Economy

Tuesday, March 1st 2016 - 07:55 UTC
Chinese injects liquidity and helps boost volatile stock markets

Chinese shares traded higher on Tuesday morning after a fresh stimulus push from the central bank to boost liquidity. The mainland benchmark Shanghai Composite rose 0.3% to 2,696.96 points.
Tuesday, March 1st 2016 - 07:32 UTC
China to the rescue of debt-burdened Petrobras with a US$10bn credit

Bonds issued by Brazil's Petrobras ended one to two points higher on Monday as the beleaguered oil company eased refinancing pressure by clinching a US$10bn loan from China. The US$10bn loan from China Development Bank, which can be repaid in cash or oil, will do much to reduce refinancing risks for what is one of the world's most indebted companies.
Tuesday, March 1st 2016 - 05:05 UTC
Special Master announces settlement of 15-year battle between Argentina and 'holdout' hedge funds

Daniel A. Pollack, Special Master appointed to preside over settlement negotiations between the Republic of Argentina and its “Holdout” Bondholders, this morning (29 February) issued the following statement:
Monday, February 29th 2016 - 11:59 UTC
US economy grows faster in 4Q, but high inventories could impact 1Q of 2016

The United States economy grew at a faster pace than previously thought in the fourth quarter of 2015, according to the latest official figures. Growth was an annualized 1% in the quarter, compared with an initial estimate of 0.7%.
Monday, February 29th 2016 - 09:31 UTC
Uruguay prepared to lead Mercosur/EU trade negotiations during the whole year

Uruguay, now with the support from Argentina, is very much interested in advancing with the cooperation and trade agreement between Mercosur and the European Union, and is planning for president Tabare Vazquez to attend a Brussels meeting with EU officials to emphasize the matter.
Monday, February 29th 2016 - 09:24 UTC
Venezuela pays debt to bankers but bakeries have no bread, because of scarce flour

Venezuela has paid $1.54 billion in principal and interest owed to international bondholders, the Banking and Finance Ministry said Saturday. President Nicolas Maduro's administration “once again manifests its willingness and capacity to honor its financial commitments in a timely manner, demonstrating its solvency in international markets,” the ministry said of Friday's payment.
Monday, February 29th 2016 - 09:09 UTC
Ex-Bank of England boss calls for urgent reform of monetary and banking system

The former Bank of England boss has warned in a new book that another financial crisis is “certain”, and may come “sooner rather than later”. Mervyn King, who stood down in 2013, says reform of monetary and banking systems may help prevent the crisis.
Monday, February 29th 2016 - 09:03 UTC
G20: Beijing tailors generic final declaration with no specific mention to China's problems

China pulled off a defensive win at the Shanghai Group of 20 (G20) meeting of global finance leaders after months of angst abroad over its economic and policy direction. For starters, there was no specific concern over China in the communiqué released late Saturday.
Monday, February 29th 2016 - 07:28 UTC
Praise for Argentina's economic reforms from US, China and Europe at G20

Argentina received support for its economic reforms from the United States, China and Europe during the Finance ministers meeting held in Shanghai over the weekend in anticipation of the G20 heads of state and government summit next June, according to a release from the Argentine Finance ministry.
Monday, February 29th 2016 - 07:18 UTC
Francis wanted to understand how Macri was going to address eliminating poverty

It was a 'good, enriching' meeting, a private conversation between the Holy Father and the president “which covered all the areas we expected to cover”, was how the Argentine foreign minister described Saturday's 22 minutes meeting between Francis and visiting President Mauricio Macri.