Economy

Wednesday, February 4th 2015 - 08:21 UTC
Standard & Poor's agrees to pay 1.5bn dollars to solve lawsuits from the 2008 financial crisis

Credit ratings firm Standard & Poor's will pay 1.5 billion dollars to resolve a series of lawsuits over its ratings on mortgage securities that soured in the run-up to the 2008 financial crisis, the company announced on Tuesday. The settlement comes after more than two years of litigation as S&P fought allegations it issued overly rosy ratings in order to win more business.
Wednesday, February 4th 2015 - 08:18 UTC
Cars registered in Argentina during January drop 39% over a year ago

The number of cars registered in Argentina during January dropped 39% in comparison with the same month last year, ACARA, the chamber that groups Argentine car dealers, has revealed.
Tuesday, February 3rd 2015 - 06:49 UTC
Brazil's nominal budget deficit far worse than expected, 6.7% of GDP

Brazil's federal, state and local governments ended 2014 with a cumulative primary budget deficit equivalent to 12.51 billion dollars putting public finances in the red for the first time since the current reporting methodology was adopted in 2001, the Central Bank announced.
Tuesday, February 3rd 2015 - 06:14 UTC
Obama's 4 trillion budget gives priority to the middle class and infrastructure

President Barack Obama's 2016 budget unveiled Monday sets priorities for the middle class and proposes major infrastructure improvements, to be paid for largely through increased contributions by the wealthy and corporate America.
Tuesday, February 3rd 2015 - 00:10 UTC
Falklands' oil drilling program confirmed; rig from Western Africa on its way

Falkland Oil and Gas Ltd has confirmed that the Eirik Raude rig has commenced mobilization from West Africa to the Falkland Islands for the 2015 drilling program, which will be operated by Premier Oil and Noble Energy.
Sunday, February 1st 2015 - 21:52 UTC
First tranche of Chinese loan to build dams in Argentine Patagonia; CFK en route to Beijing

The construction of the Nestor Kirchner and Jorge Cepernic dams in Santa Cruz, Patagonia is finally set to begin now that China has deposited the first 287.7 million dollars tranche of funding for the massive 4.71 billion project, Argentine President Cristina Fernández announced before leaving for a state visit to China.
Sunday, February 1st 2015 - 20:47 UTC
'Mercosur does not exist': Uruguay should try a one to one deal with the Europe

Mercosur does not exist; Uruguay is losing precious time and should try a one to one trade agreement with the European Union, according to Paul Riezler, president of the Euro-Chamber in Uruguay and of the Uruguay-Germany Commerce and Industry Chamber.
Saturday, January 31st 2015 - 10:44 UTC
Moody's downgrades Petrobras credit rating because of corruption scandal

Moody's Investors Service has downgraded the credit rating of Brazil's state-owned oil company Petrobras because of the widening kickback-corruption scandal affecting the country's largest corporation.The credit rating agency announced its decision late Thursday in a statement posted on its website.
Saturday, January 31st 2015 - 09:30 UTC
Despite fourth quarter blip US economy fundamentals remain robust with strong tailwind

US economic growth slowed sharply in the fourth quarter as weak business spending and a wider trade deficit offset the fastest pace of consumer spending since 2006. GDP expanded at a 2.6% annual pace after the third quarter's spectacular 5%, the Commerce Department said in its first fourth-quarter GDP snapshot.
Thursday, January 29th 2015 - 08:41 UTC
Federal Reserve pledges to be 'patient' on raising interest rates from record lows

The U.S. Federal Reserve on Wednesday after a two-day meeting reiterated its pledge to be patient and hold off on raising interest rates from the record low levels they’ve been at for the last six years. The Fed also pointed out it was watching “international developments” closely.