Economy

• Thursday, September 4th 2014 - 05:06 UTC

  Argentina milks more US dollars from commercial banks

  

  Argentina's central bank said on Wednesday it had reduced the amount of dollars commercial banks could hold, a move that should push more greenbacks into the spot market and may give a mild boost to flagging reserves and the local Peso.

• Thursday, September 4th 2014 - 05:00 UTC

  Argentina looks to Uruguay to issue sovereign bonds and pay creditors

  

  A former chairman of Argentina's central bank board, Aldo Pignanelli considered neighboring Uruguay could be a “trustworthy” option for Argentina to issue sovereign bonds and pay creditors. Uruguay has an outstanding international reputations regarding abiding by contracts and ensuring legal security, added the Argentine banker.

• Wednesday, September 3rd 2014 - 23:00 UTC

  EC fines Philips, Samsung and Infineon for 'collusion' in price-chips for smart phones

  

  Philips, Samsung and Infineon have been fined 138m Euros by the European Commission (EC) for fixing prices of chips in used in smart-phones. The electronics giants “colluded” on pricing, contracts and capacity between 2003 and 2005, the EC said.

• Wednesday, September 3rd 2014 - 22:17 UTC

  China expanding its investments in Argentina's South Atlantic fisheries

  

  China is interested in investing in Argentine port infrastructure and in setting up companies with access to the South Atlantic fisheries, according to reports from Shanghai where an Argentine top level delegation is currently negotiating in the framework of the China-Argentina cooperation agreement.

• Wednesday, September 3rd 2014 - 06:37 UTC

  Kicillof in China to confirm loans and a much needed swap dollars

  

  Credit strapped Argentina is wooing Beijing and with this purpose Economy Minister Axel Kicillof, Planning Minister Julio De Vido and YPF oil company CEO Miguel Galuccio are currently on an official trip to China, aimed at gathering funding for public works including two dams and one nuclear power plant.

• Wednesday, September 3rd 2014 - 05:55 UTC

  Australia scraps contested mining tax; major win for Abbot's conservatives

  

  Australia on Tuesday agreed to scrap a contested resources profits tax after the government struck a surprise deal with crossbench senators, including mining tycoon Clive Palmer. The Minerals Resource Rent Tax (MRRT) was introduced by the previous Labor administration in 2012, with a levy on annual profits above 70 million dollars on iron ore and coal at a rate of 30%.

• Wednesday, September 3rd 2014 - 05:50 UTC

  Barclays moves out of Spain; sells operations to CaixaBank for 800 million Euros

  

  Spain’s third-biggest lender, CaixaBank SA agreed to buy Barclays Plc banking operations in the country for about 800 million Euros (1.1 billion) in cash to expand its business as economic growth picks up. The sale includes consumer, wealth and investment management and corporate banking businesses, Barcelona-based CaixaBank said in a statement.

• Wednesday, September 3rd 2014 - 05:36 UTC

  Spain's unemployment remains stubbornly high: 4.5 million in August

  

  A total of 8,070 people joined Spain's jobless queues in August, the first rise in unemployment after six months of improvement, official figures released on Tuesday show. The rise means there were 4,427,930 Spaniards registered as looking for work at the country's unemployment offices at the end of August, Spain's employment ministry figures show.

• Wednesday, September 3rd 2014 - 05:26 UTC

  UK and Germany main beneficiaries of Spain's brain drain

  

  Spain is among the European countries hardest hit by the so-called 'brain drain' effect with thousands of professionals including nurses and teachers taking steps to leave the country in recent years, new figures from the European Union show.

• Tuesday, September 2nd 2014 - 22:45 UTC

  Argentina/Brazil bilateral trade drops to 2010 level. Auto industry hardest hit

  

  Bilateral trade between Mercosur leading partners Argentina and Brazil plummeted 27.6% in August and 22% in the last twelve months, according to Buenos Aires consultants, Abeceb. Recession in Brazil plus strict Argentine trade restrictions and slower domestic demand has contributed to the results.