brett Begemann to request a waiver on the monies owed.

Wednesday, April 20th 2016 - 06:58 UTC

Argentina makes emerging-market record US$ 16.5b debt sale and ends litigation with bondholders

“We are resolving three issues at the same time: the 2001 default, the default of the previous government and we are returning to the market” said Minister Prat Gay

Argentina announced on Tuesday the largest emerging market debt sale on record with a global offering of 16.5bn dollars at an average interest rate of 7.14%, well below what it had planned in March in the midst of negotiations to end litigations with holdout funds opening the way, after fifteen years, for the return to world money markets. Underwriters received 68.5bn dollars in orders for bonds, more than four times the value of the debt.

Wednesday, April 20th 2016 - 06:15 UTC

Bank of England says it has a duty to talk about the Brexit referendum

BoE governor Carney said the vote was the biggest risk to the UK's financial stability and pointed out that uncertainty was already hitting the growth outlook.

It is the Bank's duty to talk about the European Union referendum risks, argues the Bank of England governor Mark Carney, dismissing accusations the Bank is too political. The referendum takes place on 23 June and has become highly controversial.

Tuesday, April 19th 2016 - 22:42 UTC

First commercial airliner lands in St Helena: new chapter of opportunities for the BOT island in mid Atlantic

British Airways Boeing 737-800 prepares to touch down at St Helena’s airport.  It is the actual Boeing aircraft which will serve the St Helena/Johannesburg route.

The British Overseas Territory St Helena in mid Atlantic made history on Monday as the first large passenger jet aircraft, a Boeing 737-800 (ZS-ZWG), touched down at St Helena’s new Airport shortly after 12.00 noon. This is the actual Boeing aircraft which will serve the St Helena/Johannesburg rout, according to a release from the local government.

Tuesday, April 19th 2016 - 09:14 UTC

Temer prepares to take over, but Rousseff followers pledge to fight in the Senate and in the streets

Vice-president Temer, who Rousseff accuses of masterminding a 'coup', apparently is working on a wide ranging 'national coalition' and 'salvation cabinet'.

Financial markets in Brazil, and globally, are betting that with the exit of president Dilma Rousseff, a more business friendly government will take over helping Latin America's largest economy to kick-start with vice-president Michel Temer, who apparently is working on a wide ranging 'national coalition' and 'salvation cabinet'.

Tuesday, April 19th 2016 - 08:47 UTC

Spectacular Argentine return to money markets: bond issue subscribed several times

Argentina attracted US$ 67bn bids for its first bond issue in world markets since it defaulted back in 2001

Argentina marked a spectacular comeback to world money markets on Monday when its first bond issue in fifteen years attracted bids more than three times reaching US$ 67 billion. Argentina is after US$ 15bn which will help pay creditors on its ongoing litigation, since the country defaulted back in 2001.

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