Economy

• 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.

• Friday, May 22nd 2020 - 07:25 UTC

  China plans to increase 6,6% defense spending in fiscal year

  

  China's defense spending this year will rise 6.6% from 2019, according to a report issued at the opening of the country's annual meeting of parliament on Friday, a slower rate than last year.

• Thursday, May 21st 2020 - 08:55 UTC

  Argentina and creditors find a path to reach an understanding and avoid default

  

  Argentina’s Economy Minister Martin Guzman has hinted that make-or-break talks with international creditors are likely to continue beyond the looming May 22 deadline. It has tentatively elevated hopes that the crisis-prone country will be able to avoid its ninth sovereign debt default.

• Thursday, May 21st 2020 - 08:29 UTC

  US Senate votes a bill targeting Chinese companies' opacity in US exchanges

  

  The U.S. Senate passed legislation on Wednesday that could prevent some Chinese companies from listing their shares on U.S. exchanges unless they follow standards for U.S. audits and regulations.

• Wednesday, May 20th 2020 - 22:02 UTC

  In post-pandemic, making the transport sector “green” could create 15 million new jobs, ILO

  

  Transforming the transport sector to be more environmentally-friendly in the aftermath of the COVID-19 pandemic, could create up to 15 million new jobs worldwide and help countries move to greener, healthier economies, according to an UN-backed report published on Tuesday.