United States

United States
Tuesday, September 16th 2014 - 02:42 UTC

US insists with Argentina it does not support the UN sovereign debt debate

“It would be much better to work with existing market mechanisms to issue sovereign debt rather than creating a UN convention” said Kevin Sullivan

As Argentine President Cristina Fernandez readies for her annual trip to New York to speak at the United Nations General Assembly, US interim ambassador in Buenos Aires Kevin Sullivan ratified that Washington will not back the UN sovereign debt resolution sparked by Argentina’s legal battle with its holdout creditors.

Saturday, September 13th 2014 - 05:13 UTC

Venezuela quietly working to ensure a seat at the UN Security Council

When Chavez last tried for a seat in 2006, the United States succeeded in torpedoing his campaign. This year, Washington has been mum.

Venezuela’s populist government has quietly secured the backing of Latin America and the Caribbean to obtain a diplomatic trophy that long eluded the late Hugo Chavez: a seat on the United Nations Security Council.

Saturday, September 6th 2014 - 06:36 UTC

Argentina and holdouts again disagree before Pollack; end of September another deadline

Pollack said that parties met again to continue exploring possibilities, but “the issues that divide the parties remain unresolved”

Argentina still has “unresolved” issues preventing a settlement with bondholders suing the country for repayment after not participating in the country's restructurings following its 2002 default, a court-appointed mediator said Friday.

Friday, September 5th 2014 - 07:47 UTC

Argentine Senate approves bill changing debt payment jurisdiction; next step Lower House

“Sometimes there are court decisions that cannot be followed,” said Miguel Angel Pichetto, head of the government's coalition in the Senate.

Argentina's Senate on Thursday passed a bill aimed at circumventing U.S. court decisions regarding its defaulted debt by changing payment jurisdiction, sending the proposal to the lower house Chamber of Deputies for final approval. The chamber, like the Senate, is controlled by government allies who are expected to vote the bill into law.

Friday, September 5th 2014 - 07:33 UTC

NML Capital subpoenaed 18 banks in search of embezzled Argentine funds

Lead attorney for NML, Robert Cohen of Dechert, said  that the list of banks all have at least a presence in the United States

NML Capital Ltd, a creditor suing Argentina in the U.S. courts for full payment on defaulted debt, subpoenaed 18 banks last week in an effort to track down 65 million dollars in what it says is embezzled Argentine money laundered through the United States.

Friday, September 5th 2014 - 07:13 UTC

Uruguay's main presidential opposition candidate suffers “Watergate break-in” crime

Luis Lacalle Pou surprisingly won his party's primaries and is steadily cutting differences with the ruling coalition's candidate

Uruguay's main opposition candidate for October's contested presidential election was the victim of a “Watergate break-in” crime at the offices of the agency which is running his surprisingly successful campaign.

Friday, September 5th 2014 - 02:19 UTC

Bank of England leaves interest rate on hold at 0.5%; eyes set on minutes to be released 09/17

Bank governor Mark Carney has made clear that any rate rises would be small and gradual.

The Bank of England has held UK interest rates at a record low of 0.5% for another month. The size of the Bank's economic stimulus program - quantitative easing - was also unchanged at £375bn.

Friday, September 5th 2014 - 02:17 UTC

ECB cuts rates to record low and negative for overnight deposits; Euro/dollar slumps below 1.3

“The newly decided measures...will have a sizable impact on our balance sheet,” anticipated ECB President Mario Draghi

The European Central Bank cut interest rates to new record lows on Thursday, unexpectedly lowering borrowing costs to try to lift inflation from rock-bottom levels (deflation) and support the stagnating euro zone economy. The ECB cut its main refinancing rate to 0.05% from 0.15%.

Thursday, September 4th 2014 - 05:00 UTC

Argentina looks to Uruguay to issue sovereign bonds and pay creditors

Uruguay is a trustworthy market for US institutional funds, said Pignanelli

A former chairman of Argentina's central bank board, Aldo Pignanelli considered neighboring Uruguay could be a “trustworthy” option for Argentina to issue sovereign bonds and pay creditors. Uruguay has an outstanding international reputations regarding abiding by contracts and ensuring legal security, added the Argentine banker.

Wednesday, September 3rd 2014 - 22:05 UTC

Soros signals Argentina’s shale is biggest place to be

Soros’ move suggests he is not focusing on the short-term problems facing Argentina, but believes that the geological fundamentals are more important.

One of the world’s legendary investors is upping his bet on Argentina’s shale oil and gas industry in a show of confidence for shale production in South America’s largest unconventional prize —and a big boost for both super-majors and smaller players making big waves in the heart of new discovery areas.

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