Economy

• Thursday, December 19th 2013 - 06:01 UTC

  Fed announces gradual conditioned tapering of stimuli from next January

  

  The U.S. Federal Reserve will start scaling back its monthly bond-buying program as early as next month, but the reduction will be gradual. The Federal Reserve has been buying 85 billion dollars a month in government bonds in an effort to keep interest rates low and boost economic growth.

• Thursday, December 19th 2013 - 05:55 UTC

  US congress agrees budget deal reducing risk of government shutdown

  

  On the same day the Federal Reserve announced tapering of stimulus, the US Senate passed a two-year budget deal to ease automatic spending cuts and reduce the risk of a government shutdown, but fights were already breaking out over how to implement the budget pact

• Thursday, December 19th 2013 - 05:41 UTC

  Euro-zone agrees on banking reform, another step towards banking union

  

  Euro-zone finance ministers have agreed on a long-awaited pact on how to deal with failing banks in the region. It aims to create a 55bn euro fund - financed by the banking industry, over the next 10 years. The fund would be backed by a new agency, which will decide on how to deal with failing banks.

• Wednesday, December 18th 2013 - 17:49 UTC

  Falklands' budget challenge: how to distinguish recurrent funding from oil windfall income

  

  The Falkland Islands Executive Council, (EXCO), considers essential more public scrutiny to budget affairs discussions so that individuals can better understand what monies are available for ongoing funding and which are windfall incomes from oil related matters.

• Wednesday, December 18th 2013 - 16:46 UTC

  Falklands to cash 146m dollars from tax on farm-out deal in oil industry

  

  An agreement has been reached between the Falkland Islands government and Rockhopper Exploration regarding tax arising from the Sea Lion farm-out to Premier Oil, an operation involving a billion US dollars, and which according to the settlement generated a credit of 146m dollars for the Islands Treasury.

• Wednesday, December 18th 2013 - 06:51 UTC

  Argentine mobile phone companies have to adjust rates and charge by the second

  

  Mobile phone companies operating in Argentina will have 60 days to adjust all their rates and charge by the second, Federal Planning Minister Julio De Vido and Communications Secretary Norberto Berner confirmed in a news conference. Companies Personal, Movistar and Claro will only have 15 days to implement the change for new customers according to the resolution published in the Official Gazette.

• Tuesday, December 17th 2013 - 19:10 UTC

  Uruguay must address fiscal policy (and inflation) suggests leading private bank

  

  The US dollar is poised to continue consolidating during 2014 in Uruguay, and will most probably by the end of the year reach 24 Pesos from the current 21 Pesos, according to Itaú, one of the leading private banks in the country, which also warned about inflation and the fiscal deficit.

• Tuesday, December 17th 2013 - 17:10 UTC

  Volcker rule making banking 'boring' (and limiting speculation) enforced in US financial system

  

  All five US financial regulators have approved the Volcker rule, designed to restrict the finance industry in the wake of the 2008-09 financial collapse. Named after former Federal Reserve chairman Paul Volcker, it bans banks from using their own funds for trading activities and it is considered the centerpiece of the 2010 banking reform legislation known as Dodd-Frank.Banks will have until 21 July 2015 to comply with the rules.

• Tuesday, December 17th 2013 - 03:04 UTC

  Indian designed tablet goes on sale in the UK at £30 (48 US dollars)

  

  A tablet costing £30 (48 US dollars) has gone on sale in the UK. The UbiSlate 7Ci, made by UK-based company Datawind, is the commercial version of the Aakash 2 tablet, which was originally launched in India, where it is mainly used by students and was designed to provide cheap internet access to help improve education.

• Tuesday, December 17th 2013 - 02:53 UTC

  Ireland exits bailout program but difficulties remain; Portugal next in the queue

  

  Ireland's prime minister has marked the end of the country's bailout program with a speech to the nation. In a televised address, Enda Kenny said Ireland's “good name and our credibility” had been restored. Meanwhile Portugal could be the next in the list after a review of the economy was advanced six months.