Saturday, January 3rd 2015 - 06:54 UTC

Top French economist refused to accept the Legion d'Honneur

“I refuse this nomination because I do not think it is the government's role to decide who is honorable,” Piketty said.

France's influential economist Thomas Piketty, author of the bestseller “Capital in the 21st Century”, refused to accept the country's highest award, the Legion d'Honneur, arguing it is not the government's job to decide who is honorable and criticizing policies of the current Socialist administration.

Saturday, January 3rd 2015 - 06:07 UTC

Panama Canal planning major transshipment port on the Pacific entrance

The new facility will increase inter-oceanic cargo traffic consolidating Panama’s position as an international logistics and maritime hub, said Quijano.

The Panama Canal Board of Directors this week formally approved the development and construction of a transshipment port in Panama’s Corozal region. Upon completion, the port will have the capacity to handle more than five million TEUs within a 120-hectare area at the Canal’s entrance to the Pacific. The project is now awaiting the final step for approval from Panama’s National Assembly.

Wednesday, December 31st 2014 - 05:42 UTC

Hedge fund targets 54bn dollars in Petrobras bonds governed by US law

Aurelius, a “distressed debt” fund, is asking investors to put the company into default as “a precautionary step”, according to Reuters

Petrobras, Brazil's state-run oil company, could be declared in technical default on some of its foreign debt if bondholders pursue efforts to force it to speed up its assessment of losses in a giant corruption scandal, according to reports from Reuters.

Wednesday, December 31st 2014 - 05:36 UTC

Paraguay with record 2014 beef exports, but faces Russian situation next year

“It's a historic record, we could never imagine these numbers only a couple of years ago” said Idoyaga, head of Senacsa

Paraguay twelve-month accumulated meat and meat products exports (mostly beef) reached 1.6bn dollars according to primary information said the head of the country's National quality and health animal services, Senacasa, Hugo Idoyaga, which represents a 20% increase in value over the 1.3 bn. dollars of 2013.

Wednesday, December 31st 2014 - 05:31 UTC

Brazil limits social benefits; admits it will miss 2014 fiscal target by wide margin

The reduction in benefits, effective immediately should help the government save up to 18 billion Reais said incoming Planning minister Nelson Barbosa

The Brazilian government announced it will limit unemployment and pension benefits as part of its plans to shore up depleted finances and regain investor confidence. Likewise the Central bank said that following a fourth year of low growth, Brazil will miss its fiscal target for 2014 by a wide margin.

Wednesday, December 31st 2014 - 03:23 UTC

Venezuela admits recession in the last three quarters and inflation of 63.6%

Maduro blames protests from the opposition to the poor performance of the Venezuelan economy

Venezuela confirmed on Tuesday it had entered a recession while inflation remained the highest in the Americas, but President Nicolas Maduro's populist government blamed political foes for the dismal data. According to the latest Central bank information, GDP contracted in each of the first three quarters: 4.8%, 4.9% and 2.3%, while twelve-month inflation reached 63.6% in November.

Wednesday, December 31st 2014 - 02:54 UTC

Russia's Gazprom takes 100% control of major international gas pipeline

Russian President Vladimir Putin announced the decision on Russia’s withdrawal from the project on December 1 while on visit to Turkey.

Russia’s gas giant Gazprom said in a release on Monday it had signed a deal with Eni, Wintershall and EDF on the purchase of 50% of shares in South Stream Transport BV. Thus, Gazprom will be a 100% owner of the company.

Wednesday, December 31st 2014 - 02:33 UTC

Legal framework to restructure sovereign debts receives strong UN boost

Argentina's U.N. Ambassador Ms Perceval said the resolution will help “other developing and developed countries that suffer and continue to suffer.”

The U.N. General Assembly approved this week the financing of a plan to develop a new legal framework to restructure national debts, a move aimed at avoiding the kind of speculative action that led Argentina to a second default.

Tuesday, December 30th 2014 - 09:49 UTC

Brazil: Dilma facing new challenges for her second term in office

Dilma Rousseff faces new challenges for her new presidency starting Jan 1

Analysts agree fiscal austerity and economic growth will be among the new government's priorities.

Tuesday, December 30th 2014 - 08:20 UTC

Capitanich says Sancor to sell baby formula to China

Argentine Cabinet Chief Jorge Capitanich announced clearance for Sancor to sell baby formula to China

The Argentina firm joins the ranks of the international producers authorised to enter the Asian country's market.


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