International

International
Thursday, October 16th 2014 - 07:30 UTC

Venezuela 'ripe' for default on foreign debt forecast Reinhart and Rogoff

The world-renowned economists wrote that the Venezuelan economy had been so badly mismanaged that GDP per capita was two per cent below 1970 levels

Venezuela will almost certainly default on its foreign debt, according to Harvard economists Carmen Reinhart and Kenneth Rogoff. They add that the beleaguered Latin American economy has already defaulted on “every conceivable kind of domestic debt”.

Wednesday, October 15th 2014 - 20:00 UTC

The ten biggest energy company bankruptcies

In the 1980s, Texaco became embroiled in a legal battle with Pennzoil, and ended up owing the company $10.5 billion

Running a multi-billion dollar energy company isn't easy. Just ask the executives in the corner suites of some of the energy companies that have gone bust over the years. Some, like Enron, were brought down because of insider malfeasance.

Wednesday, October 15th 2014 - 10:31 UTC

Argentine delegation after trade and investors in India

India's Federation of Commerce and Industry Chambers, and Invest India are sponsoring the meetings in New Delhi

A numerous Argentine delegation will be attending this week trade and investment conferences in New Delhi as part of the country's efforts to increase exports to the growing Indian market and attract investors.

Wednesday, October 15th 2014 - 10:24 UTC

Open debate in the Vatican: conservative bishops disagree with “gay approach”

In a dramatic change in tone from past condemnatory language, it said the Church should challenge itself to find “a fraternal space” for homosexuals

Conservative Roman Catholic prelates have vowed to change a controversial Vatican document that held out the possibility of a major shift in the Church's attitude towards homosexuals.

Wednesday, October 15th 2014 - 10:17 UTC

Citigroup exiting retail business in 11 markets including 6 in Latin America

Citi said the impact would primarily be smaller countries in Latin America: Costa Rica, El Salvador, Guatemala, Nicaragua, Panama and Peru.

Citigroup said on Tuesday that it will bow out of the retail banking business in 11 markets, part of its ongoing effort since the financial crisis to restructure and slim down. The news came as the bank announced third-quarter earnings.

Wednesday, October 15th 2014 - 08:28 UTC

Germany insists with a 2015 balanced budget despite slower growth forecast

“Germany's stance is important. If we stray from our path then that gives grounds for others to do the same,” said Merkel at a party conference

German Chancellor Angela Merkel on Tuesday rejected calls for Berlin to ditch its plans for a balanced budget next year and to instead invest more in order to shore up the faltering German and Euro zone economies. On Tuesday Germany slashed its 2014 growth forecast from 1.8% to 1.2%.

Wednesday, October 15th 2014 - 08:16 UTC

Oil prices hit new lows with prospects of further slide; excess supply, weak demand

In its monthly oil market report, the IEA said Opec production hit a 13-month high in September.

Global oil prices have fallen further after the International Energy Agency (IEA) reported higher output and cut its forecast for demand growth. Brent crude fell 2.72 to 86.17 dollars a barrel before seeing a slight recovery, while US crude dropped 1.75 to 83.99.

Wednesday, October 15th 2014 - 07:38 UTC

“Chile Day” in London underlines the very close links with the UK

Minister Swire recalled friendship can be traced back to Lord Cochrane’s involvement in Chilean independence two centuries ago

Chilean authorities and business people opened the London Stock Exchange on Tuesday as part of the “Chile Day 2014” which is the country's foremost promotion event abroad for the financial and business sectors. UK Foreign Office Minister of State for Latin America Hugo Swire underlined that Chile in “a key partner in the region”.

Tuesday, October 14th 2014 - 16:43 UTC

IMF urges economic reforms or face brittle growth, high debt and unemployment

Lagarde has been beating the drum on deeper economic reforms for at least the past two years

The world's policymakers must take economic reforms more seriously, or they could see their economies stuck in a muddle of mediocre growth with high debt and unemployment, the head of the International Monetary Fund said at the multilateral organization assembly.

Tuesday, October 14th 2014 - 16:25 UTC

Madrid's attitude towards Gibraltar could thwart Spain's seat at Security Council

This weekend the UN Security Council will decide which two of Turkey, New Zealand or Spain are admitted. UK has veto power.

Spain’s separate battles to both become a temporary member of the United Nations Security Council and to also force Britain into bilateral negotiations over Gibraltar appear to be on a collision course, according to a report in the Wall Street Journal.

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