Economy

• Tuesday, October 7th 2014 - 05:56 UTC

  Brazilian markets clearly support challenger Neves: Bovespa up 4.7%

  

  The Sao Paulo stock exchange soared 4.7% on Monday with the Bovespa index reaching 57.115 points following Sunday's presidential election when no candidate managed 50% of ballots, opening the way for a runoff between pro-business Aecio Neves and president Dilma Rousseff.

• Tuesday, October 7th 2014 - 05:46 UTC

  “Blue” dollar in Argentina further plummets as market waits for new rules

  

  The US 'blue' or informal dollar plunged 35 cents at the end of trading on Monday in Argentina to 14.95 Pesos after dropping another 20 cents last Friday, amid uncertainty about the new Central bank authorities policies and what is anticipated will be tighter controls on 'illegal' trading.

• Tuesday, October 7th 2014 - 00:53 UTC

  Holdouts insist they want to negotiate with Argentina a solution to bonds dispute

  

  Lawyer Robert Cohen representing NML, the main holdout fund in litigation with Argentina, insisted that his client is prepared and willing “to negotiate” but also questioned the government of President Cristina Fernandez attitude during the court hearings in New York over the restructured debt.

• Tuesday, October 7th 2014 - 00:43 UTC

  Griesa orders Argentina to reinstate BoNY as trustee for bondholders' payments

  

  US Judge Thomas Griesa has ordered Argentina to reinstate the Bank of New York Mellon (BoNY) as trustee for bondholders payments and “reverse the steps taken” with the approval of the so-called Sovereign Payment law that replaced it with the country's Nacion Fideicomisos.

• Monday, October 6th 2014 - 11:45 UTC

  Euro zone, an economy struggling against multiple headwinds

  

  A survey measuring business activity in the Euro zone shows the economy remains “stuck in a rut”, according to the company behind the report. The Euro zone purchasing managers index (PMI) fell to 52 in September, down from an initial estimate of 52.3.

• Monday, October 6th 2014 - 07:33 UTC

  Italian holdouts, following on Paul Singer, present demand against Argentina

  

  Italian bondholders filed a complaint order to United States District Judge Thomas Griesa asking to be given the same benefits as Aurelius Management and NML Management, the “holdouts” that were authorized by Griesa to be paid the full debt Argentina has with them.

• Monday, October 6th 2014 - 07:19 UTC

  Falklands' offshore Scotia well not viable: Noble Energy will take 75m write down

  

  Houston-based Noble Energy will take a 75 million write down for exploration costs after determining that its offshore Scotia well in the Falkland Islands is not commercially viable. The well was drilled in 2012 using 2D seismic interpretation but was deemed non-commercial following analysis of 3D seismic data.

• Monday, October 6th 2014 - 07:07 UTC

  EU and US advance in trade talks but high barriers remain

  

  Officials from the United States and the European Union say they have made progress as they seek to sweep away trade barriers. Teams from the two sides have held a week of discussions in Chevy Chase, Maryland. If successful an agreement would create the world's biggest free trade zone.

• Monday, October 6th 2014 - 06:44 UTC

  Uruguay forced to lower public utility rates to keep inflation below 10%

  

  Uruguay's inflation indicator dropped to 8.36% in September from 8.75% in August, according to the latest report from the country's stats office INE. During September consumer prices increased a full 1%, and 8,04% in the first nine months of the year. However despite the high percentage it is below the same period a year ago: 8.41%.

• Monday, October 6th 2014 - 05:56 UTC

  Dilma (40%) and Neves (34%) to the runoff; mathematically the opposition can win

  

  Brazil's unpredictable election took another twist Sunday, with populist President Dilma Rousseff forced into a runoff race as expected, but against a center-right challenger who only surged in the final week of the campaign.