Economy

Monday, May 25th 2020 - 07:52 UTC
Pierre Andurand, French 'wonder boy' who predicted the sub zero oil market collapse

French oil trader Pierre Andurand was catapulted into the spotlight this year after correctly betting that the deadly novel coronavirus would spark a sub-zero oil market collapse. Andurand, the 43-year-old founder of London-based Andurand Capital who runs two multi-million-dollar funds, bet in February that the deadly COVID-19 outbreak could represent a rare “black swan” event that would send prices into reverse.
Saturday, May 23rd 2020 - 10:50 UTC
Argentina asks Ireland's support to exclude the Falklands from any post Brexit EU-UK accord

The Argentine foreign minister Felipe Solá held a round of talks with his counterparts from Australia, Ireland and Armenia to address issues of special significance for an Argentine foreign policy such as the current Coronavirus pandemic, and its impact on the global economy, and the European Union position regarding the Falkland Islands in a post Brexit scenario.
Saturday, May 23rd 2020 - 09:57 UTC
Argentina in “technical default” while negotiations with sovereign bondholders continue

Argentina “technically” defaulted on Friday for the second time this century after failing to pay US$505 million of interest on its bond debt, but it continues to negotiate a restructuring with creditors. “We're not paying but the negotiations are continuing,” a government official said.
Saturday, May 23rd 2020 - 09:47 UTC
Hertz Global files for bankruptcy protection as Covid-19 vanishes business

The more than a century old car rental firm Hertz Global Holdings filed for bankruptcy protection on Friday after its business all but vanished during the coronavirus pandemic and talks with creditors failed to result in needed relief.
Saturday, May 23rd 2020 - 09:20 UTC
Soros warns EU survival threatened unless it issues perpetual bonds to prop weak members

George Soros, the billionaire financier, has cautioned that the European Union's survival was threatened by the novel coronavirus unless it could issue perpetual bonds or “consols” to help weak members such as Italy.
Friday, May 22nd 2020 - 08:59 UTC
Argentina reaffirms commitment to Mercosur but remains cautious about EU accord

Argentine Foreign Minister Felipe Solá reaffirmed on Thursday the decision of president Alberto Fernandez's government to continue being part of Mercosur. When asked about links with the other member countries of the bloc, Solá said that a “rupture or union depends on the political will of the governments and our will is, that we are not on the rupture path”
Friday, May 22nd 2020 - 08:58 UTC
Argentine negotiations with creditors deadline extended to June 2

The Argentine Ministry of Economy extended until June 2 the term to renegotiate the US$ 67 billion of debt securities issued under foreign law, with the aim of continuing negotiations with creditors.
Friday, May 22nd 2020 - 08:41 UTC
Oil prices slump after China omits 2020 economic growth target

Oil prices slumped on Friday after China's decision to omit an economic growth target for 2020 renewed concerns that the fallout from the coronavirus pandemic will continue to depress fuel demand in the world's second-largest oil user.
Friday, May 22nd 2020 - 08:37 UTC
IMF optimistic Argentina and creditors can reach an agreement

The International Monetary Fund expressed optimism that Argentina can reach an agreement with private creditors “to establish a sustainable path in the future” when the government of President Alberto Fernandez formally extended the deadline term to reach an understanding on the US$ 67 billion debt.
Friday, May 22nd 2020 - 07:29 UTC
Job losses in the US totaled 38,6 million since the lockdown; 2,43 million in the last week

Job losses in the United States are slowing but totaled an unheard-of 38.6 million since the coronavirus pandemic lockdowns began, while officials debate what additional steps will be needed to rescue the beleaguered economy.