Economy

Monday, February 17th 2020 - 08:35 UTC
IMF admits coronavirus epidemic could damage global economic growth

The coronavirus epidemic could damage global economic growth this year, the IMF head said on Sunday, but a sharp and rapid economic rebound could follow. “There may be a cut that we are still hoping would be in the 0.1 to 0.2 percentage space,” the managing director of the International Monetary Fund, Kristalina Georgieva, told the Global Women's Forum in Dubai.
Monday, February 17th 2020 - 07:13 UTC
Pompeo confident the West is winning and will prevail over Russian and Chinese “empire desires”

US Secretary of State Mike Pompeo defended on Saturday his nation's global role despite misgivings in Europe, vowing that Western values would prevail over Russian and Chinese desires for “empire”.
Saturday, February 15th 2020 - 08:20 UTC
Manchester City banned from EU competition and fined for breaching financial fair play rules; the club will appeal

English champions Manchester City have been banned from European competition for the next two seasons and fined 30 million Euros by European soccer's governing body UEFA after an investigation into alleged breaches of Financial Fair Play (FFP) rules.
Saturday, February 15th 2020 - 07:54 UTC
Trump launches the aircraft trade dispute with the European Union

The U.S. government on Friday said it would increase tariffs on aircraft imported from the European Union to 15% from 10%, ratcheting up pressure on Brussels in a nearly 16-year transatlantic dispute over aircraft subsidies.
Friday, February 14th 2020 - 21:08 UTC
Fernandez insists Argentina needs more time to honor its debt with IMF

Argentine president Alberto Fernandez said that the country “needs more time” to honor its debt with the IMF and underlined he would like “a commitment of the Fund with Argentina”. He also welcomed what he described as a “common sense dialogue with the IMF mission” currently in Buenos Aires for a review of the country's finances and economic prospects.
Friday, February 14th 2020 - 20:46 UTC
Cristina Fernández/IMF controversy over the Fund's responsibility in Argentina' flight of capital

Argentine vice-president Cristina Fernandez de Kirchner insisted in her criticism of the IMF for the alleged violation of its statutes by awarding the previous Argentine administration of president Mauricio Macri a disproportionate credit, despite the fact the Fund rejected the accusation and ratified that no debt shaving is possible under its rules.
Friday, February 14th 2020 - 08:47 UTC
Brazil's Real among the worst performing currencies this year, shrinks 8%

Brazil’s currency fell below 4.35 reais per dollar for the first time this week, as weaker-than-expected retail sales figures gave renewed impetus to the selling that has picked up notable momentum in recent days.
Friday, February 14th 2020 - 08:40 UTC
Argentine inflation drops to 2.3% in January, helped by the freeze of several items

Argentina inflation decelerated to 2.3% in January, the official statistics agency said on Thursday, well below analyst expectations for a 3.4% rise.
Friday, February 14th 2020 - 08:28 UTC
Argentina anticipates rough times for bondholders in any of three possible economic scenarios

Argentina’s economy minister confirmed bondholders’ worst fears, telling them to brace for significant losses as the country restructures its debt amid an economic crisis. Martin Guzman warned that holders of Argentine debt will probably be disappointed by the restructuring, without providing specifics on how steep losses could be.
Friday, February 14th 2020 - 07:23 UTC
Falkland Islands announces partner to develop new port

The Falkland Islands Government (FIG) announced on Thursday it has selected a development partner to design and build a new port in Stanley Harbour. After an extensive global procurement process, FIG is pleased to announce that it has agreed to BAM Nuttall Ltd as its development partner, subject to successful conclusion of contract. The aim is for the contract to be agreed and signed by the end of March 2020.