Economy

Economy
Friday, August 22nd 2014 - 08:04 UTC

Argentina suspends beef exports 15-days to contain domestic prices

Schiariti said the measure represents the “same ineffectiveness and ignorance over the (beef) sector” that ex Domestic Trade Secretary Guillermo Moreno had

The Argentine government has decided to restrict beef exports for a 15-day period seeking to stem the rise of prices in the domestic market. The decision was confirmed by Cabinet Chief Jorge Capitanich and sparked criticism by business leaders in the sector with some voices saying the strategy will have “no positive effects.”

Friday, August 22nd 2014 - 07:43 UTC

Argentina describes Griesa as 'ignorant' and lacking knowledge on democratic institutions

Kicillof, the all powerful minister who is at the centre of the clash with New York justice

The Argentine government again blasted Judge Thomas Griesa for declaring 'illegal' the bill sent to Congress referred to the country's debt and creditors, and said the magistrate “ignores national sovereignty” and “ignores how democratic institutions function”.

Friday, August 22nd 2014 - 07:33 UTC

European holders of swapped Argentine bonds willing to accept removal of the RUFO clause

“We are working with Deutsche Bank to make progress as fast as we can during negotiations” according to Latham & Watkins

European investors holding 5.2 billion dollars of restructured Argentine bonds are negotiating the removal of the Rights Upon Future Options (RUFO) clause that Argentina claims prevents them from negotiating with holdout funds, it was reported in the Buenos Aires media.

Friday, August 22nd 2014 - 07:17 UTC

Griesa leaves Argentina 'in contempt' ledge; warns any change of jurisdiction was 'lawless'

The New York judge added that any entity that aids Argentina in its efforts to move jurisdiction would also be in violation of his sentence.

US District Judge Thomas Griesa declared on Thursday that an Argentine plan to change the 'jurisdiction' of restructured foreign debt was illegal, while resisting holdout investors' demands that Argentina be held in contempt of court for attempting to change the site of payment to Buenos Aires.

Friday, August 22nd 2014 - 00:08 UTC

Premier oil shows stronger than expected output in first half of the year

The company's four-well drilling program in the Falkland Islands, is expected to start in the second quarter of 2015.

Falkland Islands involved oil and gas explorer Premier Oil may upgrade its 2014 production forecast after stronger-than-expected output in the first half of the year, pending the outcome of summer maintenance work, its Chief Executive said. The company reported a 7% rise in first-half profit after tax on Thursday, helped by strong oil production from its British fields.

Thursday, August 21st 2014 - 08:30 UTC

Kicillof: “no change of NY jurisdiction, but a change of payment location”

 Judge Griesa “clearly benefits” 1% of creditors “that never entered and never wanted to enter” the debt restructurings, claimed Kicillof

Argentina's new plan to skirt U.S. courts and resume payment on defaulted bonds aims to protect creditors who participated in two debt restructurings, Economy minister Axel Kicillof said on Wednesday. But he also emphasized that the bill sent to Congress did not mean a 'change of jurisdiction' from New York but rather a change of payment 'location'.

Thursday, August 21st 2014 - 08:06 UTC

'A contempt of court does not apply to sovereign Argentina', says Capitanich

The cabinet chief during his daily morning media conference

Anticipating what seems an imminent order of contempt-of-court by US Judge Thomas Griesa following Argentine President Cristina Fernández decision to push a bill to change the payment jurisdiction to Buenos Aires, Cabinet Chief Jorge Capitanich pointed out that as a “sovereign country” Argentina cannot end up in contempt despite Griesa’s warnings.

Thursday, August 21st 2014 - 07:31 UTC

“Slack of US labor market” keeping the Fed from raising interest rates

Many Fed members pointed to the millions of workers who have been out of work for extended periods or who are unable to find full-time employment.

The US Federal Reserve hinted that a surprisingly strong jobs market recovery could lead it to raise interest rates earlier than it had been anticipating. At the same time, most Fed officials wanted further evidence before changing their view on when rates should rise, according to the minutes from the central bank's July 29-30 meeting.

Thursday, August 21st 2014 - 07:18 UTC

Argentina back-steps on applying 'anti-terrorism' law on a US company

Argentina's head of the securities regulator, CNV, Alejandro Vanoli said that the anti-terrorism law will not be applied against the United States printing firm RR Donnelley, as president Cristina Fernández had announced last Thursday.

Thursday, August 21st 2014 - 07:07 UTC

Aurelius Capital brands Argentine leaders 'outlaws' for flouting US courts orders

 Tuesday evening President Cristina Fernandez revealed a plan to shift interest payments to holders of the country's restructured bonds to an Argentine bank

One of two hedge funds that sued Argentina over defaulted bonds branded the country's leaders “outlaws” on Wednesday after Buenos Aires moved to shift its bond payment method.

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