Economy

Economy
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.

Thursday, August 21st 2014 - 06:58 UTC

Italian bondholders' representative supports Argentina decision to change debt's jurisdiction

“I care about the money reaching bondholders’ pockets” stressed Zembo

The Italian legal representative of Argentine bondholders, Tullio Zembo praised the Sovereign Public Debt Payment Law announced by President Cristina Fernandez, saying the decision to change the debt’s jurisdiction to Buenos Aires is “probably the most appropriate.”

Thursday, August 21st 2014 - 06:41 UTC

Cristina Fernandez blasts those who invest in the 'illegal currency' (US dollar)

Addressing the Buenos Aires Stock market, Cristina Fernandez insisted with her defiant attitude, and also criticized congressional opposition

Argentine president Cristina Fernandez emphasized on Wednesday evening the need to amplify “the local financial market so we will not depend on foreign fluctuations,” during the celebration of Buenos Aires Stock Market 160th anniversary.

Thursday, August 21st 2014 - 06:32 UTC

The 'blue' dollar ended trading on Wednesday at 13.55 Argentine Pesos

Money exchange market in Buenos Aires reflects the uncertainty of the latest Argentine government decisions

Following the Argentine government’s proposal to change the debt’s payment 'location' (jurisdiction) from New York to Buenos Aires, the US dollar closed on Wednesday three cents up to 8.33 pesos in banks and exchange offices of the City, while the “blue” rate added a massive 35 cents to trade at 13.55 pesos, a new record.

Wednesday, August 20th 2014 - 10:00 UTC

Citi tells Griesa its banking license in Argentina is at risk because of the 'holdouts case'

Citi expects to receive about 5 dollars million from Argentina ahead of its next coupon payment deadline of Sept. 30.

Citigroup has told the US appeals court overseeing the dispute between Argentina and hedge funds refusing to accept terms of the country's debt restructuring that its Argentine banking license may be at risk as a result of the standoff.

Wednesday, August 20th 2014 - 09:43 UTC

Chile's economy cooling faster than expected: weakest pace since 2009

The reading “was a reflection of the weak performance of the majority of economic sectors” said the central bank

Chile's GDP grew at its weakest pace since 2009 in the second quarter as investment waned and a previously rapid expansion in consumer spending slowed, central bank data showed. The economy grew 1.9% in the second quarter compared with a year ago, or a seasonally adjusted 0.2% compared with the first quarter.

Wednesday, August 20th 2014 - 09:22 UTC

Nervous Cristina skirts New York court and pledges to service swapped bonds in Argentina

CFK said debt holders can swap their bonds for notes with “identical terms and financial conditions, and with equal nominal value” under Argentine law.

President Cristina Fernandez said on Tuesday her government will move to service its defaulted debt in Argentina or allow bondholders to swap their bonds for new bonds governed by national law in order to get around a U.S. court order.

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