Economy

Economy
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.

Wednesday, October 8th 2014 - 03:46 UTC

World Bank supports Argentina, favors institutional frame for 'holdouts'

“I welcome Argentina’s initiative in the UN and every way in which these problems can be solved”, said economist Augusto De la Torre

World Bank Chief Economist for Latin America and the Caribbean Augusto De la Torre has said the ongoing conflict between Argentina and holdout creditors is due to the “lack of international debt regulation frames”, and favored Argentina's initiative in the UN to “solve the situation.”

Wednesday, October 8th 2014 - 03:43 UTC

IMF lowers Latam growth forecasts: declining exports and domestic constraints

”These worse prospects are in turn affecting confidence, demand, and growth today,” said Olivier Blanchard, head of the IMF’s Research Department

The International Monetary Fund cut its global economic growth forecasts for the third time this year, warning of weaker growth in core Euro zone countries, Japan and big emerging markets like Brazil.

Wednesday, October 8th 2014 - 03:40 UTC

Ebola outbreak threatens Africa with dramatic consequences, says IMF

Since it was detected in Guinea in March, spreading to neighboring Sierra Leone and Liberia, the Ebola epidemic has killed more than 3,400 people

Saharan Africa's economic growth remains strong and should accelerate to 5.8% in 2015 but if the Ebola outbreak in its western corner is protracted or spreads it will have “dramatic consequences” for that zone, the IMF said on Tuesday.

Tuesday, October 7th 2014 - 22:19 UTC

Despite record shrimp season, Argentine seafood landings drop 7.3%

Shrimp landing reached 80.362.9, which is 27.6% higher compared to the same 2013 period: 62,937.2 tons.

Seafood landings in Argentine sea ports between January first and 30 September totaled 584,835.1 tons of seafood resources, 7.3% less that the same period a year ago, 630,393 tons.

Tuesday, October 7th 2014 - 06:04 UTC

IMF urges changes in sovereign bonds' contracts, following Argentina's case

The IMF report said that the standard “pari passu” or “equal treatment” clause in Argentine bond contracts permitted holdouts to make their claim for 100%.

The International Monetary Fund on Monday urged changes in sovereign bond contracts as Argentina remained mired in a US court battle with holdouts or “vulture funds” years after its massive debt restructuring.

Tuesday, October 7th 2014 - 05:56 UTC

Brazilian markets clearly support challenger Neves: Bovespa up 4.7%

Neves also was quick in announcing his Finance minister in case of victory, Arminio Fraga, a much respected banker

The Sao Paulo stock exchange soared 4.7% on Monday with the Bovespa index reaching 57.115 points following Sunday's presidential election when no candidate managed 50% of ballots, opening the way for a runoff between pro-business Aecio Neves and president Dilma Rousseff.

Tuesday, October 7th 2014 - 05:46 UTC

“Blue” dollar in Argentina further plummets as market waits for new rules

With the latest changes in the Central bank, Economy minister Axel Kicillof has become the most powerful official of the Cristina Fernandez administration

The US 'blue' or informal dollar plunged 35 cents at the end of trading on Monday in Argentina to 14.95 Pesos after dropping another 20 cents last Friday, amid uncertainty about the new Central bank authorities policies and what is anticipated will be tighter controls on 'illegal' trading.

Tuesday, October 7th 2014 - 00:53 UTC

Holdouts insist they want to negotiate with Argentina a solution to bonds dispute

“The interest of my client is to negotiate a solution to the dispute with Argentina”, said Cohen in New York

Lawyer Robert Cohen representing NML, the main holdout fund in litigation with Argentina, insisted that his client is prepared and willing “to negotiate” but also questioned the government of President Cristina Fernandez attitude during the court hearings in New York over the restructured debt.

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