Stories for August 2014

Monday, August 4th 2014 - 07:20 UTC
EU orders Russia to pay 2.5bn dollars to former Yukos oil group shareholders

Russia has been ordered to pay about 2.5bn dollars to former shareholders in defunct oil group Yukos by the European Court of Human Rights. Russia's Justice Ministry said the ruling was “unfair” and it had three months to appeal against the decision.
Monday, August 4th 2014 - 07:16 UTC
Brazilian auto industry drops 36% in June and drags industrial output

Brazil's industrial output fell 6.9% in June compared to the same month last year, mostly due to a contraction of the automobile industry, reported the official stats office last Friday.
Monday, August 4th 2014 - 07:09 UTC
Malvinas war and the 2001 and 2014 defaults, Argentina's worst mistakes in 33 years

The Falklands/Malvinas war, the 2001 default and the 2014 default are “the three events that are going to go down, in recent Argentina history, as the three worst strategic mistakes committed by the country”, according to political analyst and historian Rosendo Fraga.
Monday, August 4th 2014 - 07:03 UTC
Magallanes with lowest unemployment rate in Chile, but quality of jobs is questioned

Unemployment in the extreme south Chilean region of Magallanes was the lowest in the country during the April/June quarter, 2.3%, according to the latest report from the country's stats office, INE. This is 0.5 percentage points less than the previous quarter and 1.4 percentage points below a year ago.
Monday, August 4th 2014 - 06:55 UTC
GeoPark has plans to drill 35 exploratory wells in Chilean Tierra del Fuego by end of 2014

Oil and gas explorer GeoPark expects to end the year having drilled 35 wells in Chilean Magallanes and Tierra del Fuego, which must be added to the 560 million dollars the company has invested in the region since it began operations in 2006, said the company in an economic impact report presented by consultants Gemines.
Monday, August 4th 2014 - 05:43 UTC
Princess Cruises to incorporate 143.000 ton vessel for 3.650 pax in 2017

Princess Cruises, a subsidiary of Carnival Corporation & plc, announced that it has reached an agreement with the Italian shipbuilder Fincantieri to build a new ship, which will enter service in 2017.
Sunday, August 3rd 2014 - 13:22 UTC
“Argentina Finds Relentless Foe in Paul Singer’s Hedge Fund”

The following article by Peter Eavis and Alexandra Stevenson was published in The New York Times and addresses the current litigation between Argentina and the speculative funds. The hedge fund firm of billionaire Paul E. Singer has about 300 employees, yet it has managed to force Argentina, a nation of 41 million people, into a position where it now has to contemplate a humbling surrender.
Sunday, August 3rd 2014 - 13:14 UTC
HMS Portland back in UK after seven months patrolling including Falklands

The crew of the Royal Navy warship HMS Portland returned home to a rapturous welcome in Plymouth on Friday after a successful seven-month deployment to West Africa, the Falkland Islands and the Caribbean. The vessel that was replaced by HMS Iron Duke in its Atlantic deployment spent four weeks in the Falklands.
Saturday, August 2nd 2014 - 09:18 UTC
“Debt restructuring” and the Argentine case by Joseph Stiglitz

The following piece published in The New York Times was written by Joseph E. Stiglitz, winner of the Nobel Prize in Economics and a former chief economist of the World Bank, and currently a professor at Columbia University.
Saturday, August 2nd 2014 - 09:08 UTC
IDSA decides that Argentina “failed to pay” and thus declares it has defaulted

The International Swaps and Derivatives Association (ISDA) on Friday declared Argentina in default, which could trigger payments worth up to one billion dollars on credit default swaps.