Economy

Friday, March 28th 2014 - 08:16 UTC
Argentine wine from small grape farmers for Pope Francis masses

The wine used for the masses of Pope Francis will be made using grapes from small Argentine producers with 500 liters of the drink already in production, according to a report from the Project for the Integration of Small Producers in the Viticulture Chain (PROVIAR).
Friday, March 28th 2014 - 08:01 UTC
Cuba ready to implement an ambitious foreign investment with generous tax breaks

Cuba's government has released further information on a proposed foreign investment law that will cut the profits tax in half and exempt investors from paying it for eight years in an attempt to attract capital into the communist economy.
Friday, March 28th 2014 - 06:45 UTC
London becomes hub for Chinese currency dealings and clearing

The Bank of England has agreed a deal with the People's Bank of China to make London a hub for Chinese currency dealing. The memorandum of understanding, to be signed next Monday, sets out settlement and clearing arrangements for the Renminbi, or Yuan, in London.
Friday, March 28th 2014 - 06:31 UTC
US Fed rejects Citigroup plans to boost dividends for shareholders

US Federal Reserve has rejected plans by Citigroup to buy back shares and boost dividends for shareholders. It cited deficiencies in the bank's ability to plan for how stressful situations would hurt its business. The decision is a setback for Citigroup boss Michael Corbat who was brought in to bolster internal controls after the bank failed stress tests two years ago.
Friday, March 28th 2014 - 06:26 UTC
Bank of America agrees to pay 9.5bn to settle charges from US housing collapse

Bank of America agreed to pay 9.5bn to settle charges it misled US mortgage lenders Fannie Mae and Freddie Mac before the housing crisis in 2008. The bank will pay 6.3bn in cash and buy back 3.2bn in mortgage securities.
Friday, March 28th 2014 - 06:22 UTC
Argentine economy expands 3%, thus saving 3.5bn in payments to bonds tied to GDP

Argentina's National Institute of Statistics and Census, Indec, announced that the country's GDP grew by 3% across the last calendar year, dropping short of the figure necessary to service bonds linked to the nation's economic activity.
Thursday, March 27th 2014 - 08:38 UTC
US Supreme Court confirms Argentina has friends in its litigation with hedge funds

The US Supreme Court has confirmed that Brazil, Mexico and France have officially presented their opinions on an appeal currently being studied in the judicial authorities, which relates to the litigation held against Argentina by the hedge funds which the administration President Cristina Fernandez refers to as 'vulture funds'.
Thursday, March 27th 2014 - 08:02 UTC
Argentina issues 10bn Pesos in bonds to drain liquidity and contain inflation

Argentina's government will issue as much as 10 billion pesos (1.25 billion dollars) in bonds on Friday as it seeks funding from local investors and tries to drain liquidity from the local market as the harvest season approaches when traders begin selling the dollars of overseas shipments of grains and oilseeds.
Wednesday, March 26th 2014 - 07:44 UTC
Brazil hits back at S&P; says economy is well positioned to new challenges in the global scenario

Brazil's central bank on Tuesday said it will continue to respond to challenges in the international scenario after Standard & Poor's decision to downgrade the country's credit ratings. This includes a rigorous set of macroeconomic policies, a flexible exchange rate regime and the use of liquidity buffers “to smooth out moves in asset prices” the bank said in a statement.
Wednesday, March 26th 2014 - 05:54 UTC
NML Capital targets Argentina's contract for satellite launches with private US company

An Argentine bondholder seeking to collect on hundreds of millions of dollars in judgments stemming from the country's historic 2002 default filed a lawsuit on Tuesday aiming to take control of the country's rights under a contract for satellite launches with a private US firm.