Economy

Saturday, November 1st 2014 - 04:28 UTC
Fitch ratings lowers Argentina Par bonds under foreign law to “D”

Fitch ratings on the last day of October downgraded Argentina's Par bonds issued under Foreign Law to 'D' from 'C', after the country failed to complete an interest payment, raising the risk that creditors could demand that its cash-strapped government immediately repay all of its debt.
Friday, October 31st 2014 - 21:21 UTC
Argentina's holdout dispute spills into the White House: CFK sends letter to Obama questioning Ambassador Soderberg

In a harsh letter, released on Friday, Argentine President Cristina Fernandez urged US President Barack Obama to explain whether ”Nancy Soderberg, the person you have appointed as Chair of the Public Interest Declassification Board (PIDB), which reports directly to the Government of the United States of America, is also the Co-Chair of the American Task Force Argentina (ATFA), an entity specifically created to attack and slander the Argentine Republic and its President.”
Friday, October 31st 2014 - 08:08 UTC
Chinese relief for Argentina: central banks activate currency-swap

The central banks of Argentina and China on Thursday activated a bilateral currency-swap agreement, which meant that the Argentine central bank received an initial tranche of Yuan equivalent to 814 million dollars.
Friday, October 31st 2014 - 06:49 UTC
US economy expands 3.5% in third quarter boosted by government spending and exports

The US economy grew at an annual rate of 3.5% in the July-September quarter, the Commerce Department reported on Thursday. That was better than the 3% pace that economist had been expecting and follows the 4.6% growth rate recorded in the April-June quarter.
Friday, October 31st 2014 - 06:28 UTC
Petrobras consortium find high-quality oil at the Libra area, off Rio do Janeiro

The Petrobras-led Libra consortium has said that the first extension well in the Libra area, known as 3-BRSA-1255-RJS (3-RJS-731), has proven the discovery of high-quality oil in the northwest portion of the structure.
Thursday, October 30th 2014 - 21:49 UTC
Fifty one countries sign 'milestone' accord against tax evasion

Fifty one nations on Wednesday signed what was hailed as a milestone in the fight against tax evasion, an agreement that commits them all to automatic exchange of tax information starting in 2017. The accord capped a two-day meeting of officials from most of the 123 nations that have joined the Global Forum, which evolved from an agreement by Germany and Britain two years ago to crack down on tax evasion and tax fraud.
Thursday, October 30th 2014 - 21:36 UTC
Argentina tells bondholders to take legal action against Judge Griesa who is 'withholding funds'

Argentine Cabinet chief Jorge Capitanich called bondholders to “take legal action against (US Judge Thomas) Griesa instead of demanding the acceleration of (Argentine) bonds,” following rumors that Owl Creek Asset Management LP is discussing the formation of a group to demand immediate repayment on bonds.
Thursday, October 30th 2014 - 12:30 UTC
Top designer Tom Dixon launches the British Month 2014 in Chile

One of the UK’s best-known designers, Tom Dixon, presented his most recent collection – entitled ‘Club’ - at an event held this last week at the Interdesign Store in Santiago, marking the launch of the British Month 2014 in Chile.
Thursday, October 30th 2014 - 10:53 UTC
Looking to “Doing Business” in Latam, try the Pacific Alliance, forget Mercosur

The World Bank's “Doing Business” global rating is not very enthusiastic about Latin American and the Caribbean which only first surfaces in position 34 out of the 189 countries considered.
Thursday, October 30th 2014 - 10:39 UTC
In a divided vote, Brazil's central bank raised the Selic rate 25 points to 11.25%

In a surprise move and in divided vote (5 to 3), Brazil's central bank monetary board, Copom, decided to raise its benchmark Selic rate by 25 basis points to 11.25%. A majority of economists and analysts anticipated that the bank would opt to keep rates unchanged.