Economy

• Thursday, July 3rd 2014 - 06:26 UTC

  Roubini warns about negative consequences from the Argentine case

  

  The economist famous for predicting the 2008 financial crisis has analyzed Argentina’s current dispute against vulture funds warning “holdouts must not be permitted to block orderly restructurings that benefit debtors and creditors.”

• Thursday, July 3rd 2014 - 06:17 UTC

  Hedge funds challenge Kicillof to meet them on Thursday in Washington

  

  The NML Capital hedge fund is ready to meet and negotiate directly with Argentine Economy minister Axel Kicillof and is willing to do so on Thursday, according to a top-ranking executive of the hedge fund involved in a long standing litigation with the Argentine government over defaulted debt.

• Wednesday, July 2nd 2014 - 23:51 UTC

  Argentina loses trade restrictions case at WTO, says Brazilian financial media

  

  The World Trade Organization has ruled that a swath of import regulations imposed by Argentina violate international trade rules, according to the Buenos Aires media quoting diplomatic sources and Brazil's financial press. The ruling favors 43 countries those two years ago claimed Argentina had imposed trade barriers.

• Wednesday, July 2nd 2014 - 07:53 UTC

  “Vulture funds not interested in negotiations” claims Minister Kicillof

  

  “Vulture funds are not interested in negotiations”, and all they want is “to get hold of the money for re-structured bonds holders”, said Argentina's Ministry of Economy in a release made public late Tuesday, the last exchange on the ongoing battle in a New York court with holdout hedge funds.

• Wednesday, July 2nd 2014 - 07:45 UTC

  Main French bank agrees to 9bn dollars settlement with US prosecutors

  

  France's largest bank, BNP Paribas, has agreed to a record 9bn dollars settlement with US prosecutors over allegations of sanctions violations. As part of the deal, the bank will plead guilty to two criminal charges of breaking US sanctions against trade with Sudan, Iran and Cuba.

• Wednesday, July 2nd 2014 - 07:27 UTC

  Two decades of the Real, the currency that helped Brazil trust financial stability

  

  Twenty years ago, first July 1994, after decades of financial turmoil, Brazil introduced its current currency, the Real, marking a turning point in the country's fight against hyperinflation.

• Wednesday, July 2nd 2014 - 07:17 UTC

  Falklands mints £2 coin to mark centenary of 1914 Battle of the Falkland Islands

  

  The Falkland Islands Government have minted a new circulatory £2 coin, to mark the Centenary of the Battle of the Falkland Islands in 1914.

• Wednesday, July 2nd 2014 - 00:13 UTC

  Data confirms Argentina's economy has slid into recession

  

  Argentina’s economic activity index (EMAE), which is seen as a close proxy of GDP, fell 0.5% in April compared with the same month last year, according to data released by the government's stats office Indec. Nonetheless activity went up 0.6% in April compared to March.

• Tuesday, July 1st 2014 - 23:57 UTC

  Argentina's Paris Club and Repsol debt deals possible accord path, hint holdout funds

  

  One of the holdout hedge funds involved in the lawsuit against the Argentine government over pending debt from the 2001 bonds default, pointed out on Tuesday that the agreements struck by Argentina with Spanish oil and conglomerate Repsol and the Paris Club are good examples for the basis of an eventual understanding.

• Tuesday, July 1st 2014 - 23:16 UTC

  Could gang violence end Mexico's shale dream?

  

  Violence in Mexico could thwart hopes of a budding shale boom, as oil and gas companies operating in Texas may think twice about moving south of the border.
  Mexico holds an estimated 545 trillion cubic feet of technically recoverable shale gas and 13 billion barrels of shale oil, but progress in developing those resources has been slow.