Economy

Economy
Friday, September 12th 2014 - 01:39 UTC

Singapore Olam will invest 80m in dairy processing facility in Uruguay

The plant is expected to begin production in 2017 with a potential of a million liters per day

Singapore based Olam International's wholly-owned subsidiary New Zealand Farming Systems Uruguay will be investing 80 million dollars to establish a new dairy processing facility in Uruguay.

Thursday, September 11th 2014 - 15:53 UTC

Key economic responsibilities to France and UK in EU new executive team

“Today I am presenting the team that will put Europe back on the path to jobs and growth” said EC chief Jean-Claude Juncker

The incoming head of the European Commission, Jean-Claude Juncker, unveiled an EU executive team on Wednesday that handed key economic responsibilities to French and British commissioners but overseen by others in a new-look hierarchy.

Thursday, September 11th 2014 - 15:46 UTC

Ana Botin appointed new chairwoman of Spanish banking giant Santander

Her father Emilio Botin, the head of a banking dynasty died of a heart attack on Tuesday night.

Ana Botin has been appointed the new chairwoman of the Spanish banking giant Santander, following the death of her father, Emilio Botin, who died of a heart attack on Tuesday night.

Thursday, September 11th 2014 - 04:48 UTC

Judge Griesa will wait for appeals court ruling before acting on holdouts' Citibank subpoena

“It almost goes without saying whatever the court of appeals decides will have an effect on the issues we're dealing with here,” Griesa said.

US district judge Thomas Griesa has said he would wait for a decision on a pending appeal before ordering Citigroup to comply with a subpoena served by holdout investors seeking details of any threats from Argentina to process payments the court had blocked.

Thursday, September 11th 2014 - 04:30 UTC

Despite all the negative economic data, Argentina's stock market has almost doubled this year

Much of the money flowing into Argentina's Merval this year has come from wealthy Latin American investors

Despite all the negative news on government restrictions imposed on the Argentine economy and the shortage of hard currency, the country's Merval Index has skyrocketed almost 100% this year, the highest of any stock market in the world. It includes many of the largest companies in the country such as Telecom Argentina and Energy Petrobras, along with banks and a steel maker.

Wednesday, September 10th 2014 - 07:22 UTC

Cuba restricts personal importation of foreign goods, “to curb abuses”

According to the list, for example, 22 pounds of detergent will be allowed instead of 44; one set of hand tools instead of two; and 24 bras instead of 48.

Cuba has implemented new rules that will restrict the personal importation of foreign goods into the country except where locally made items are expensive and scarce.

Wednesday, September 10th 2014 - 06:59 UTC

Argentina plays the China card to bolster reserves: 800m pledged in first tranche

Central bank president Fabrega from Basel left for Beijing

The Argentine Central Bank foreign reserves would be bolstered this year with up to 800 million dollars in Yuans transferred by China due to the first tranche of the money of the swap agreement signed between both countries, according to banking sources in Buenos Aires.

Wednesday, September 10th 2014 - 06:22 UTC

Cristina Fernandez celebrates the UN assembly vote: “we have to feel proud”

“A world where two or three billionaires can put pressure on the justice system to try and collect usurious gains is not sustainable” said the Argentine president

Argentine President Cristina Fernández praised on Tuesday the United Nations General Assembly approval of a project that proposes legal framework to regulate restructuring of foreign sovereign debt, saying “Argentina has set an international leading case” with the initiative.

Wednesday, September 10th 2014 - 06:09 UTC

UN assembly sides with Argentina votes to change sovereign debt restructuring

The G77 and China initiative received 124 votes, 41 abstentions and 11 nays, among which the US, UK, Japan and Germany

The United Nations General Assembly voted overwhelmingly on Tuesday in favor of a legal framework that would help regulate restructuring of foreign sovereign debt, a project that was suggested by the Argentine government and presented before the assembly by the Group of 77 plus China.

Wednesday, September 10th 2014 - 06:03 UTC

World Bank commits 5bn dollars financial support for Argentina in 2015/2018

“WB will be supporting Argentina in reaching the most vulnerable in society, especially in the lowest income areas of the country” said Jesko Hentschel

The World Bank Group’s (WBG) Executive Directors discussed a new Country Partnership Strategy (CPS) for Argentina covering fiscal years 2015-2018 with financial commitments over the period expected to be in the range of 1 to 1.2 billion dollars per year plus 1.7bn for the private sector.

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