Economy

• Friday, February 21st 2014 - 07:15 UTC

  Chinese flair for France's second largest automobile group, PSA Peugeot-Citroen

  

  Struggling French carmaker PSA Peugeot Citroen has sealed a long-awaited rescue deal that will see its founding family cede control of the company. China's Dongfeng Motors and the French government will each invest about 800m Euros in return for 14% stakes. Another 1.4bn Euros will be raised from existing investors in Peugeot.

• Friday, February 21st 2014 - 07:12 UTC

  Brazil announces budget spending cuts to meet primary budget surplus

  

  Brazil's government on Thursday announced 44 billion Reais (18.41 billion dollars) in spending cuts as it seeks to meet its primary budget surplus target for 2014. This year's cuts exceed the 38 billion Reais (some 15.9 billion) in budget reductions announced in 2013 and extend to all government departments except education, health, social development, and science and technology.

• Friday, February 21st 2014 - 07:06 UTC

  Argentine restructured bondholders appeal to the US Supreme Court

  

  A group of bondholders that entered the restructuring of Argentine debt in 2005 and 2010 have presented their own appeal before the United States Supreme Court, in the case involving the so-called holdout hedge funds. The petition, made public on Thursday, mirrors a similar appeal carried out on Tuesday by the Argentine government.

• Thursday, February 20th 2014 - 04:18 UTC

  IMF concerned with risks in emerging markets from pulling back stimulus too quickly

  

  Advanced economies, including the United States, must avoid pulling back stimulus too quickly given the weak global economic recovery and recent market volatility highlights key risks in some emerging markets, the International Monetary Fund said on Wednesday.

• Wednesday, February 19th 2014 - 22:16 UTC

  YPF signs agreement with Petronas for shale development in Vaca Muerta

  

  Argentina's state oil company YPF announced this week that it had signed a memorandum of understanding (MOU) with a subsidiary of Malaysia's national oil company Petronas for unconventional oil and gas resources development in Argentine Patagonia.

• Wednesday, February 19th 2014 - 05:11 UTC

  Argentina appeals hedge funds case to US Supreme Court; warns of 'havoc' if lower court ruling stands

  

  Argentina announced on Tuesday it had appealed to the US Supreme Court against a lower court order to pay off hedge fund investors in its bonds, arguing that order violated its sovereignty.

• Wednesday, February 19th 2014 - 04:44 UTC

  Fed adopts tighter new rules for foreign banks to shield US taxpayers

  

  The US Federal Reserve adopted tight new rules for foreign banks to shield the US taxpayer from costly bailouts, ceding only minor concessions despite pressure from abroad to weaken the rule.

• Tuesday, February 18th 2014 - 20:30 UTC

  Scotland independence leads to debate on the pound and EU membership

  

  Separatist leader Alex Salmond insisted that Scotland would keep the pound if it left the UK and accused British politicians of bluffing by ruling out a currency union in a campaign of fear that would provoke a backlash from Scots.

• Monday, February 17th 2014 - 10:00 UTC

  Uruguay will appeal to a cut in state-run utilities rates, if necessary, to keep inflation under control

  

  Uruguayan President Jose Mujica admitted that annual inflation would likely remain between 7 and 9% for the rest of his administration, above the government's target maximum, but he will appeal to a cut in state-run utilities rates if necessary to keep the index under control.

• Monday, February 17th 2014 - 09:42 UTC

  Uruguay and Venezuela will further increase energy related cooperation

  

  Uruguay will renew the contract for the purchase of Venezuela oil and accept the stake increase of that country in a local bio-fuels corporation during the scheduled visit of President Nicolas Maduro to Montevideo next month; it was announced by the Uruguayan Foreign affairs ministry.