Economy

• Saturday, August 30th 2014 - 07:00 UTC

  Mercosur is a ‘success’; intra-trade has grown at double the world rate

  

  Mercosur is a success, intra-trade has expanded at double the rate of world trade and despite all the bad press, the block is advancing on other fields such as social affairs and citizenship, according to Ivan Ramalho, Mercosur's High Representative, who is a former Brazilian deputy minister of trade and development issues.

• Friday, August 29th 2014 - 08:11 UTC

  US economy rebounds strongly in the second quarter: 4.2% annual rate

  

  The US economy rebounded more strongly than initially thought in the second quarter and details of a report on Thursday pointed to sustainable underlying strength. GDP expanded at 4.2% annual rate instead of the previously reported 4.0% pace, the Commerce Department said, reflecting upward revisions to business spending and exports.

• Friday, August 29th 2014 - 08:07 UTC

  Singer extends 'discovery' looking for Argentine assets in Chinese banks

  

  As it did in Nevada and California, a unit of billionaire Paul Singer's Elliott Management, which is Argentina's main holdout creditor, is extending its legal fight with the country to China. NML Capital served subpoenas this week to Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC) in an effort to obtain information on 6.8bn dollars in financing for deals signed by the two countries in July.

• Friday, August 29th 2014 - 06:46 UTC

  Mercosur main partners in another attempt to re-launch withering economies

  

  Argentine Economy minister Axel Kicillof left Buenos Aires on Thursday for Brazil, where he will meet with fellow ministers from the country to discuss the current situation of bilateral trade and the automotive industry.

• Friday, August 29th 2014 - 06:17 UTC

  Capitanich downplays success of strike and claims only well paid unions joined

  

  Argentine cabinet chief Jorge Capitanich downplayed the success and support of Thursday's strike and stressed that the income tax, one of the key points in the protest only reaches 10.4% of workers and criticized radical groups for supporting those “who earn most”

• Friday, August 29th 2014 - 06:04 UTC

  Argentina says it won't yield to unions; controversy over success of the national strike

  

  Argentina's Labor minister Carlos Tomada said that it is not a government’s priority to discuss the modification of the income tax or re-opening wage talks, as dissident unions demanded during a general strike on Thursday which partially paralyzed Buenos Aires city since several transport unions joined the stoppage.

• Friday, August 29th 2014 - 05:56 UTC

  Argentina will only negotiate with all bondholders: no more piecemeal debt talks

  

  Argentina's government ruled out further piecemeal debt talks with a small group of U.S. hedge funds (holdouts) and said the country needed to strike a deal with all bondholders including those which have rejected past restructuring agreements as a single group.

• Thursday, August 28th 2014 - 06:11 UTC

  Dollar new record in Argentina: 14.45 Pesos; Capitanich blames 'speculative attacks'

  

  While Argentine Cabinet Chief Jorge Capitanich claimed the country was suffering “speculative attacks“ to systematically erode the ”government’s credibility and trust” the US dollar in the Buenos Aires informal market continued to climb and ended Wednesday trading 25 cents higher at 14.45 Pesos.

• Wednesday, August 27th 2014 - 21:03 UTC

  Socialist Hollande converts into orthodoxy: names former Rothschild banker in Economy

  

  French president Francois Hollande has replaced his maverick leftist economy minister with a former Rothschild partner in a reshuffle intended to reconcile his efforts to revive the stagnant French economy with deficit-cutting orthodoxy.

• Wednesday, August 27th 2014 - 07:20 UTC

  Mary Maersk sets new record: 17.603 TEU containers, but few ports can receive her

  

  A record has been set with a Triple-E vessel carrying the highest ever number of containers between Europe and Asia. Mary Maersk left Algeciras, Spain, on its eastward journey bound for Tanjung Pelepas, Malaysia with no less than 17,603 twenty-foot equivalent units (TEU), the highest number ever loaded on a vessel.