Economy

• Wednesday, July 9th 2014 - 07:32 UTC

  Venezuela knocks on the door of international banks and promises to respect debt payments

  

  After slamming international banks for more than a decade, the Venezuelan government met with investment bankers to try to change the perception of risk associated to the country and prepare the scenario for upcoming economic measures.

• Tuesday, July 8th 2014 - 12:30 UTC

  IDB names Gustavo De Rosa Finance Manager and Chief Financial Officer

  

  The Inter-American Development Bank (IDB) announced the appointment of Gustavo De Rosa as Finance Manager and Chief Financial Officer, effective November 1, 2014.

• Tuesday, July 8th 2014 - 08:33 UTC

  EU holders of restructured Argentine bonds begin court actions in Belgium

  

  Holders of restructured Argentine bonds took to Belgian courts against Euroclear and the Bank of New York last week over their failure to pay out Argentina’s deposit, newspaper Tiempo Argentino (*) reported, citing court documents signed by the funds’ legal counsel.

• Tuesday, July 8th 2014 - 08:20 UTC

  Leading holdout hedge fund willing to give Argentina more time to negotiate

  

  Elliott Management portfolio manager Jay Newman has revealed that the holdout hedge fund would be willing to give the Argentine government more time to negotiate following the nation's reverse in the US Supreme Court, while criticizing Economy minister Axel Kicillof for not meeting with the so-called 'vulture funds'.

• Tuesday, July 8th 2014 - 08:10 UTC

  Kicillof meets Pollack requests 'stay' injunction to pay bondholders

  

  Argentine Economy Minister Axel Kicillof held Monday afternoon a meeting that lasted almost four hours with the Special Master appointed by US Judge Thomas Griesa, Daniel Pollack, and requested that an injunction allowing Argentina to pay bondholders be reinstated while negotiations with holdouts developed.

• Monday, July 7th 2014 - 23:42 UTC

  China economy with moderate growth in medium term, says World Bank

  

  China’s growth will moderate over the medium term as the economy continues to rebalance gradually. Growth is expected to slow to 7.6% in 2014, and 7.5% in 2015, from 7.7% in 2013, according to the World Bank’s China Economic Update latest edition.

• Monday, July 7th 2014 - 23:09 UTC

  ECLAC sides with Argentina; calls for Collective Action Clause for sovereign debts

  

  The Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), Alicia Bárcena, has sided with Argentina in the holdout hedge funds litigation arguing on the need to establish an international mechanism that would allow for the resolution of conflicts of interest caused by sovereign defaults:

• Monday, July 7th 2014 - 22:42 UTC

  FAO food price index down for third month running: plenty of corn and wheat

  

  The FAO Food Price Index was down for a third consecutive month in June, a decline mostly influenced by lower wheat, maize and palm oil prices that reflected ample supplies and improved global production prospects for these commodities.

• Monday, July 7th 2014 - 07:26 UTC

  Uruguay Vice-president and Latam UN ambassadors claim US justice took sides

  

  Latin American ambassadors to the United Nations (UN) and Uruguay's Vice-president Danilo Astori showed their support to Argentina in its dispute against holdout hedge funds. They agreed that the so-called 'vulture funds' are a risk to debtor nations and that they pose a threat to the region.

• Monday, July 7th 2014 - 07:17 UTC

  Kicillof formally meets 'Special Master' Pollack, but not holdouts delegates

  

  Economy minister Axel Kicillof is heading the Argentine delegation that on Monday will hold a first formal meeting in New York with “Special Master”, financial expert Daniel Pollack, appointed as mediator by Judge Thomas Griesa in negotiations between the sovereign country and holdout hedge funds, according to a release late Sunday from Buenos Aires.