Economy

Friday, February 21st 2014 - 08:05 UTC
Uruguay lowers growth estimate for 2014 to 3% of GDP; inflation still a challenge

Uruguay's GDP this year is expected to expand by 3%, below the original estimate of 4%, according to Economy minister Mario Bergara currently in the United States on a tour to promote investments in the country and who was interviewed by Bloomberg.
Friday, February 21st 2014 - 07:30 UTC
Chancellor Osborne warns UK recovery 'is not yet secure' despite recent growth surge

UK Chancellor George Osborne said next month’s Budget will continue to confront Britain’s problems as he cautioned the recovery was “not yet secure” despite a recent surge in growth.
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.