United States

United States
Saturday, August 23rd 2014 - 06:18 UTC

Yellen insists with expansive policies despite growing pressure from 'hawks' on interest rate

“Five years after the end of the recession, the labor market has yet to fully recover,” argues Fed chief Yellen

Federal Reserve Chair Janet Yellen said Friday that the US jobs market has not yet fully recovered, but acknowledged that data is sending mixed signals, spurring debate over inflationary pressures. In a speech to leading central bankers in Jackson Hole, Wyoming, Yellen, who has kept Fed policy expansive due to perceived excess slack in the jobs market, gave no clear new signs for monetary policy.

Friday, August 22nd 2014 - 07:43 UTC

Argentina describes Griesa as 'ignorant' and lacking knowledge on democratic institutions

Kicillof, the all powerful minister who is at the centre of the clash with New York justice

The Argentine government again blasted Judge Thomas Griesa for declaring 'illegal' the bill sent to Congress referred to the country's debt and creditors, and said the magistrate “ignores national sovereignty” and “ignores how democratic institutions function”.

Friday, August 22nd 2014 - 07:17 UTC

Griesa leaves Argentina 'in contempt' ledge; warns any change of jurisdiction was 'lawless'

The New York judge added that any entity that aids Argentina in its efforts to move jurisdiction would also be in violation of his sentence.

US District Judge Thomas Griesa declared on Thursday that an Argentine plan to change the 'jurisdiction' of restructured foreign debt was illegal, while resisting holdout investors' demands that Argentina be held in contempt of court for attempting to change the site of payment to Buenos Aires.

Thursday, August 21st 2014 - 08:30 UTC

Kicillof: “no change of NY jurisdiction, but a change of payment location”

 Judge Griesa “clearly benefits” 1% of creditors “that never entered and never wanted to enter” the debt restructurings, claimed Kicillof

Argentina's new plan to skirt U.S. courts and resume payment on defaulted bonds aims to protect creditors who participated in two debt restructurings, Economy minister Axel Kicillof said on Wednesday. But he also emphasized that the bill sent to Congress did not mean a 'change of jurisdiction' from New York but rather a change of payment 'location'.

Thursday, August 21st 2014 - 08:06 UTC

'A contempt of court does not apply to sovereign Argentina', says Capitanich

The cabinet chief during his daily morning media conference

Anticipating what seems an imminent order of contempt-of-court by US Judge Thomas Griesa following Argentine President Cristina Fernández decision to push a bill to change the payment jurisdiction to Buenos Aires, Cabinet Chief Jorge Capitanich pointed out that as a “sovereign country” Argentina cannot end up in contempt despite Griesa’s warnings.

Thursday, August 21st 2014 - 07:31 UTC

“Slack of US labor market” keeping the Fed from raising interest rates

Many Fed members pointed to the millions of workers who have been out of work for extended periods or who are unable to find full-time employment.

The US Federal Reserve hinted that a surprisingly strong jobs market recovery could lead it to raise interest rates earlier than it had been anticipating. At the same time, most Fed officials wanted further evidence before changing their view on when rates should rise, according to the minutes from the central bank's July 29-30 meeting.

Thursday, August 21st 2014 - 07:07 UTC

Aurelius Capital brands Argentine leaders 'outlaws' for flouting US courts orders

 Tuesday evening President Cristina Fernandez revealed a plan to shift interest payments to holders of the country's restructured bonds to an Argentine bank

One of two hedge funds that sued Argentina over defaulted bonds branded the country's leaders “outlaws” on Wednesday after Buenos Aires moved to shift its bond payment method.

Wednesday, August 20th 2014 - 10:06 UTC

Argentina gambling industry tycoon closes Miami casino for a year

Cristobal Lopez is a close associate of the Kirchner family and was benefitted with gambling licenses.

Argentine gambling industry tycoon Cristobal Lopez and who has been targeted by Paul Singer from Elliott Management in his hunt for assets connected to Argentine leaders, has closed for 'a year' a casino he owns in Florida and which he only opened last February.

Wednesday, August 20th 2014 - 09:22 UTC

Nervous Cristina skirts New York court and pledges to service swapped bonds in Argentina

CFK said debt holders can swap their bonds for notes with “identical terms and financial conditions, and with equal nominal value” under Argentine law.

President Cristina Fernandez said on Tuesday her government will move to service its defaulted debt in Argentina or allow bondholders to swap their bonds for new bonds governed by national law in order to get around a U.S. court order.

Wednesday, August 20th 2014 - 02:56 UTC

US insists Argentina must engage with creditors over sovereign debt dispute

Timerman, Capitanich and Legal Advisor Susana Ruiz Cerrutti at Tuesday morning's media conference

The US government reiterated on Tuesday that the International Court of Justice in The Hague “is not the appropriate venue” for addressing Argentina's debt issues and again called on the government of President Cristina Fernandez to engage with its creditors.

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