Stories for August 1st 2014

Friday, August 1st 2014 - 14:52 UTC
Five industries worried about peak oil

The debate over the impact of peak oil has been raging for decades. Although few deny that the end of mass oil consumption is drawing nearer, educated estimates now range between 2020 and 2030.
Friday, August 1st 2014 - 14:40 UTC
World Cup helped a higher than expected surge in beer sales in Brazil

The maker of Budweiser, Stella Artois and Corona beers experienced a sharp surge in sales in Brazil during the World Cup with the month-long contest leading to consumption of an extra 140 million liters or 2 million barrels.
Friday, August 1st 2014 - 09:10 UTC
Mercosur finally agrees on joint trade proposal to exchange with the EU

Mercosur members finally agreed this week on a draft joint proposal to be presented to the European Union with the purpose of negotiating a long delayed trade and cooperation agreement with EU, according to Uruguayan diplomatic sources.
Friday, August 1st 2014 - 08:57 UTC
Hedge fund Aurelius denies any serious proposition to buy its holdout bonds

Aurelius Capital Management has shot down speculation that the hedge fund was fielding a viable private-sector proposal for selling its untendered Argentine sovereign debt in a bid to shorten the amount of time Argentina is in default.
Friday, August 1st 2014 - 08:42 UTC
UBS calls on Swaps Association to ask if a “failure to pay” event had occurred

The International Swaps and Derivatives Association (ISDA) said on Thursday it had received its first request to consider whether a credit event had occurred, according to the ISDA website.
Friday, August 1st 2014 - 08:33 UTC
US calls on Argentine government to seek 'practical solutions' with holdouts

Kevin Sullivan, US interim ambassador in Argentina affirmed on Thursday that the country must seek “practical solutions” with the 'holdouts' or the so called vulture funds over defaulted bonds.
Friday, August 1st 2014 - 08:24 UTC
Argentine shares and bonds plunge, while US dollar climbs as operators seek refuge

Argentine shares and bonds plunged on Thursday as investors reacted to the failed negotiations between Argentina and the holdout hedge funds in New York. At the Buenos Aires City stock market the Merval index closed down by 8.4% to 8,187.99 points, far from yesterday’s record 6.9% climb.
Friday, August 1st 2014 - 08:08 UTC
Catalonia's independence referendum is on, underlines president Mas

Spanish Prime Minister Mariano Rajoy and Catalan President Artur Mas failed to break the deadlock over Catalonia’s independence drive, with both holding firm on their positions when they met for the first time in a year.
Friday, August 1st 2014 - 07:57 UTC
World economists call on US Congress to take action on the Argentina/holdouts rulings

Over 100 economists, including Nobel laureate Robert Solow, Branko Milanovic and Dani Rodrik called on the United States Congress to take action to mitigate the harmful fallout from the recent ruling by Judge Griesa of the U.S. District Court for the Southern District of New York that requires Argentina to pay holdout creditors at the same time as the majority of creditors.
Friday, August 1st 2014 - 07:52 UTC
Argentine president defies Judge Griesa rulings and mocks 'selective default'

President Cristina Fernández said on Thursday she will not “sign an agreement” that compromises Argentina's future, while blasting “vulture funds” for wanting to “collect Griesa's usurious sentence”, following the Wednesday failure of negotiations between the country and holdouts.