Economy

• Saturday, August 23rd 2014 - 07:02 UTC

  Bank of England minutes show some members voted to raise interest rates

  

  Two members of the Bank of England's Monetary Policy Committee (MPC) voted to raise interest rates in August, the first time in three years that policymakers have done so. The minutes of the meeting on 6-7 August show Ian McCafferty and Martin Weale voted for a 0.25% rise to 0.75%. It means the nine-member MPC voted 7-2 to hold interest rates at their historic low of 0.5%.

• Saturday, August 23rd 2014 - 06:50 UTC

  Brazil approves port infrastructure works for 1.73bn in Rio and Santos

  

  Brazil's National Port Authority and Waterways has approved 1.73bn dollars in port infrastructure works to be carried out by three local operators: steelmaker CSN, container terminal operator Santos Brazil and US food and agribusiness firm Archer Daniels Midland Company (ADM).

• Saturday, August 23rd 2014 - 06:46 UTC

  Chilean Peso depreciation expected to continue in coming months

  

  The US dollar climbed to 584 Chilean Pesos at the end of trading in the Santiago money market, signaling a slow but steady increase for several months now and with prospects of continuing according to analysts. A greenback at 600 Pesos is not far away according to market analysts.

• Saturday, August 23rd 2014 - 06:18 UTC

  Yellen insists with expansive policies despite growing pressure from 'hawks' on interest rate

  

  Federal Reserve Chair Janet Yellen said Friday that the US jobs market has not yet fully recovered, but acknowledged that data is sending mixed signals, spurring debate over inflationary pressures. In a speech to leading central bankers in Jackson Hole, Wyoming, Yellen, who has kept Fed policy expansive due to perceived excess slack in the jobs market, gave no clear new signs for monetary policy.

• Friday, August 22nd 2014 - 23:36 UTC

  WTO rules against Argentina in trade dispute with world powers

  

  The World Trade Organization (WTO) dispute panel ruled on Friday against Argentina in a 2012 case brought by the United States, European Union and Japan against Argentine import licensing rules used to restrict imports.

• Friday, August 22nd 2014 - 13:07 UTC

  Unlikely bedfellows: mines that run on solar or wind power

  

  Mining companies are often seen as dinosaurs when it comes to making changes that will benefit the environment, but that perception may be shifting as some companies turn to renewable energy to cut costs and lighten their carbon footprint.

• Friday, August 22nd 2014 - 08:20 UTC

  Nobel Prize Stiglitz sides with Argentina in reopening the debt swap

  

  In an interview with Argentina’s daily 'Ambito Financiero', Nobel Economics laureate Joseph Stiglitz considered the Argentine government’s move to reopen the debt swap and replace the Bank of New York Mellon with local Banco Nacion as trustee a “good call” saying the reopening would not be mandatory, “voluntarily” inviting bondholders to join the strategy.

• Friday, August 22nd 2014 - 08:04 UTC

  Argentina suspends beef exports 15-days to contain domestic prices

  

  The Argentine government has decided to restrict beef exports for a 15-day period seeking to stem the rise of prices in the domestic market. The decision was confirmed by Cabinet Chief Jorge Capitanich and sparked criticism by business leaders in the sector with some voices saying the strategy will have “no positive effects.”

• Friday, August 22nd 2014 - 07:43 UTC

  Argentina describes Griesa as 'ignorant' and lacking knowledge on democratic institutions

  

  The Argentine government again blasted Judge Thomas Griesa for declaring 'illegal' the bill sent to Congress referred to the country's debt and creditors, and said the magistrate “ignores national sovereignty” and “ignores how democratic institutions function”.

• Friday, August 22nd 2014 - 07:33 UTC

  European holders of swapped Argentine bonds willing to accept removal of the RUFO clause

  

  European investors holding 5.2 billion dollars of restructured Argentine bonds are negotiating the removal of the Rights Upon Future Options (RUFO) clause that Argentina claims prevents them from negotiating with holdout funds, it was reported in the Buenos Aires media.