Stories for March 18th 2014

Tuesday, March 18th 2014 - 22:15 UTC
Carney begins implementation of 'root-and-branch' review in Bank of England

Two new deputy governors have been named at the Bank of England, as part of a radical shake-up by governor Mark Carney. Ben Broadbent will become deputy governor responsible for monetary policy, and Nemat Shafik will take charge of markets and banking.
Tuesday, March 18th 2014 - 22:00 UTC
Chile suggests the Pacific Alliance and Mercosur should consider integration

Chile's new foreign minister Heraldo Muñoz ratified his country's membership of the Pacific Alliance, a much questioned group by other regional organizations such as the Venezuelan inspired ALBA and even Mercosur led by Brazil, and suggested that Mercosur and the Pacific Alliance could consider integration. Chile is currently an associate member of Mercosur.
Tuesday, March 18th 2014 - 06:59 UTC
Malvinas/Crimea: Cristina Fernandez blasts UK on “double standard”

Argentine President Cristina Fernández has criticized what she dubbed a “double standard” from the United Kingdom, due to the nation condemning the Crimean referendum on union with Russia while supporting the rights of Falklands/Malvinas residents to hold a vote on their future.
Tuesday, March 18th 2014 - 06:56 UTC
Moody's downgrades Argentina's because of inconsistent economic policy

International credit rating agency Moody's has reduced the rating of Argentina's sovereign debt, moving the grade down one step from B3 to Caa1 due to the fall in the nation's international reserves and its “inconsistent” economic policy.
Tuesday, March 18th 2014 - 06:52 UTC
China's Yuan trading band doubled to 2%; a step closer so full convertibility

China's Yuan weakened against the dollar on Monday after the central bank doubled the trading band for the currency, which the United States has long insisted is undervalued. The People's Bank of China (PBoC) said Saturday it would allow the Yuan to move up or down two percent daily -- double the previous one percent -- on either side of a mid-point set under the guidance of the bank, which says it polls market makers.
Tuesday, March 18th 2014 - 06:41 UTC
Unasur delegation begins dialogue-contacts next week to help with Venezuelan situation

Uruguayan foreign minister Luis Almagro confirmed that next week a delegation from Unasur (Union of South American Nations) will be ready to sponsor dialogue and help de-compress the situation in Venezuela as was agreed at the recent foreign ministers meeting held in Santiago de Chile when the inauguration of president Michelle Bachelet.
Tuesday, March 18th 2014 - 06:34 UTC
Russia eyes Crimea’s oil and gas reserves

According to Reuters, Crimea may nationalize oil and gas assets within its borders belonging to Ukraine, and sell them off to Russia. Crimea’s Deputy Prime Minister hinted at the possibility that it would take control of Chornomorneftegaz, a Ukrainian state-owned enterprise, and then “privatize” it by selling it to Gazprom.
Tuesday, March 18th 2014 - 02:31 UTC
Official inflation in Argentina during February, 3.4% and 7.1% in two months

Inflation in Argentina during the month of February reached 3.4%, which means that in the first two months of the year the index stands above 7.1%, according to the latest figures released by the country's National Institute of Statistics and Census' (INDEC) Consumer Price Index.
Tuesday, March 18th 2014 - 02:24 UTC
Brazil optimistic that Mercosur has reached a joint proposal for trade talks with the EU

Mercosur will present a joint proposal to the European Union for a wide ranging trade agreement between the two blocks later this month, announced Brazil' Minister of Industry Mauro Borges, following a visit to Buenos Aires where he met with Economy minister Axel Kicillof and Industry minister Debora Giorgi.
Tuesday, March 18th 2014 - 00:13 UTC
Cristina Fernandez holds two-hour private meeting with the Pope and then flies to France

President Cristina Fernández (with a sprained ankle in a boot) and Pope Francis shared on Monday a lunch which lasted two hours and a half at Santa Marta residence in the Vatican. It's the third time the Argentine head of state and Francis meet since he was elected pontiff one year ago.