Economy

Economy
Thursday, October 9th 2014 - 08:23 UTC

“Holdouts” reveal alleged money laundering operations of business people close to Cristina Fernandez

Lazaro Baez is a public works contractor in the southern province of Santa Cruz, political turf of the Kirchner couple

The American Task Force (AFTA) sponsored by 'holdouts' NML in litigation with Argentina over sovereign bonds payment, revealed on Wednesday foreign accounts of Argentine public works contractor, believed to be involved with the Kirchner family businesses, Lazaro Baez, and showed a map with the money movement, allegedly committing the crime of money laundering.

Thursday, October 9th 2014 - 08:14 UTC

A blow for Dilma: Brazil's September inflation at its highest in three years

Food prices rose 0.78% after declining for three months in a row. Meat prices rose sharply after Russia stepped up imports of beef, chicken and pork.

Brazil's annual inflation rate in September rose way above the official target to the highest in nearly three years, giving fresh ammunition to opposition candidate Aecio Neves in a run-off vote later this month against President Dilma Rousseff.

Thursday, October 9th 2014 - 08:04 UTC

Colombia and Panama in retaliatory clash over tax haven controversy

Colombia's government on Wednesday declared Panama to be a tax haven after it failed to meet a deadline for signing a fiscal information exchange agreement

Panama on Wednesday rejected its inclusion on Colombia's list of tax havens and said it will take retaliatory action against its neighbor. Panama has “a competitive and sound tax system, and therefore the national government categorically rejects any tax-haven designation,” the Central American nation's Foreign Ministry said in a statement.

Thursday, October 9th 2014 - 07:17 UTC

“Easy money” will be around for some time still, say Fed's minutes

Fed chair Yellen has sought to reassure markets that any rate rise will be data dependent: when US economic growth and employment improve substantially

US markets rose sharply after minutes from the September meeting of the Federal Reserve were released. The transcript indicated that US central bankers were wary of raising rates too soon. Officials were worried markets were too focused on a rate rise happening during a specific period of time.

Thursday, October 9th 2014 - 07:09 UTC

Low interest rates could lead to operations with riskier assets, warns IMF

IMF does not question very low interest rates to help recovery, but there are signs of growing financial excesses

The International Monetary Fund has warned of new risks to global financial stability. Low interest rates could lead investors to buy riskier assets as they seek better returns, the IMF says.

Thursday, October 9th 2014 - 07:05 UTC

Senior UK banker admits conspiring to defraud by manipulating the Libor rate

The UK economic secretary to the Treasury, Andrea Leadsom, said: “The integrity of the City matters to the economy of Britain”

A senior banker from a UK bank has admitted conspiring to defraud over manipulating the Libor lending rate. The banker, who cannot be named for legal reasons, is the first person in the UK to plead guilty to the offence.

Thursday, October 9th 2014 - 06:51 UTC

World Bank staff strike off; chief financial officer declines part of annual bonus

The move was an attempt to appease staff, who were angry that Bertrand Badre got a bonus while the bank was cutting jobs.

The World Bank chief financial officer is giving up part of his bonus after an uproar over cost-cutting measures at the lender. Bertrand Badre will decline the remainder of his 94,000 dollar annual bonus, the bank said.

Wednesday, October 8th 2014 - 20:40 UTC

IMF forecasts two years of recession for Argentina

“Increasing economic misbalances” and “uncertainty” because of the ongoing litigation with the holdouts

The International Monetary Fund anticipates two years of recession for Argentina in a context of “increasing economic misbalances” and “uncertainty” because of the ongoing litigation with the holdouts or 'vulture funds', as well as inflationary tensions.

Wednesday, October 8th 2014 - 08:16 UTC

Whoever wins Uruguayan election, no major changes in policy, says US bank

The bank reveals a downturn in construction and manufacturing

Under the heading of “Emerging markets prospects and strategy” the US bank group JPMorgan-Chase states that no matter who wins in Uruguay's 26 October presidential election, “we do not expect significant changes in the framework of current policy”.

Wednesday, October 8th 2014 - 07:54 UTC

IMF keeps Uruguay's growth estimate for this year, but lowers 2015

As to the jobs market the IMF kept previous estimates unchanged with unemployment 6.8% this year and 6.9% in 2015

The International Monetary Fund kept Uruguay's growth estimate for this year at 2.8% but lowered the forecast for 2015 to 2.8% from 3%, according to the latest World Economic Outlook. Last year the Uruguayan economy expanded 4% and the government's target for this year is 3%.

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