Economy

• Wednesday, October 8th 2014 - 03:50 UTC

  Brazilian and Chinese banks support for Argentina in bonds litigation confirmed

  

  Brazil’s PTG Pactual Bank and the China Construction Bank are at the forefront of the initiative to buy up the 1.6 billion dollars of debt which Argentina owes “holdouts” NML-Elliott and Aurelius, according to a report from Buenos Aires Ambito Financiero, the country's leading financial newspaper.

• Wednesday, October 8th 2014 - 03:46 UTC

  World Bank supports Argentina, favors institutional frame for 'holdouts'

  

  World Bank Chief Economist for Latin America and the Caribbean Augusto De la Torre has said the ongoing conflict between Argentina and holdout creditors is due to the “lack of international debt regulation frames”, and favored Argentina's initiative in the UN to “solve the situation.”

• Wednesday, October 8th 2014 - 03:43 UTC

  IMF lowers Latam growth forecasts: declining exports and domestic constraints

  

  The International Monetary Fund cut its global economic growth forecasts for the third time this year, warning of weaker growth in core Euro zone countries, Japan and big emerging markets like Brazil.

• Wednesday, October 8th 2014 - 03:40 UTC

  Ebola outbreak threatens Africa with dramatic consequences, says IMF

  

  Saharan Africa's economic growth remains strong and should accelerate to 5.8% in 2015 but if the Ebola outbreak in its western corner is protracted or spreads it will have “dramatic consequences” for that zone, the IMF said on Tuesday.

• Tuesday, October 7th 2014 - 22:19 UTC

  Despite record shrimp season, Argentine seafood landings drop 7.3%

  

  Seafood landings in Argentine sea ports between January first and 30 September totaled 584,835.1 tons of seafood resources, 7.3% less that the same period a year ago, 630,393 tons.

• Tuesday, October 7th 2014 - 06:04 UTC

  IMF urges changes in sovereign bonds' contracts, following Argentina's case

  

  The International Monetary Fund on Monday urged changes in sovereign bond contracts as Argentina remained mired in a US court battle with holdouts or “vulture funds” years after its massive debt restructuring.

• Tuesday, October 7th 2014 - 05:56 UTC

  Brazilian markets clearly support challenger Neves: Bovespa up 4.7%

  

  The Sao Paulo stock exchange soared 4.7% on Monday with the Bovespa index reaching 57.115 points following Sunday's presidential election when no candidate managed 50% of ballots, opening the way for a runoff between pro-business Aecio Neves and president Dilma Rousseff.

• Tuesday, October 7th 2014 - 05:46 UTC

  “Blue” dollar in Argentina further plummets as market waits for new rules

  

  The US 'blue' or informal dollar plunged 35 cents at the end of trading on Monday in Argentina to 14.95 Pesos after dropping another 20 cents last Friday, amid uncertainty about the new Central bank authorities policies and what is anticipated will be tighter controls on 'illegal' trading.

• Tuesday, October 7th 2014 - 00:53 UTC

  Holdouts insist they want to negotiate with Argentina a solution to bonds dispute

  

  Lawyer Robert Cohen representing NML, the main holdout fund in litigation with Argentina, insisted that his client is prepared and willing “to negotiate” but also questioned the government of President Cristina Fernandez attitude during the court hearings in New York over the restructured debt.

• Tuesday, October 7th 2014 - 00:43 UTC

  Griesa orders Argentina to reinstate BoNY as trustee for bondholders' payments

  

  US Judge Thomas Griesa has ordered Argentina to reinstate the Bank of New York Mellon (BoNY) as trustee for bondholders payments and “reverse the steps taken” with the approval of the so-called Sovereign Payment law that replaced it with the country's Nacion Fideicomisos.