Economy

Saturday, March 29th 2014 - 05:43 UTC
Argentina denies the subsidies reduction will have an inflationary impact

Argentina's new subsidies’ scheme will have an “insignificant” impact on prices since the whole package basically involves a 'redistribution' of funds, argued Cabinet Chief Jorge Capitanich, emphasizing the decision aims at “encouraging the rational and responsible use of public services.”
Friday, March 28th 2014 - 08:29 UTC
Argentina begins natural gas and water subsidies reduction in three stages

Argentina will cut expensive natural-gas and water subsidies this year which will have an increase impact in utilities' rates between 20% and 80% on average. The gas and water subsidies reduction will reach 80% of top consumers and the accumulative impact will range from the equivalent of 2.5 to 102 dollars, said the Ministry of Economy in a release.
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.