Economy

Economy
Wednesday, March 18th 2015 - 08:28 UTC

Rousseff pledges talks with critics and admits government needs to show humility

In a closely watched speech in Brasilia, Rousseff said her under pressure government had to open “dialogue” with society and act with “humility.”

Brazilian President Dilma Rousseff pledged to hold talks with her growing number of critics and said her embattled government needed to show humility, after the Sunday massive protests erupted across the country.

Wednesday, March 18th 2015 - 08:20 UTC

EU main economies announce plans to join China-led development bank, despite US warning

German Finance Minister Wolfgang Schaeuble said his country along with Italy and France “want to bring our long experience... to help the bank build a solid reputation”.

France, Germany and Italy on Tuesday announced plans to join the Chinese-led development bank AIIB, drawing concern in Washington which views the institution with skepticism. The three European countries want ”to become founding members of the Asian Infrastructure Investment Bank (AIIB)”, they said in a statement.

Wednesday, March 18th 2015 - 08:14 UTC

Failure to approve IMF reforms puts “credibility of the US at risk” Lew warns Congress

‘Our continued failure to approve the IMF quota and governance reforms is causing other countries, including some of our allies, to question our commitment to the IMF’ said Lew

The credibility of the United States is at risk if Congress fails to approve International Monetary Fund quota and governance reforms, Treasury Secretary Jacob Lew warned on Tuesday. For more than two years the US Congress has prevented the 2010 IMF reforms from taking effect.

Wednesday, March 18th 2015 - 08:07 UTC

Citigroup to exit custodial business in Argentina following ruling from Judge Griesa

Citigroup has not decided how to exit the custody business, but may sell portions or end some customer relationships, according to the letter from its lawyer Karen Wagner.

Citigroup Inc announced on Tuesday it plans to exit its custodial business in Argentina as soon as possible, after a US judge refused to lift an injunction that blocked the bank from processing interest payments on 2.3 billion of Argentina bonds, issued under Argentine law.

Tuesday, March 17th 2015 - 07:59 UTC

Treasurer of Brazil’s ruling party formally charged in the Petrobras corruption scandal

Prosecutors have “ample proof” that Workers ‘Party Treasurer Joao Vaccari solicited donations from Petrobras ex/services chief Renato Duque and engineering firms’ executive

Brazilian prosecutors have formally charged the treasurer of the ruling Workers' Party and 26 others with corruption linked to state-run Petrobras, in the latest blow to President Dilma Rousseff from the widening scandal.

Tuesday, March 17th 2015 - 07:39 UTC

Cristina Fernandez manages to split the farmers’ united front after years of confrontation

‘This is a program that is the government's decision, but it is also a policy agreed upon point by point with the other side, which is the FAA,” said Cristina Fernandez on national television

Argentine president Cristina Fernandez, on the campaign trail ahead of October’s national elections, announced on Monday the creation of a new fund which will reduce by up to 50% the 'retention' taxes on exportation rights paid by small and medium agriculture farmers.

Tuesday, March 17th 2015 - 07:23 UTC

Griesa rejects Citigroup petition to allow payment of bonds issued under Argentine law

Griesa had previously allowed Citigroup to process operations on three separate occasions before making a final decision on the issue. Next set of payments must be made by March 31.

New York district judge Thomas Griesa has declined a request from the Citigroup bank to allow the entity to process the payment of Argentine bonds under local law while an appeal against the magistrate's negative ruling is being prepared.

Monday, March 16th 2015 - 10:25 UTC

UK caught on the wrong side in a US/Beijing dispute over Chinese development bank

“There will be times when we take a different approach,” a spokesperson for Prime Minister David Cameron said about the rare rebuke from the US.

The US has expressed concern over the UK's bid to become a founding member of a Chinese-backed development bank. The UK is the first big Western economy to apply for membership of the Asian Infrastructure Investment Bank (AIIB) despite the fact that US has raised questions over the bank's commitment to international standards on governance.

Sunday, March 15th 2015 - 02:33 UTC

Argentina will keep to its monetary policy despite a 20% devaluation of the Brazilian Real

Vanoli said that the US dollar in Argentina is at an “adequate level” to combat volatility, bring down inflation and boost growth

Argentina’s central bank governor Alejandro Vanoli said that despite the continued erosion of the Brazilian currency against the US dollar, which ended the week trading at 3.28 Real to the greenback, monetary policy will continue to manage the foreign exchange to avoid volatility and ensure economic growth.

Sunday, March 15th 2015 - 00:54 UTC

Argentina blasts Judge Griesa ruling blocking Citigroup from paying bonds issued under local law

“Griesa has become once again an accomplice of vulture funds’ extortion intents. He pretends that Citibank Argentina and its Argentine directors act against Argentine law”

A release from the Argentine Economy Ministry considered US Judge Thomas Griesa's ruling issued on Thursday “a shameful excess of jurisdiction”. Judge Griesa blocked Citigroup Inc from processing interest payments by Argentina on some bonds issued under the country's law.

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