Economy

Friday, August 30th 2019 - 09:58 UTC
S&P declares that Argentina's extension of maturities implies a “selective default”

Credit risk agency Standard & Poors announced on Thursday that it was slashing Argentina’s long-term credit rating another three notches into the deepest area of junk debt, saying the government’s plan to “unilaterally” extend maturities had triggered a brief default.
Friday, August 30th 2019 - 09:55 UTC
No end to uncertainty: Argentine bonds plunge and the country risk soared to 2.276 points

Argentine bond prices fell on Thursday and the country risk soared to levels not seen since 2005 after the government announced plans to extend maturities on an estimated US$ 100bn in debt, raising fear of a full-blown financial crisis.
Friday, August 30th 2019 - 09:50 UTC
Tierra del Fuego protests Falklands display at the coming agricultural show in Uruguay

The extreme south Argentine province of Tierra del Fuego has sent letters to the Foreign Ministry and to the Malvinas, Antarctica and South Atlantic Department expressing concern about a Falkland Islands stand at the British pavilion in the coming international agriculture show in Prado, Montevideo, Uruguay to take place between September 3 and 15.
Friday, August 30th 2019 - 09:43 UTC
Brazil economy rebounds in second quarter spurred by construction and industrial production

Brazil’s economy rebounded strongly in the second quarter after having shrunk in the first, official figures showed on Thursday, indicating Latin America’s largest economy comfortably avoided falling back into recession.
Friday, August 30th 2019 - 08:57 UTC
Court bids in London, Edinburgh and Belfast to stop the “coup”, suspension of parliament; more street protests programmed

Prime Minister Boris Johnson's suspension of parliament just weeks before Britain's EU departure date faced legal challenges on Thursday amid a furious outcry from pro-Europeans and MPs opposed to a no-deal Brexit.
Thursday, August 29th 2019 - 10:50 UTC
Argentina announces it will “re profile” IMF loan and sovereign bonds' maturities

Argentina will negotiate with holders of its sovereign bonds and the International Monetary Fund to extend the maturities of its debt obligations, as a way of ensuring the country's ability to pay, Treasury Minister Hernan Lacunza said on Wednesday.
Thursday, August 29th 2019 - 10:16 UTC
Argentina sells US$ 367m reserves to prop the Peso; country risk at another record level, 2.125 points

Argentina’s peso was battered on Wednesday as the central bank sold US$ 367 million of its dollar reserves in a second consecutive day of heavy intervention aimed at controlling the currency’s fall. Likewise the country risk rose 135 basis points to 2,125, its highest in 14 years, before partially recovering, according to the JP Morgan Emerging Markets Bond Index Plus.
Thursday, August 29th 2019 - 09:49 UTC
IMF held “productive talks” in Argentina and is analyzing the impact of the latest debt operation announced

The International Monetary Fund is analyzing the impact of a new debt plan announced by Argentina’s Treasury Ministry on Wednesday, an IMF spokesman said. IMF staff understands that Argentina has taken “important steps” to address liquidity needs and safeguard reserves, the statement by IMF spokesman Gerry Rice said.
Thursday, August 29th 2019 - 09:42 UTC
US did not agree to the G7 US$ 20 million emergency aid for the Amazon

The United States did not agree to a US$20 million emergency aid package to help battle wildfires announced by French President Emmanuel Macron at a G7 summit this weekend, a spokesman for the US National Security Council (NSC) said on Wednesday.
Thursday, August 29th 2019 - 08:42 UTC
Petrobras privatization: still the crown jewel and needs congressional approval

Brazil's influential finance minister has convinced President Jair Bolsonaro to consider the once-unthinkable step of privatizing state-owned oil company Petrobras , but stiff political opposition could stifle any effort to sell the country's corporate crown jewel.