Economy

Saturday, May 31st 2014 - 07:55 UTC
The 'morality' of the Argentina/Paris Club deal is that it's 'a shared effort'

Argentina's Economy minister Axel Kicillof gave details on Friday of the payment agreement reached with the Paris Club involving 9.7bn dollars of 2001 defaulted debt, which will open the doors to export credit agencies from the group's members and equally important signals a new attitude from the Cristina Fernandez administration.
Saturday, May 31st 2014 - 07:15 UTC
Germany and UK disagree on candidate for next EU Commission president

German Chancellor Angela Merkel has said she wants former Luxembourg Prime Minister Jean-Claude Juncker to become the next EU Commission president. But some European leaders have voiced opposition to the move, including the British government who argue that Mr. Juncker is too much of an EU federalist and called for “a lengthy process to find consensus”.
Saturday, May 31st 2014 - 07:03 UTC
US Chamber of Commerce delegation on potential business tour of Cuba

A delegation from the American Chamber of Commerce has begun its first visit to Cuba in 15 years. Chamber president Thomas Donohue said he was in Cuba to assess the economic changes taking place under President Raul Castro.
Saturday, May 31st 2014 - 06:50 UTC
Argentina tells Judge Griesa it has no plans to evade paying holdouts

Argentina's lawyers tried on Friday to assure a US federal judge that it would not evade orders to pay 1.33 billion dollars to bondholders who refused to accept its debt-restructuring offers, if the US Supreme Court (on 12 June) declines the case.
Saturday, May 31st 2014 - 06:42 UTC
IMF and Argentina/Paris Club deal: “we hope they continue that process”

IMF managing director Christine Lagarde touring east Africa, on Friday cautiously welcomed steps taken by Argentina to settle a decade-old falling out with creditors, following a 9.7bn dollars five year repayment deal reached this week.
Saturday, May 31st 2014 - 06:25 UTC
Hedge funds' lobby praise Argentina/Paris Club deal; calls for talks with private creditors

Following Argentina's agreement to resolve its 9.7bn debt to Paris Club member nations within five years, American Task Force Argentina co-chairs Robert Shapiro and Ambassador Nancy Soderberg have declared their support for Argentina's pledge to act responsibly and encouraged the Argentine government to go further.
Saturday, May 31st 2014 - 06:08 UTC
Uruguay's FDI equivalent to 5% of GDP and mostly in alternative energies, said Eclac report

Foreign direct investment in Uruguay totaled 2.79bn dollars last year, which is slightly higher than the 2.68bn of 2012, equivalent to 5% of GDP, according to the latest report on FDI for the region from the UN Economic Commission for Latin America and the Caribbean.
Saturday, May 31st 2014 - 06:05 UTC
Brazil's economy grows 0.2% in the first quarter and 1.9% in twelve months

Brazil's economy grew 0.2% in the first quarter compared to the final three months of 2013, a pace slower than economists had forecast, the government said Friday. Meanwhile GDP rose 1.9% relative to the first quarter of 2013, according to figures released by the state-run Brazilian Institute of Geography and Statistics, or IBGE.
Friday, May 30th 2014 - 05:28 UTC
Argentina can resume business with country export credit agencies, following Paris Club deal

Argentine president Cristina Fernandez praised on Thursday the agreement reached with Paris Club creditors and said that the government will now turn to international credit markets to finance “infrastructure, development, and technology.”
Friday, May 30th 2014 - 05:11 UTC
France praises Argentina's agreement with Paris Club and normalization efforts

French Finance Minister Michel Sapin praised Argentina’s agreement with Paris Club creditors, saying it highlights the country’s effort to “normalize its relations with creditors.”