Economy

Economy
Tuesday, October 7th 2014 - 00:43 UTC

Griesa orders Argentina to reinstate BoNY as trustee for bondholders' payments

“The Republic of Argentina will need to reverse entirely the steps which it has taken constituting the contempt of court”, underlined Griesa

US Judge Thomas Griesa has ordered Argentina to reinstate the Bank of New York Mellon (BoNY) as trustee for bondholders payments and “reverse the steps taken” with the approval of the so-called Sovereign Payment law that replaced it with the country's Nacion Fideicomisos.

Monday, October 6th 2014 - 11:45 UTC

Euro zone, an economy struggling against multiple headwinds

UK Chancellor Osborne said the weakness in the Euro zone was “probably the greatest immediate economic risk” to the UK.

A survey measuring business activity in the Euro zone shows the economy remains “stuck in a rut”, according to the company behind the report. The Euro zone purchasing managers index (PMI) fell to 52 in September, down from an initial estimate of 52.3.

Monday, October 6th 2014 - 07:33 UTC

Italian holdouts, following on Paul Singer, present demand against Argentina

More than 200 Italian holdout bondholders and one another that lives in the Bahamas are represented by the well-known law firm Duane Morries

Italian bondholders filed a complaint order to United States District Judge Thomas Griesa asking to be given the same benefits as Aurelius Management and NML Management, the “holdouts” that were authorized by Griesa to be paid the full debt Argentina has with them.

Monday, October 6th 2014 - 07:19 UTC

Falklands' offshore Scotia well not viable: Noble Energy will take 75m write down

 The well was drilled by the Leiv Eiriksson owned by Norway’s Ocean Rig.

Houston-based Noble Energy will take a 75 million write down for exploration costs after determining that its offshore Scotia well in the Falkland Islands is not commercially viable. The well was drilled in 2012 using 2D seismic interpretation but was deemed non-commercial following analysis of 3D seismic data.

Monday, October 6th 2014 - 07:07 UTC

EU and US advance in trade talks but high barriers remain

The chief US negotiator Dan Mullaney said the ultimate goal is to “create opportunities for job creating trade and investment”.

Officials from the United States and the European Union say they have made progress as they seek to sweep away trade barriers. Teams from the two sides have held a week of discussions in Chevy Chase, Maryland. If successful an agreement would create the world's biggest free trade zone.

Monday, October 6th 2014 - 06:44 UTC

Uruguay forced to lower public utility rates to keep inflation below 10%

The items with the largest increases during September were transport, 2.04% and food and beverage, 1.83% compared to the same month a year ago.

Uruguay's inflation indicator dropped to 8.36% in September from 8.75% in August, according to the latest report from the country's stats office INE. During September consumer prices increased a full 1%, and 8,04% in the first nine months of the year. However despite the high percentage it is below the same period a year ago: 8.41%.

Monday, October 6th 2014 - 05:56 UTC

Dilma (40%) and Neves (34%) to the runoff; mathematically the opposition can win

Dilma faces a tough run off. The effectiveness of Lula da Silva at its utmost trial

Brazil's unpredictable election took another twist Sunday, with populist President Dilma Rousseff forced into a runoff race as expected, but against a center-right challenger who only surged in the final week of the campaign.

Saturday, October 4th 2014 - 10:29 UTC

US trade deficit down, while oil imports fall to their lowest in four years

U.S. exports have increased 4.1% since August 2013 and imports have grown 3.7% in the period.

The U.S. trade deficit slipped 0.5% in August to 40.1 billion, the lowest since January, the Commerce Department reported Friday. Oil imports fell to their lowest level in four years.U.S. exports increased 0.2% in August to a record 198.5 billion, while imports grew 0.1% to 238 billion. After a 40.3 deficit in July, analysts expected a 40.9 billion trade gap in August.

Saturday, October 4th 2014 - 10:06 UTC

US unemployment falls to 5.9%, the lowest since July 2008

US markets cheered the news, with the Dow Jones Industrial Average rising over 100 points.

The US unemployment rate dipped to 5.9% in September, a six-year low, official figure has shown. The rate fell from 6.1% in August and is the lowest recorded since July 2008. US Labor Department also said that employers added 248,000 jobs last month, and the job growth figures for August and July were revised upwards.

Friday, October 3rd 2014 - 07:47 UTC

Falklands approves 80 room portable hotel ahead of the coming oil drilling season

Hamish Wylie described the project as similar to the temporary hotels used at major events such as the Commonwealth Games or the Ryder Cup

The first sign of oil industry impact on the face of the Falkland Islands capital, Stanley is in the offing with the planning approval given for an 80 room portable hotel near The Trough.

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