Economy

Thursday, August 21st 2014 - 06:32 UTC
The 'blue' dollar ended trading on Wednesday at 13.55 Argentine Pesos

Following the Argentine government’s proposal to change the debt’s payment 'location' (jurisdiction) from New York to Buenos Aires, the US dollar closed on Wednesday three cents up to 8.33 pesos in banks and exchange offices of the City, while the “blue” rate added a massive 35 cents to trade at 13.55 pesos, a new record.
Wednesday, August 20th 2014 - 10:00 UTC
Citi tells Griesa its banking license in Argentina is at risk because of the 'holdouts case'

Citigroup has told the US appeals court overseeing the dispute between Argentina and hedge funds refusing to accept terms of the country's debt restructuring that its Argentine banking license may be at risk as a result of the standoff.
Wednesday, August 20th 2014 - 09:43 UTC
Chile's economy cooling faster than expected: weakest pace since 2009

Chile's GDP grew at its weakest pace since 2009 in the second quarter as investment waned and a previously rapid expansion in consumer spending slowed, central bank data showed. The economy grew 1.9% in the second quarter compared with a year ago, or a seasonally adjusted 0.2% compared with the first quarter.
Wednesday, August 20th 2014 - 09:22 UTC
Nervous Cristina skirts New York court and pledges to service swapped bonds in Argentina

President Cristina Fernandez said on Tuesday her government will move to service its defaulted debt in Argentina or allow bondholders to swap their bonds for new bonds governed by national law in order to get around a U.S. court order.
Wednesday, August 20th 2014 - 02:56 UTC
US insists Argentina must engage with creditors over sovereign debt dispute

The US government reiterated on Tuesday that the International Court of Justice in The Hague “is not the appropriate venue” for addressing Argentina's debt issues and again called on the government of President Cristina Fernandez to engage with its creditors.
Tuesday, August 19th 2014 - 09:16 UTC
Falklands pricing for valuation of hydrocarbons will follow Norwegian model

The Falkland Islands has an oil legislation regime that is robust and encourages investment, believes Financial Secretary Nicola Granger. Details of a law firm’s report to the Falkland Islands Government (FIG) on tax legislation in relation to the oil and gas industry, and recommendations to Government by Ms Granger, were released to the public this week in a paper that outlines the report from Freshfields Bruckhaus Deringer LLP.
Tuesday, August 19th 2014 - 08:57 UTC
Cattle rustling an everyday issue in Uruguay, claim farmers

Cattle rustling in Uruguay has become a daily issue and it's unfair that farmers should be forced to change of activity because “justice is lenient” when and if the perpetrators are caught, claimed the president of Uruguay's Rural Association, ARU, Ruben Echeverria.
Tuesday, August 19th 2014 - 08:51 UTC
Uruguay's 2014/15 wool clip estimated in 30 million kilos

Uruguay's 2014/15 wool clip has been estimated at 30 million kilos, a volume similar to that of 2013/14, according to numbers discussed in a recent meeting of sheep farmers, government and regional officials to address prospects for the industry.
Monday, August 18th 2014 - 07:19 UTC
US Panama Canal workers recall and celebrate the century old feat

The 100th anniversary of the opening of the Panama Canal, hailed at the time as one of the world's great wonders, has inspired a celebration in central US state Florida to showcase the experience of the US canal workers behind the engineering feat.
Monday, August 18th 2014 - 07:16 UTC
Mixed data from China, and doubts about the 7.5% growth target for 2014

China's latest industrial production and retail sales figures are higher in July from one year ago but the pace of expansion has slowed. Industrial production, a measures of output at factories, workshops and mines jumped 9% in July, compared to a 9.2% rise in June. Retail sales in July rose by 12.2%. But that's also below June's 12.4% spike.