Economy

• Friday, April 15th 2016 - 09:04 UTC

  US regulators reject “too big to fall” banks proposals in case of another major 'blackout'

  

  US regulators have rejected the plans of five big US banks for closing their operations in the event of a crisis. Banks labeled “too big to fail” must have a so called “living will” that would allow them to close down without the help of public money. Bank of America, Bank of New York Mellon, JPMorgan Chase, State Street and Wells Fargo have until 1 October to submit improved plans.

• Friday, April 15th 2016 - 09:00 UTC

  China's economy expanded 6.7% in the first quarter, in line with Beijing growth target

  

  China's economy grew 6.7% in the first quarter of the year compared to the same time last year, announced the government. It is the slowest quarterly growth in the Chinese economy in seven years, but in line with expectations and China's own growth targets.

• Friday, April 15th 2016 - 07:12 UTC

  Argentine government favors farmers in dispute with Monsanto

  

  Argentina, the world's No. 3 soy exporter, said on Thursday the government must authorize any grain inspection, dealing a blow to Monsanto Co. which wants exporters to check cargoes to make sure farmers had paid to produce its genetically modified soybeans.

• Friday, April 15th 2016 - 05:22 UTC

  IMF and World Bank target Brexit: 'the most serious downside risk' for the global economy

  

  A British exit from the European Union would pose “serious downside risks” to an already slowing global economy, the head of the International Monetary Fund said on Thursday.

• Friday, April 15th 2016 - 05:04 UTC

  St Helena reaches to the world: 21 May airport official opening with presence of Prince Edward

  

  The Government of St Helena has announced that the official opening of the island's new airport is set to take place on 21 May 2016, in the presence of HRH The Prince Edward, Earl of Wessex. For the British Overseas Territory island in mid Atlantic and with an only monthly sea link, the airport means a dream come true, and both the St Helena and UK governments hope that this will lead to eventual financial self-sustainability.

• Thursday, April 14th 2016 - 09:18 UTC

  World's largest private coal miner has filed for bankruptcy protection in the US

  

  Peabody Energy, the world's largest privately-owned coal miner, has filed for bankruptcy protection in the US after a sharp fall in coal prices left it unable to repay its debts. The firm said the move was aimed at reducing debt and that all its mines and offices would continue to operate.

• Thursday, April 14th 2016 - 05:48 UTC

  US court opens the way for Argentina's return to world money markets

  

  The United States Court of Appeals paved the way on Wednesday for Argentina to raise billions of dollars to pay a group of hedge funds, bringing it one step closer to re-entering international markets for the first time in 15 years. In a ruling from the bench, three judges on the court of appeals upheld a ruling by Judge Thomas Griesa of District Court in Manhattan to lift an injunction that had barred Argentina from paying its creditors and eventually led the country to default in 2014.

• Wednesday, April 13th 2016 - 06:07 UTC

  Cristina Fernandez to testify on dollar/futures; supporters camping outside the courthouse in Buenos Aires

  

  Hundreds of supporters are expected to cheer former Argentine President Cristina Fernandez during a court appearance on Wednesday after returning to Buenos Aires for the first time since November's election.Fernandez who governed Argentina for eight years, has been called to testify about alleged irregularities in dollar futures trading that led to losses of almost US$4 billion for the central bank. Her allies say no crime was involved and that she's being politically persecuted.

• Wednesday, April 13th 2016 - 05:32 UTC

  Falklands launch collection of crown coins to honor the Queen's 90th birthday

  

  As the 90th birthday of Britain’s Queen Elizabeth II approaches, the British Overseas Territories of Ascension, British Antarctic Territory, British Virgin Islands, Falkland Islands, and South Georgia & South Sandwich Islands have launched a collection of crown coins to mark this milestone occasion.

• Wednesday, April 13th 2016 - 05:15 UTC

  Companies with World Bank credits in Africa are linked to tax havens, claims Oxfam

  

  A report by the civil society network Oxfam has found, about 84% of the dollars invested in sub-Saharan Africa in 2015 by the International Finance Corporation (IFC), the private sector arm of the World Bank Group, went to companies with presence in at least one tax haven.