Economy

Wednesday, August 19th 2020 - 08:46 UTC
Citigroup with a record clerical error of US$ 900 million; a beneficiary refuses to hand back US$ 175 million

Citigroup asked a US judge on Tuesday to freeze funds it mistakenly sent Revlon Inc creditors amid a lawsuit over one of the largest clerical errors by a bank in years. Last week, Citi repaid a nearly US$900 million loan made to Revlon, a day after lenders sued the cosmetic company over its restructuring tactics, but the repayment was made in error.
Tuesday, August 18th 2020 - 15:50 UTC
Falkland Islands and oil companies new approach to “stranded assets”

An article in World Oil by Laura Hurst refers to the term “stranded assets” and mentions the case of the Falkland Islands oil industry: the discovery a decade ago of as much as 1,7 billion barrels of crude offshore the British Overseas Territory, and rather than the next frontier, the project to extract energy risks being added to a list of what companies call “stranded assets” that could cost them huge sums to mothball.
Tuesday, August 18th 2020 - 09:55 UTC
Thousands waving national flags demonstrate across Argentina to protest against government plans

Thousands of demonstrators across Argentina's main cities defied social distancing rules to answer calls to protest against a government announcement last Friday to extend containment measures in the Buenos Aires region until Aug 30 and to condemn a controversial reform of the judicial branch.
Tuesday, August 18th 2020 - 09:09 UTC
The US pledges US$ 5bn to Colombia for rural development; Duque supports US candidate for IDB

The United States and Colombia will work together to bring new investment to rural areas of the country, officials said on Monday, as Colombia's president reiterated support for the U.S. candidate to lead the Inter-American Development Bank.
Tuesday, August 18th 2020 - 08:57 UTC
“Stampede” at Brazil's Economy ministry, another top official resigns

Brazil's Undersecretary for Macroeconomic Policy Vladimir Kuhl Teles has resigned, according to an announcement in the Official Gazette on Monday, the latest in a string of resignations from the economy ministry.
Tuesday, August 18th 2020 - 08:52 UTC
Peruvian economy contracts 18,06% in June year to year

Peru’s economy contracted 18.06% in June versus the same period a year earlier, the government of president Martin Vizcarra said on Sunday, the fourth straight month of contraction due to the impact of the novel coronavirus pandemic.
Tuesday, August 18th 2020 - 08:45 UTC
Brazilian congressional leader confident the tax reform will be approved this year

Brazil's lower house speaker Rodrigo Maia said on Monday he is convinced Congress will approve tax reform and that it should be done this year to avoid the debate from being influenced by the 2022 presidential election.
Monday, August 17th 2020 - 09:31 UTC
Argentina will formalize the bond restructuring offer to US Securities and Exchange Committee Monday

The Argentine government formalized its amended bond restructuring offer on Saturday night, confirming in a presidential decree that it would submit the new deal to the US Securities and Exchange Commission this Monday.
Monday, August 17th 2020 - 08:21 UTC
Mexican president says economy recovering jobs

Mexico added back 52,455 jobs in August, President Andres Manuel Lopez Obrador said on Saturday, hailing the news as a sign of recovery after the country lost more than 1 million jobs in the formal economy due to the coronavirus pandemic.
Monday, August 17th 2020 - 08:14 UTC
UK Trade Secretary pledges to fight US tariffs on Scotch whisky

British Trade Secretary Liz Truss pledged to fight U.S tariffs on Scotch whiskey, calling them “unacceptable and unfair” in an op-ed in the Telegraph on Sunday. “I will fight to consign these unfair tariffs to the bin of history”, she wrote while accusing the European Union of failing to protect British and Scottish interests.