Economy

• Saturday, September 6th 2014 - 06:27 UTC

  Brazil's industrial activity shows the economy if far from a strong recovery

  

  Industrial-activity data released this week added to worries that Brazil's economy, already in recession, is far from a strong recovery. The trade group National Confederation of Industry, CNI, said revenue for the Brazilian manufacturing sector fell 5.1% in July from a year earlier and rose 1.2% from June.

• Saturday, September 6th 2014 - 03:14 UTC

  Argentina says creditors willing to swap bonds; holdouts warn about “contempt of court”

  

  Argentina's Cabinet Chief Jorge Capitanich said on Friday that “many” creditors are willing to accept a change in payment location to collect their money as the ongoing legal dispute with the holdouts continues to endanger the country's international credit and reputation.

• Friday, September 5th 2014 - 07:47 UTC

  Argentine Senate approves bill changing debt payment jurisdiction; next step Lower House

  

  Argentina's Senate on Thursday passed a bill aimed at circumventing U.S. court decisions regarding its defaulted debt by changing payment jurisdiction, sending the proposal to the lower house Chamber of Deputies for final approval. The chamber, like the Senate, is controlled by government allies who are expected to vote the bill into law.

• Friday, September 5th 2014 - 07:33 UTC

  NML Capital subpoenaed 18 banks in search of embezzled Argentine funds

  

  NML Capital Ltd, a creditor suing Argentina in the U.S. courts for full payment on defaulted debt, subpoenaed 18 banks last week in an effort to track down 65 million dollars in what it says is embezzled Argentine money laundered through the United States.

• Friday, September 5th 2014 - 03:28 UTC

  Falklands' GDP 'volatile' because of fisheries and oil and gas exploration

  

  Recently released data shows that the Falkland Islands Gross Domestic Product (GDP) continues to be volatile: expanding considerably during some years and shrinking in others. For example, 2012, a year of intense hydrocarbons activity the per capita for a population of 2.562, in the books soared to £77.400.

• Friday, September 5th 2014 - 02:19 UTC

  Bank of England leaves interest rate on hold at 0.5%; eyes set on minutes to be released 09/17

  

  The Bank of England has held UK interest rates at a record low of 0.5% for another month. The size of the Bank's economic stimulus program - quantitative easing - was also unchanged at £375bn.

• Friday, September 5th 2014 - 02:17 UTC

  ECB cuts rates to record low and negative for overnight deposits; Euro/dollar slumps below 1.3

  

  The European Central Bank cut interest rates to new record lows on Thursday, unexpectedly lowering borrowing costs to try to lift inflation from rock-bottom levels (deflation) and support the stagnating euro zone economy. The ECB cut its main refinancing rate to 0.05% from 0.15%.

• Friday, September 5th 2014 - 02:14 UTC

  Brazil leaves basic interest rate unchanged at 11%, given 'inflation prospects'

  

  With Brazil battling recession and inflation a month away from the presidential election, the Central bank kept its key interest rate on hold at 11%. Traders and analysts had forecast no change and the central bank's monetary policy commission (Copom) duly decided to leave all quiet following its monthly two-day meeting.

• Thursday, September 4th 2014 - 05:37 UTC

  One trillion dollars per year plus lives is the cost of corruption in poor countries

  

  An estimated one trillion dollars a year is being taken out of poor countries and millions of lives are lost because of corruption, according to campaigners. A report by the anti-poverty organization One says much of the progress made over the past two decades in tackling extreme poverty has been put at risk by corruption and crime.

• Thursday, September 4th 2014 - 05:20 UTC

  Argentina's dispute with holdouts “will not affect” Chinese investments, says Beijing

  

  The current legal dispute between Argentina and holdouts (“vulture funds”) suing the country over its defaulted bonds “will not affect” planned Chinese investments, since Argentina and China have a 'strategic association', the head of the National Commission of Development and Reform (CNDR) of China Xu Shaoshi, warned on Wednesday.