Economy

Thursday, August 21st 2014 - 07:31 UTC
“Slack of US labor market” keeping the Fed from raising interest rates

The US Federal Reserve hinted that a surprisingly strong jobs market recovery could lead it to raise interest rates earlier than it had been anticipating. At the same time, most Fed officials wanted further evidence before changing their view on when rates should rise, according to the minutes from the central bank's July 29-30 meeting.
Thursday, August 21st 2014 - 07:18 UTC
Argentina back-steps on applying 'anti-terrorism' law on a US company

Argentina's head of the securities regulator, CNV, Alejandro Vanoli said that the anti-terrorism law will not be applied against the United States printing firm RR Donnelley, as president Cristina Fernández had announced last Thursday.
Thursday, August 21st 2014 - 07:07 UTC
Aurelius Capital brands Argentine leaders 'outlaws' for flouting US courts orders

One of two hedge funds that sued Argentina over defaulted bonds branded the country's leaders “outlaws” on Wednesday after Buenos Aires moved to shift its bond payment method.
Thursday, August 21st 2014 - 06:58 UTC
Italian bondholders' representative supports Argentina decision to change debt's jurisdiction

The Italian legal representative of Argentine bondholders, Tullio Zembo praised the Sovereign Public Debt Payment Law announced by President Cristina Fernandez, saying the decision to change the debt’s jurisdiction to Buenos Aires is “probably the most appropriate.”
Thursday, August 21st 2014 - 06:41 UTC
Cristina Fernandez blasts those who invest in the 'illegal currency' (US dollar)

Argentine president Cristina Fernandez emphasized on Wednesday evening the need to amplify “the local financial market so we will not depend on foreign fluctuations,” during the celebration of Buenos Aires Stock Market 160th anniversary.
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.