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.
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.
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.
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.
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.
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%.
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.
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.
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.
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.